V Bank Nigeria Review: Why Should You Use It
What is V Bank by VFD
V Bank is a product of VFD Microfinance Bank.
V Bank also shortened to as V, allows their users to track their expenses and income, group their budgets, and set their spending limits. V bank also claims it does not charge you any fees for transactions to other V bank accounts or to any accounts held with other banks.
VFD is a financial services institution that is Lagos-based which operates in the microfinance banking sector. And V looks to be the company’s approach to attracting a much younger, banked audience.
There has been an increase in the number of digits bank products springing up. This can be attributed to many reasons. People have never really liked the idea of going to physical banks to make money transactions. Therefore, it is better then, that there should be a mobile application that does all of that.
While banks have their mobile applications too, much smaller companies offer their users the hope of much more personal experience and less stress. Unlike the experience in traditional/physical walk-in banks.
V bank is a virtual bank, which is another label for saying it is a digital bank. You can open a V bank account in a matter of two minutes if you have a smartphone and your BVN in hand.
V Bank by VFD is one of the digital bank apps that are starting to gain relevance in Nigeria. These digital banks remove the need for visiting physical banks as well as the annoying documentation process some of these physical banks require just to open an account with them.
How About the V Bank App?
V Bank says that it is taking a consumer-centric approach with building its app so that it meets with the needs and wants of its users. V bank also expects to integrate services outside banking to its app as the company considers a super app play.
Requirements for Registering on the V Bank App
After downloading the V bank app you’ll need to register to use the app. This following are the information that is required for successfully registering as a user on the V bank app:
- Your Email address & Phone number
- Username
- Date of birth
- BVN
- Password
- Photo (for validation)
- Signature (for validation)
- Your chosen 4 Digit Pin (Password)
- V bank Product features.
Product Features
Send, Receive, Withdraw Money: You can make transfers via the V mobile app; transfers to your own account, or transfers to third-parties. You can even do cashless withdrawals at ATMs across the country. A function that enables you to generate a code to make card-less withdrawals on enabled ATMs is available in the app.
Set Budgets: On the V Bank mobile application, you can create new budgets and save money for budgets each month. Budget can cut across different expense channels like food, work, family, shopping, lifestyle, utility, transport, and more. This feature can help to keep you in check while you are spending money from your mobile account.
Analytics: The application shows you analytics for the inflow and outflow on your account. This can be carried out for whatever period you set or for what you want to analyze. Having these analytics helps you determine how much you spend versus how much you earn. Hence, this helps users position themselves right based on the data.
Pay Bills: You can pay for utilities, cable TV, internet services, travel and note, transport and toll, schools, betting and gaming, other random products and services from your mobile app. They have partnered with some merchants that make payment for their products easier. Airtime and data purchase can also be made from the app.
Giveaways: Recently, as a customer acquisition strategy, the application has gone forward to giving out potential customers cash prizes. Therefore, users can jump on the trend to win some money for themselves in-app. Most of these giveaways require that you download and register on the V Bank Nigeria mobile application.
Share V Transactions On WhatsApp
With V, you can share your transactions from the app to WhatsApp. This comes in handy when you need to show transaction receipts to someone on your contact. You can also add notes, add your picture, add your location, and add transaction receipts.
V Bank Nigeria looks to compete with the likes of Kudabank and Rubies bank, which offer nearly the same product and services. At this time, what matters to the end-users would be the value that these products offer. Value in terms of distinct features, safety, etc.
Joining the digital banking revolution
As digital banking becomes more prominent in Nigeria. Digital banks like V bank, Kuda bank, and Rubies bank will look to continuously iterate their product offerings to offer more value in regards to differentiated features and safety.
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