Banking
A Look at VBank, Nigeria’s Digital Banking App of 2020
When VFD Microfinance Bank entered Nigeria’s budding virtual banking space with its VBank app in March 2020, it joined the ranks of challenger banks giving mainstream banks a run for their money.
It was launched when consumers were groaning under the burden of high account maintenance fees, hidden bank charges and other difficult regulatory demands. It was also at the onset of the COVID-19 pandemic in Nigeria, which necessitated months of lockdown and restricted movement.
Riding on the back of its attractive and easy-to-use interface, the VBank app quickly racked up hundreds of thousands of downloads on Playstore and the App Store.
The latest update to the app launched earlier in the year with some sterling features to make virtual banking seamless.
Customisable features
The new update on the app comes with a customisable interface that allows adding quick links to the homepage by clicking the edit button on the top left corner of the page. With this, you can add features you use frequently to where you can quickly access them.
Receiving/Sending money without an account number
The app comes with Proximity Payment, a Bluetooth-like feature. With this, VBank users can send or receive from other users of the app without using an account number. The app uses your phone’s location, microphone and Bluetooth to carry out the transaction.
There is a catch, however: VBank expressly states that “the data being shared is temporarily uploaded to Google in order to enable sharing.”
Closely related to this are the QR code payment and cardless withdrawal options. The QR code feature allows users to initiate and receive payment by scanning another user’s QR code. It also enables the app user to generate a unique QR code anywhere in the world and then share the same with family and friends to receive payments anywhere QR code payment service is available.
The cardless withdrawal feature enables users to withdraw cash at any ATM in Nigeria without using a physical debit card. And with the ATM locator on the app, you can locate ATM points nearest to you.
One transaction, multiple beneficiaries
Sending funds to more than one person can be a bit tedious and time-consuming, especially when the internet connection is unstable. However, the VBank app allows for making payments to multiple beneficiaries at a go with no hassles and for free. The bank charges zero Naira for transfers all year round.
Investing
With the Invest menu on the app, users can do more than save money. The menu allows users to create target savings, fixed deposit and shared/joint accounts, and also request a loan.
Only recently, the bank reviewed its Fixed Deposit Rates to return between 11.25 and 15 per cent on a 30 to 365 day fixed tenor. This is one of the highest in the country. Also, it renewed its annual Children’s Day Target Savings in May 2021 promising a 20 per cent bonus in the first month and nine per cent in subsequent months provided the same amount is fixed monthly.
Other regular features
Like many other bank apps, with the VBank app, you can do mobile top-up and pay bills. This would vary from cable bills, electricity bills to betting games.
The VBank app is a digital product of VFD Microfinance Bank which was incorporated in Lagos in 2015. The bank returned 400 per cent in investment in 2020, the year of the pandemic. This is perhaps connected to the timely introduction of its digital app, Vbank, in March 2020, a few weeks before the country shut down. Last April, VBank was named the banking app of the year 2020 at the Gage Awards.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
