V bank app review (Is V bank legit?)
Table of Contents
V bank app review (Is V bank legit?)
Read all about V bank in this Vbank review.
V bank is a digital banking platform that was launched in 2020 and is owned by VFD microfinance bank. It is similar to Kuda bank and also has some similar features to it.
The VFD Bank Mobile Application is an innovative application that offers you access to digital banking solutions on the go. It allows you to initiate transactions and manage your bank account(s) from your preferred mobile device as the focus at VFD Microfinance Bank, is giving you control of your finances with a bank in the palm of your hands.
In the space of a year, the app has become the choice with almost 300,000 users who have testified to being bought over by the ease at which they could create a bank account in no time.
In this V bank review, I am going to be writing about all you will need to know about this platform under the following sub-topics “Is Vbank legit?”, “How does Vbank work?”, “Vbank.ng login”, “How to open a V bank account”, “Features of the Vbank app”, “How to fund my Vbank account”, “Vbank transaction charges” and many more.
Remember to leave us a comment after you finish reading and also share with your friends on social media after reading.
Let’s get into it then…
What is V bank?
V bank is a digital banking platform that was launched in 2020 and is owned by VFD microfinance bank. It is similar to Kuda bank and also has some similar features to it.
The VFD Bank Mobile Application is an innovative application that offers you access to digital banking solutions on the go. It allows you to initiate transactions and manage your bank account(s) from your preferred mobile device as the focus at VFD Microfinance Bank, is giving you control of your finances with a bank in the palm of your hands.
The VFD Bank Mobile Application is designed to help you:
- Open a valid Nuban account in minutes using either a BVN number or an existing bank account
- Categorize your expense and set an expense budget to manage your income
- Open and maintain a target savings account
- Open a fixed deposit account with competitive interest rates
- Send money to 3rd parties for cardless cash withdrawal at designated ATMs
- Transfer funds and share transaction notifications directly from the application
- Invite friends and family to join the VFD Bank Mobile Application community with a cash gift
- Access service support directly from the application either via calling or sending an email to one of our banking experience assistants
How does V bank work?
Vbank is like a virtual bank or digital bank, this means that there is no need for any physical transactions and you don’t need to go to any banking halls.
On Vbank, a virtual account is opened for you and you can carry out all transactions that a traditional bank offers to you.
The benefits of using the V bank app are:
- Zero transaction charges. Much about this will be discussed in the later part of this article
- You do not necessarily need ATM card to withdraw money which means you also will not be charged card maintenance fees.
- Competitive interest rates on savings
- Flexible fixed deposit
- Cardless withdrawal
- Payment of bills
- Budget planning
- Target savings
- Biometric security
- V bank allows its users to track their expenses and income, group budgets, and set spending limits.
How to open a V bank account?
Opening a Vbank account is easy and can be completed within 2 minutes. The application enables you to create an account either by using an existing BVN number or an existing bank account number.
Opening Your Account with Your BVN Number
- Open the Vbank app
- Enter phone number
- Highlight ‘my BVN-linked phone number’
- Click continue
- Select BVN linked number option
- Enter OTP sent to BVN number via SMS
- Enter email address
- Set password
- Confirm password
- Click continue
- Take a photo or select photo for photo validation
- Allow VFD bank to take pictures and record video
- Take picture
- Click ‘send a photo of face’
- Create 4-digit PIN
- Get ‘your account has been created successfully’ notification
- Get welcome message via email
Opening Your Account with an Existing Bank Account
- Open the V app
- Enter phone number
- Click ‘my BVN-linked phone number’ button
- Click continue
- Select the bank account option
- Select bank
- Enter account number
- Click continue
- Enter OTP sent to BVN number via SMS
- Enter email address
- Set password
- Confirm password
- Click continue
- Take a photo or select photo for photo validation
- Allow Vbank take pictures and record video
- Take picture
- Click ‘send a photo of face’
- Create 4 digit PIN
- Get ‘your account has been created successfully’ notification
- Get email welcome message
How to Transfer to Another Account On The VFD Bank App
The transfer to another account feature of the VFD Bank Mobile App allows you to transfer funds to another beneficiary.
