VFD Microfinance Bank has unveiled its flagship product called V®, Nigeria’s first truly virtual bank. The app is a fully digital one-stop platform offering more to the banked and unbanked Nigerian users.
This is coming at a time consumers are groaning under the burden of high maintenance fees, bank-related charges and other regulatory demands which banks pass unto the end-users of the financial sector.
What it means: The app was designed to close the gap which hitherto existed between established traditional banks and their customers. That means there are no barriers between the bank and its teeming customers and potential customers.
Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of VFD or another bank.
Speaking on the unveiling, Azubike Emodi, MD/CEO, VFD Microfinance Bank, told Nairametrics that experts behind V are taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets the objectives of the customer.
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According to him, included in the development is a quarterly release update process led strictly by consumers needs and experience.
Early wins: Early adopters of V are impressed with the product in that it enables a stress-free banking interaction as well as the allowance for flexible investment plan and financial discipline. A great number of users applaud the platform given to Small and Medium Enterprises as well as the retail customers.
Emodi said, “We believe the banking customers should have better oversight of their account activities than what is currently obtainable; there are similar banking apps available but V is capitalizing on essential customer-centric features that are currently being ignored.
“One of such features is the fixed deposit option directly on V, which empowers users to make a key investment choice. At the heart of what we do is the customer, hence, we ensured V is built around the users. As new features are added and released every quarter, this rollout plan incorporates consumer feedback into every release.”
Speaking on this remarkable feature of the app, Olukunle Salami, Business Performance Manager, VFD Group Plc, explained that V allows the user to monitor expenses and income, categorize budgets, and set spending limits. V is available to download by searching for “V by VFD” on App Store and Google Play store.
According to him, another landmark feature of V is referral functionality (Veelage), which is also connected to monthly financial reward, this wealth-building aspect of V is driven by your power of influence and ability to hustle.
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The Veelage referral community allows interested users of V to earn income and advance though the V community simply by getting a specified number of account holders signed up with a unique ID and maintaining an average balance. Speaking on this remarkable feature, Olukunle Salami, Business Performance Manager, VFD Group Plc noted this as a novel approach to marketing. It is a 2-way value proposition that ensures individuals can earn consistently for several months beyond the initial referral point.
About VFD Group Plc: VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur. Building the largest virtual bank in Nigeria, the firm developed a business model that operates in every area of the financial industry through its portfolio, providing Financial Advisory, Asset Management, Currency, Real Estate, Debt Services and Private Funds Management Services, taking deposits and providing loans at very competitive rates.