VFD Microfinance Bank is a digital bank that offers you a streamlined banking experience with easy access to amazing features on your personal and business accounts.
In this article, we will explore the wide range of services offered by VFD Microfinance Bank and how they are transforming the traditional banking experience.
We will delve into the features of the VFD Mobile Banking App, which offers seamless and secure access to banking services right at your fingertips, and how to withdraw money from the bank. We will also guide you through the simple steps of opening a bank account with VFD & a full list of the VFD USSD code for easy transactions.
Join us in exploring the innovative offerings and user-friendly features that define VFD Microfinance Bank‘s commitment to delivering exceptional financial services.
What is The Full Meaning of VFD Microfinance Bank
The full meaning of VFD bank is Viadaz FD which is a subsidiary of VFD group and offers end-to-end Digital Banking to its customers. It was established in 2007 and has evolved from a community-based microfinance bank to a fully-fledged commercial bank offering innovative digital financial services. VFD Bank full meaning With headquarters in Lagos, VFD bank now has an expanding network of branches across Nigeria, It is also one of the online banks in Nigeria.
VFD is led by an experienced team of bankers and fintech experts committed to making banking simple, accessible, and affordable for all Nigerians. The Managing Director, Gbenga Omolokun, has over 2 decades of banking experience spanning commercial, investment, and digital banking.
The bank’s vision is to leverage technology to promote financial inclusion, simplify banking, and empower Nigerians economically. VFD aims to reach the unbanked and underbanked population with customer-centric digital banking solutions.
VFD bank is pioneering digital banking services and products aimed at revolutionizing banking in Nigeria. These innovative solutions include:
VFD Mobile Banking App
The VFD Mobile Banking App is the bank’s flagship digital banking product launched in 2020. It is called the v bank, The user-friendly app provides customers with a full suite of instant banking services available 24/7 directly on their mobile phones.
Features Of the VFD Bank App
Key features and services of the VFD Mobile App include:
- Open new VFD accounts digitally without paperwork.
- Instantly transfer funds to any Nigerian bank.
- Purchase airtime/data instantly for self and others.
- Pay bills for electricity, cable TV, internet data, school fees, etc.
- Generate secure OTP for cardless withdrawals from ATMs nationwide.
- Apply for and get approved for quick loans and overdrafts within 24 hours.
- Open savings accounts, set targets, and make recurring transfers.
- Manage income and expenses with in-app budgeting tools.
- Invest funds in fixed deposits and earn high interest rates.
- Easily block, unblock, or replace your VFD debit card with a few clicks.
Opening a Bank Account with VFD
Opening a bank account with VFD is quick, easy, and 100% digital. Customers can open their accounts entirely online in under 5 minutes. Here are the simple steps to open an account using the V mobile app:
- Download the VFD Mobile App and register
- Click on “Open an Account” and select the account type
- Enter your BVN number and personal details
- Upload a clear passport photograph
- Provide your residential address
- Set up security details and accept terms
- Verify your email address
- Account activated instantly!
If you can’t use the app, you can visit any of their closest branches to you and open an account with them. When you are going remember to take a recent NEPA and your details with your BVN.
VFD USSD Code
For Nigerians without access to smartphones or internet data, VFD offers USSD banking by dialing *5037#. This enables basic banking transactions on any type of mobile phone.
How to Get Started With V Bank USSD Code
Before you can start using the VFD bank USSD code, you have to first create a PIN for the transactions, here are the steps to follow to do that:
- Dial *5037*9# to initiate PIN setup for secure transactions.
- Choose “Create PIN” and input your 10-digit V account number.
- Enter your date of birth as part of the verification process.
- Set your preferred 4-digit USSD PIN.
- Receive a success notification upon completion.
For PIN changes, dial 50379#, select “Change PIN,” and follow the on-screen instructions to reset your PIN.
List of VFD Microfinance Bank USSD Codes
Function | USSD Code |
Airtime (Self) | *5037*1*AMT# |
Airtime (Others) | *5037*2*AMT*PHONE# |
Data | *5037*3*PHONE# |
Loans | *5037*11# |
Transfer (VBank) | *5037*5*AMT*ACCT# |
Transfer (Others) | *5037*6*AMT*ACCT# |
Balance Check | *5037*7# |
Bill Payment | *5037*9# |
Cardless Withdrawal | *5037*8# |
Pin Management | *5037*9# |
ATM Card Activation | *5037*10# |
USSD banking provides financial access to millions of Nigerians without smartphones. By dialing simple codes, anyone can enjoy digital banking services through their basic feature phones. It has proven to be the most effective channel for promoting financial inclusion to the unbanked in remote areas.