- Select source account i.e. account customer wants to transfer from
- Select destination bank (type bank name in search field for faster results)
- Enter destination account number
- Activate ‘save as new beneficiary’ **optional**
- Enter amount
- Enter a personal note. This is a unique benefit as the customer can (1) take a picture to complement the transfer note or (2) for business, upload an invoice with regards to payment
- Select category i.e. mobile, cash, family, shopping, work, food, lifestyle, utility or transport expense
- Click on continue
- Click on confirm payment with PIN
- Enter PIN
- Get ‘your transaction has been successful’ notification
- Get SMS notification on the registered mobile number
How to Fund your V bank account?
you can fund your V Bank Account using any of these 4 ways below:
- USSD
- Login to the V bank app
- Select Fund Account
- Click on USSD and select the account you want to fund
- Select the bank, input amount and click continue
- Dial the USSD code displayed on your app and input your bank authorization
- Debit Card
- Login to the V bank app
- Select Fund Account
- Click on fund with Debit Card
- Select the funding source ie. New Card or Saved Card
- If new card, select account you want to fund, input amount and follow the steps
- If saved card, select account to fund, card to fund from (f you have more than one card saved), input amount and follow the steps
- Your account will be automatically funded once you complete the process
- Transfer from Another Bank
- Login to the V bank app
- Select Fund Account
- Click on Transfer from another bank
- Select account you want to fund (if you have more than one account on the app) and click continue
- Copy your account number displayed and paste in your other bank app to complete the transfer
- Cash Deposit from Other Banks
- Walk into any bank branch and complete the e-bills cash deposit form
- Approach the bank cashier to process the payment
- Collect your deposit receipt once done
- The funds will automatically reflect in your V Ba
V bank transaction charges
One of the advantages of the Vbank app is that it has little to no charges. SMS charges, Email charges, Card maintenance fee are not charged on the V bank app.
There are also no charges when you are transferring money to another customer of V bank or another bank.
Account maintenance fee – 0 naira
SMS notification charges – 0 naira
Email notification charges – 0 naira
Mobile top up – 0 naira
Cardless cash withdrawal – 100 naira
V bank withdrawal
Post sending cash for withdrawal on an ATM enabled for cardless transactions, take your SMS notification containing token and PIN to any Stanbic IBTC Bank, Fidelity Bank, Access Bank, GTBank, UBA Bank, Polaris Bank ATM to withdraw the cash.
Below are the steps to withdraw cash from ATMs.
- Visit any bank ATM
- Press any key on the ATM to display screen prompts
- Select pay code cash out
- Enter 8-14 digit PIN
- Enter 4-digit PIN
- Enter amount
- Wait for cash
- Collect cash
Vbank app download
To get the V bank app:
iPhone: https://apps.apple.com/ng/app/vfd-bank/id1462870303
Android: https://play.google.com/store/apps/details?id=com.vfd.app
Vbank customer support
If you want to get in touch with V bank team, you can do that via the following channels:
Address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.
Email address: support@vbank.ng
Phone number: +234 1 227 1396
Vbank login
You can login by providing your username and password on the login page of the V Bank App. You can also login using your biometrics (face or thumbprint) if this is compatible and enabled on your device.
Is Vbank legit?
Yes, Vbank is legit. The funds you put in V bank is insured by the Nigeria deposit insurance corporation (NDIC).
Frequently asked questions (FAQs)
Who owns V bank app?
Vbank app is owned by VFD microfinance bank.
Is Vbank.ng legit?
Yes, Vbank is legit. The funds you put in V bank is insured by the Nigeria deposit insurance corporation (NDIC).
How can I get the V bank app?
You can download the V bank App by visiting your device app store, Google Play store for Android devices or App Store for iOS devices. Once there, search for V Bank then download and install same on your device.
Conclusion
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