5 amazing reasons why VBank is a people's bank

VBank is one of the digital banking apps on everyone’s lips in recent times. I’ve actually heard a couple of people talk about the app as being one of the coolest new things in Nigeria’s FinTech space and so I decided to try it out.

Launched in 2020 and owned by VFD Microfinance Bank, one of the things that quickly jumps at you is the simple aesthetic of the app, especially with its newest update. It’s easy on the eye and just as easy to navigate.

But these are only things that actually draw you into the app. The best part is the features and benefits I found within the app.

First, let me mention that every payment solution that traditional banks offer, you can do on VBank as well - even a lot better. I mean, while these traditional banks will charge you every time you transfer money, charge you for monthly account maintenance, SMS fees and other ridiculous things, none of that happens with VBank.

So you can transfer money, make cardless withdrawals, pay electricity, cable TV, water bills, airtime recharge and Internet subscriptions. They even have a short code [*5037#] to help you recharge and subscribe to the internet without opening the app.

And there’s more.

Now let me quickly share 5 things that have impressed me most; the best 5 things I really like about using the VBank app:

1: Quickly open a bank account + activate it

When I was told that with the V app, I could open an actual bank account in 2 minutes, I didn’t totally believe it. I mean, this is Nigeria where people overpromise and underdeliver, right?

Not with VBank. This promise was nicely delivered on. Without any internet issue, I put in my details, provided the necessary information and allowed the app to take a picture of my face and that was it.

Bank account ready in two minutes without any stress or paperwork. I kid you not.

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2: Virtual cards [+ physical cards]

One of the most exciting things for me about using the VBank app is that I get a virtual card.

It is an alternative to the ATM card that traditional banks use, and can be gotten instantly for a fee of just #500.

You apply on your mobile app, you get it on your mobile app. You don’t have to go anywhere, sign any papers or waste any time in a queue.

Being someone that has lost his ATM card one too many times and has none at the time of writing, this just feels perfect to me. I totally, totally love it.

While there is the option for virtual cards, there is also the option of getting a physical card that will be delivered to your provided address. That one costs #1000 and you don’t have to go anywhere to apply or get it.

Apply on your mobile app. Get it in your house ASAP. This is technology!

3: 15% interest on fixed deposits

So here’s how fixed deposits work generally. You keep a certain amount in the account for an amount of time, and at the end of that time, you can withdraw the money plus interests.

Now, this is where VBank burst my brain: while others are offering interest rates of between 7-13%, VBank gives up to 15% interest rate on fixed deposits.

And there is no price restriction on how much you can save in a fixed deposit with them. No amount is too small, no amount is too big. Whether 5k, 50k, 500k or 5million and even more, it’s totally up to you.

I actually have #150k sitting pretty in my fixed account now for my Detty December plans [wink wink]

So if you have like 100k or 200k you are not using, you can put it in a VBank fixed deposit and expect to surely get your money plus interests after the scheduled period. No paperwork needed, no stories told!

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4: Target savings

You know how sometimes, you would be saving to buy something and before you hit your target, you would spend the money and have to start again? VBank can help with that.

The ‘Target Savings’ feature is designed to help you hit your target savings for whatever purpose - whether for that new car, that trip to Santorini, that property or any other important purchases you want to make.

5: They also offer loans

See, we’ve all been there. There are times when you need a quick loan to either get through the month, complete funds for an important payment you need to make, or for other personal reasons.

Being able to access loans that don’t come with prohibitive interest rates is something that I have had to do in periods like that and VBank offers that option.

Like me, all you need to do is download the VBank app on your iPhone or Android device and you have access to their loans and every other feature highlighted in this article. Easy peasy.