Following technological advancement, people can comfortably perform certain activities from the comfort of their homes. One of such activities is banking transactions. With your mobile phone, you can comfortably perform certain transactions from the comfort of your home without hassle or stress.
VFD Microfinance Bank is one of the financial institutions that have provided digital banking platforms for their customers to enjoy seamless financial activities. Read on to discover more about this Microfinance Bank.
Overview Of VFD Microfinance Bank
VFD Microfinance Bank is a limited liability company approved and licensed by the Central Bank of Nigeria (CBN) as a legal institution and as a Microfinance Bank.
VFD Microfinance Bank is also a digital bank with its headquarters in Lagos State. This means that the customers can comfortably perform financial activities from the comfort of their homes and offices anytime, provided they have access to an internet connection.
Furthermore, VFD Microfinance Bank has proven to be worth the tag of one of the best Microfinance banks in Nigeria through its top-notch customer service and services.
How Does It Work?
This financial institution works like other banks in Nigeria. However, the number one fact about this particular bank is that it runs digitally majorly.
With your smartphone and internet connection, you can download the bank’s mobile application, create an account with them and then enjoy the numerous premium services the bank offers.
Meanwhile, if you intend to borrow from the bank, you must ensure that you meet the eligibility criteria and that all the requirements for loan application and approval are intact.
Keep reading as we explore the major services offered by VFD Microfinance Bank.
Services Offered By VFD Microfinance Bank
It is earlier stated that the VFD Microfinance Bank offers many services. We can group them into the following categories:
- Corporate banking
- Bridge financing
- Loan services
Corporate Banking
The VFD Microfinance Bank allows customers to perform banking activities through their corporate portal easily and seamlessly.
Customers can easily track their crew and financial activities without visiting the bank. This may include the following ;
- Paying bills
- Making payments
- Receiving money
- Recharging one’s line, TVs, and cables.
Bridge Financing
This reputable bank also offers bridge financing services making it convenient for its users to explore and enjoy the banking app with a breeze. Aside from bridge financing, they also venture into corporate cash advances.
Loan Services
The VFD Microfinance Bank offers a lot of loan services or schemes to its customers. These funds help their clients to finance their personal projects, pay their bills and take care of emergencies with ease.
These loan schemes have flexible repayment terms and an interest rate that is relatively and competitively low.
Types Of VFD Microfinance Bank Loan
The VFD Microfinance Bank offers the following types of loans to meet the needs of its users.
Travel Loans
This loan is specifically designed for those who like to travel around the world and would like to secure their tickets with funds. This type of loan is also for those who want an all-paid expense trip or vacation. Meanwhile, the documents can only be issued when you must have cleared all balances.
Employee Loan
This is another type of loan offered by VFD Microfinance Bank. This loan is designed for employees who work in a reputable organization or company and needs funds to pay their bills.
What You Should Know
It is worth noting that VFD Bank only offers short-term loans, and they can be either secured or unsecured loans. By secured loans, we mean that you need to present property papers or collateral to be eligible for your desired loan, especially if you need it so urgently and if the loan amount is much.
Unsecured loans, on the other hand, do not require collateral to obtain. Their repayment terms are usually longer than secured loans.
Requirements For An VFD MFB Loan
The following are the minimum eligibility requirements for obtaining a loan from VFD Microfinance Bank.
- A complete application form
- Proof of a stable means of income
- Passport photograph
- A valid means of identification. Government-issued ID is preferable.
- Phone number
- Email address
- Collateral (for secured loans)
What Is V By VFD?
V by VFD is an application owned and managed by the VFD microfinance bank. Remember that we noted that this bank runs digitally, which is made possible through its bank app V by VFD.
The app is designed as an all-in-one app to oversee your finances, lifestyle, and investment. The app has the following key features:
- Easy account opening
- Instant transactions and bills payment
- Investments at high rates and great returns
- Budgeting and account management tools
- Cards and card management
- Create savings plans and invite friends
- Readily support through live chat
The V by VFD app was released on August 30, 2019. And since then, it has gathered about 9,000 positive reviews, 500K downloads, and 4.3-star ratings.
In addition, this app has a portable size of 19 MB. And can be downloaded from Google Play Store.
How To Download The V By VFD App
Follow these simple steps to download the V by VFD app.
- Go to the Google Play Store
- Enter “V By VFD” in the search bar
- Click “Install” to download the app and “Enable” to complete the download process.
- After a successful download, you can activate the app by creating an account with the bank.
How To Create An Account /Sign Up With V By VFD
Creating a VFD bank account is easy and takes only a few minutes. To create an account with the VFD Microfinance Bank, you must first download the V by VFD app. Here is how to go about it;
- Launch the V by VFD app
- Enter your phone number
- Select the BVN linked number
- Check your message box for an OTP sent as an SMS
- Enter the OTP pin
- Proceed to enter your email address.
- Enter a strong password and confirm it
- Take a selfie for physical identification and security.
- Check your email for a welcome message!
How To Contact VFD Microfinance Bank
Reach out to VFD MFB through any of the following;
- Head Office: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos State.
- Email Address: support@vbank.ng
- Phone Number: +234 908 752 2472, 01 2950814.
- Website: https://www.vfdbank.com/public.
Frequently Asked Questions?
How Much Can I Borrow From VFD MFB?
The amount you can access depends largely on the type of loan package and your ability to repay loans on time (income strength).
However, you can borrow as little as N5,000 and as much as N250,000 from VFD Microfinance Bank in general.
What Is VFD Interest Rate And Repayment Term?
The interest rate and repayment terms depend on the loan package. This will be shown to you before you can proceed with the loan application. Meanwhile, the interest rate is relatively and competitively low while the repayment tenor is flexible.
Conclusion
We can not talk about the most popular and reputable microfinance banks in Nigeria without the VFD Microfinance Bank. With its V by VFD app, you can control your finances 24/7 with ease.
We believe that this article was helpful to you. Remember to ask us questions in the comments section if you have any. We shall respond swiftly!