VFD’s USSD platform delivers convenient and affordable banking to drive the CBN’s financial inclusion goals. More Nigerians can now access financial services like bill payments, funds transfer, savings and loans – all through their mobile phones using USSD technology., balance enquiry, funds transfer and more.
Cardless Withdrawal
VFD offers cardless withdrawal at ATMs nationwide. Customers generate a secure OTP on the V app and use this code to withdraw cash from ATMs without a debit card. This promotes financial inclusion by enabling access to cash for unbanked populations.
How to do Cardless Withdrawal With Pin
VFD allows you to withdraw cash from any ATM without using a debit card. Follow these simple steps:
- Open the VFD mobile app
- Tap “Cardless Withdrawal”
- Enter the amount you want to withdraw and your ATM PIN
- You will get a 10-digit token number
- Go to any ATM around you
- Select “Cardless Withdrawal” option
- Enter the 10-digit token number and the ATM PIN you created on the app
- Collect your cash!
How to do Cardless Withdrawal on POS
This process is very similar to the ATM withdrawal process, you need to do the same thing, but for a POS machine, here are the steps below,
- Open the VFD bank app and navigate to the Paycode Cashout section.
- Retrieve the 8-14 digit paycode provided by the app.
- Enter the pay code in the designated field at the point of sale.
- Specify the desired amount for the transaction.
- Input your 4-digit cashout PIN to securely complete the payment.
How to do Cardless Withdrawal With Only Account Number
VFD offers cardless withdrawal using only your account number, without needing an ATM PIN. Follow these steps:
- Open the VFD mobile app
- Select “Cardless Withdrawal”
- Enter the amount you want to withdraw
- Select “By Account Number”
- Enter your 10-digit VFD account number
- You will receive a withdrawal code via SMS
- Go to any ATM and select “Cardless Withdrawal”
- When prompted for an account number, enter your VFD account number
- When asked for a PIN, input the withdrawal code received via SMS
- Collect your cash once verified
With this method, you don’t need an ATM card or PIN. Using the withdrawal code as the ATM PIN, you can access cash instantly just with your VFD account number. It’s secure, convenient and easy for quick cash access on the go.
This cardless withdrawal feature allows you to access cash instantly without your debit card. The PIN you create on the app is used to confirm the withdrawal at the ATM. It provides a secure and convenient way to withdraw money on the go.
Is VFD licensed by CBN?
As a licensed commercial bank, VFD complies fully with regulations set by the Central Bank of Nigeria (CBN). The bank is insured by the Nigeria Deposit Insurance Corporation (NDIC) thus customer deposits are fully protected.
VFD is well-capitalized and profitable with paid-up share capital above N25 billion. The bank’s assets under management grew by 266% in 2021 to N56.3 billion. After-tax profits also surged by 413% in 2021 to N1.07 billion.
The sterling financial performance confirms the strong appetite for VFD’s customer-focused digital banking solutions. Customer account openings have skyrocketed to over 2 million.
Here are some details on VFD Microfinance Bank’s contact information and branch locations:
VFD Customer Care
If anything goes wrong while you are trying to carry out any transaction with V bank you can easily contact their customer service using any of these methods:
- Head Office Address: Elephant House 214 Broad Street Marina, Lagos
- Email: [email protected]
- Website: www.vbank.ng
Phone Numbers:
- 01-2271396
- 08091111463 (WhatsApp)
- 070038553763
Social Media:
- Facebook – @vbankng
- Twitter – @vbankng
- Instagram – @vbankng
VFD Microfinance Bank Branches in Nigeria
VFD currently has a network of over 50 branches located in major cities across Nigeria. It aims to rapidly expand its branch network to boost customer service experience and financial inclusion across Nigeria.
The bank offers one of the most extensive branch networks in the country with a focus on personalized customer service. Customers can visit their nearest branch for assistance during operating hours.
Conclusion
VFD Bank has evolved since 2007 to provide easy and accessible banking for all Nigerians. With a mobile app (V bank) and a simple code (*5037#), they offer services like sending money, buying airtime, and getting loans. You can even withdraw money from ATMs without a card.
Complying with regulations, VFD Bank ensures the safety of your money. For help, contact customer service through email or phone, or visit one of their many branches. Simply put, VFD Bank aims to simplify banking for everyone in Nigeria.