VFD Microfinance Bank has launched V, a fully digital one-stop platform, to bring banking to the doorsteps of both banked and unbanked Nigerians and revolutionize the face of banking in the country, it said Wednesday at the launch of the product in Lagos.
V by VFD will allow users open a fully functional bank account and carry out transactions in less than five minutes at zero cost, no hidden charges and from the comfort of their mobile phones, the micro lender said.
The unveiling of the product said to be Nigeria’s first truly virtual bank comes as high maintenance fees and bank-related charges weigh on bank customers in the country, where as many as 25-40 million people use smartphones.
“At the heart of what we do is the customer, hence, we ensured V is built around the users,” said Azubike Emodi, MD/CEO, VFD Microfinance Bank.
Emodi said the app will give users better oversight of their account activities than is currently available.
Among other things, features on the application allow customers create a budget and spending limits, categorize and track expenses, generate and share payment receipt, pay bills, buy airtime, in addition to making transfers across banks in the country and receiving payments.
V also allows users to make cardless withdrawals on ATMs, create fixed deposit accounts and target savings which earn attractive interest with all activities secured by top-notch security systems, VFD Microfinance Bank said.
It also said early adopters including SMEs and retail customers have applauded the stress-free banking interaction, flexible investment plan and financial discipline the app allows.
According to Hugo Leijtens, ecosystem consultant for the lender, experts behind V is taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets with the objectives of the customer.
“New features will be updated on the app on a quarterly basis led strictly by consumer need and experience,” said Leijtens.
Services outside banking are expected to be integrated on the app including features that would facilitate e-commerce, purchase of mortgage and the likes.
VFD Microfinance bank also said while lending is not yet available on the app, it would work towards integrating such services although loan seekers can initiate the process of getting credit via V.
Another feature of V is the referral functionality called Veelage which rewards committed users as they get a specific number of people on board the platform.
VFD Group’s Business Performance Manager Olukunle Salami noted the approach as an innovative approach to marketing since the 2-way value proposition would allow individuals who refer others earn for several months beyond the initial referral point.
The V app is available on android and apple app stores and other channels to support the product like internet banking would be rolled out shortly, VFD Microfinance Bank said.
