VFD Microfinance Bank

From Wikipedia, the free encyclopedia
VFD Microfinance Bank
ServicesOnline banking
ParentVFD Group

VFD Microfinance Bank is a fully digital bank with headquarters in Lagos, Nigeria. As a digital bank, it offers free banking services to Nigerians.[1][2][3] The bank is headed by Gbenga Omolokun as the managing director.[4][5] VFD Microfinance Bank is a subsidiary of VFD Group a proprietary investment company with Nonso Okpala as Managing Director/ CEO[6][7]


VBank (V by VFD or V) is a virtual bank and platform powered by VFD Microfinance Bank and was launched on March 25, 2020. It was created to offer free online banking.[2][8][9][10] Currently, VBank has onboarded more than 500,000 active individuals and businesses on its mobile banking platform across Nigeria.[11]


Veelage is VBank’s community-based reward system that allows customers to earn on the go. Veelagers are ranked and rewarded based on their active participation. [1]


VBiz is the VBank equivalent for businesses. It is an all-in-one platform enabling Corporate and SME (Small and Medium Enterprises) users to open, manage and transact from their V Bank Accounts. [2]


VBank has won the following awards:

  • Gage Banking App of The Year, 2021.[12]
  • Gage Mobile Banking App of The Year, 2022.[13]


  1. ^ "VFD Microfinance bank offers hope to workers, democratizing ownership". The Guardian Nigeria News - Nigeria and World News. 2020-05-02. Retrieved 2022-03-11.
  2. ^ a b Partners, N. M. (2020-11-09). "VFD partners with eBanqo to implement a Banking Chatbot across its messaging platforms". Nairametrics. Retrieved 2022-03-11.
  3. ^ "Digital bank records 250,000 users in one year". Punch Newspapers. 2021-04-06. Retrieved 2022-03-11.
  4. ^ "Omolokun Advocates Fintech Roadmap for Nigeria". Business Post. 2021-11-18. Retrieved 2022-06-23.
  5. ^ "VBANK SPONSORS WOMEN IN TECH GLOBAL; UPSKILLS 1,000 WOMEN AND GIRLS IN STEM". Brandcrunch. 2022-11-29. Retrieved 2022-06-23.
  6. ^ "VFD to raise N7 billion, targets investments in financial services". The Guardian Nigeria News - Nigeria and World News. 2018-12-13. Retrieved 2022-03-11.
  7. ^ Odutola, Abiola (2020-03-06). "VFD MFB bridges banking gap, unveils V". Nairametrics. Retrieved 2022-03-11.
  8. ^ John, Janet (2021-04-26). "Fintechs compete with traditional banks, introduce free services". Nairametrics. Retrieved 2022-03-11.
  9. ^ "Everyone needs to get on the new VBank App". TechCabal. 2021-04-09. Retrieved 2022-03-11.
  10. ^ "2021 Nigeria Fintech Week: VBank leads discourse on innovative payment systems". Tribune Online. 2021-11-08. Retrieved 2022-03-11.
  11. ^ "Digital bank records 250,000 users in one year". The Punch. 2021-04-06. Retrieved 2022-06-22.
  12. ^ "Nairametrics, Vbank, MTN, Nengi Hampson, Josh2funny and others shine at GAGE Awards 2021". Nairametrics. 2021-04-26. Retrieved 2022-06-22.
  13. ^ "V Bank wins Mobile Banking App of The Year back-to-back". Vanguard News. 2022-06-20. Retrieved 2022-06-22.