V bank by VFD is one of the digital bank apps that are starting to gain relevance in Nigeria.
These digital banks take away the need for visiting physical banks as well as the annoying documentation process some of these physical banks require.
V bank by VFD Rating
4.0 Koboline Rating
V bank by VFD gets 4 stars out of 5 for overall performance. Ratings at Koboline are determined by taking into account pricing, discounts, ease of filing a claim, website transparency, financial strength, complaint data from social media.
What is V bank by VFD
V bank is a virtual bank, which is another label for saying it is a digital bank.
You can open a V account in a matter 2 minutes if you have a smartphone and your BVN in hand.
V bank is a product of VFD microfinance bank. Also called V, this virtual bank allows its users to track their expenses and income, group budgets, and set spending limits.
This virtual bank also claims it does not charge any fees for transactions to other V accounts or accounts of other banks.
How about the V bank App?
V bank says it is taking a consumer-centric approach with building its app so that it meets with the needs and wants of its users.
This digital bank also plans to integrate services outside banking to its app as the company considers a super app play.
Requirements for Registering on the V bank app
After downloading the app you’ll need to register to use the app. This are the following information required for successfully registering as a user on the V bank app:
- Your Email address & Phone number
- Date of birth
- Photo (for validation)
- Signature (for validation)
- Your chosen 4 Digit Pin (Password)
V bank Product features
The most prominent features of the V bank app include:
- Cardless Withdrawal: Make withrawals at ATMs across the country without an ATM card by generating a code via the V bank app.
- Biometric Login
- Bills Payment & Money Transfers
- Budgeting: Create and save budgets on V bank on the go. So you can keep your spending in check.
- Targeted Savings
- Fixed Deposit
- Geo-tagging: The V bank app tags spending based on the location where the transactions occur.
- Integrated Social Sharing: Share transaction receipts, pictures and notes from the V bank app to your contacts on WhatsApp
- Veelage: This is a referral program where V bank users can earn money by referring people or by becoming an agent of V bank.
Joining the digital banking revolution
As digital banking becomes more prominent in Nigeria.
Digital banks like V, Kuda bank and Rubies bank will look to continuously iterate their product offerings to offer more value in regards to differentiated features and safety.
If you use V or any of the other digital banks, we will like you to tell us what your experience using a digital bank has been like so far? I
f you don’t use any digital bank for now, would you consider using one in the near future? Let us know in the comment section below or shoot us a mail.