V bank also known as V or V by VFD is a leading online banking app and platform in Nigeria that operates as a digital bank, allowing users to set up a bank account in 2 minutes. Nigerians can save money with V Bank using their phone and earn bigger interest than the ones offered by commercial banks. There is also an opportunity to fix money for profit. Anyone can choose to become an agent and make money referring people to the bank.
One amazing feature of V is that it is free. You are not charged for transferring money to another V account or transferring money to another bank. Also, you do not need ATM card to withdraw money at ATMs, that means you also will not be charged card maintenance fees.
You can also pay bills using the app. There are numerous benefits that you get using V that you cannot get using your regular bank.
How does V bank work?
V bank works as a bank but the difference is that V Bank is an online bank. You download the app on your phone then you sign up for a V account, save money and earn interest rate when you save. The fixed deposit feature offers a very competitive interest rate when you fix money. You can make withdrawals whenever you need without using a debit card (ATM card).
You can choose to become a V agent. Agents are known as Veelagers. This will give you the opportunity to open your own bank within V and earn money for users that you refer. This is the same as working as a bank marketer. A popular figure like Don Jazzy is doing this! I will explain the steps below. Keep reading.
Benefits of Using V bank
Here are some benefits of using V bank:
- Zero transaction charges
- Competitive interest rates on savings
- Flexible fixed deposit
- Cardless withdrawal
- Payment of bills
- Budget planning
- Target savings
- Biometric security
Is it safe to use V bank?
It is very safe to use V bank and all the services offered on the platform. V is owned by VFD Microfinance bank which is one of the leading microfinance banks in Nigeria. VFD Microfinance Bank is registered in Nigeria (RC 1209088) and licensed by the Central Bank of Nigeria (CBN).
The funds you put in V bank is insured by the Nigeria Deposit Insurance Corporation (NDIC).
The head office address is located at 214 Broad Street, Lagos Island, Lagos State, Nigeria.
VFD Microfinance bank is a member of the VFD Group.
A lot of Nigerian celebrities and entrepreneurs are using V because of the good interest rate and zero charges. Here are some below.
Don Jazzy is one of the most vocal users of V:
Noble Igwe, a respected Entrepreneur also uses V:
Requirements to open a V bank account
Here the requirements to open a V bank account:
- Phone number
That is all that is required. No paperwork required. However, if you wish to make bigger transactions you will have to upload a picture of your Government-issued ID card (any of International passport, Diver’s License or National ID). You will also have to upload a picture of your utility bill to increase the limit of transactions you can make.
You don’t need to go to a banking hall to do any of the above. Just open the app, and take the pictures from the comfort of your home.
How to open a V bank account
Follow these steps to open a V bank account:
- Download the V by VFD app from Google play store or Apple’s App store.
- Open the app once it has downloaded.
- Click on Create Account.
- Fill in all information required
- follow instruction and complete registrations
Congratulations. You have successfully created a V account!
How to deposit money into your V bank account
You follow the same method you use to deposit money into your commercial bank account.
When you login to the V bank app, you will see your V account number and balance. Copy the account number. That is the Bank Account Number tied to your V account.
Your details will now be
Account Number: (the one you copied)
Bank name: VFD Microfinance Bank
With the above information, you can make payments into your account or send to your client/customers to make payment into.
You can also use your account number and bank name to make a transfer from your regular bank to your V bank. In your regular bank mobile app, use the transfer to other bank option. Input your V account number. Then select VFD Microfinance Bank. Once that is done you wait, you should see your name and then proceed to make a transfer.
How to make money with V bank (Veelage)
You can make money from V Bank by becoming a Veelager and referring friends. Follow these steps:
1. Sign up for a V bank account
2. Deposit at least N2000 (Not compulsory)
To make your account fully active, you should have money in your account. If you are going to be promoting V then you should be using it. So use it to pay bills and do everyday banking activities. It is not compulsory but highly recommended. You benefit more from using V than your regular bank.
3. Start your bank (become an agent)
At this point, you are ready to become a Veelager. A veelager is an agent that refer people to use V and get paid for it.
From your V app, click on ‘more’ then, click on ‘start your bank.’
Once you click on start your bank, follow the on-screen instructions to register and set up your bank.
4. Refer your friends
You will be given a code. Use the code to refer your friends. The more friends you refer that uses the app, the more you can earn.
How much can you make as a V bank Veelager (agent)
When you create your V bank Veelage (bank) and become a Veelager (agent), you have a very lucrative job. You can earn up to ₦2 million every month depending on how hard you work. The V bank referral program is one of the most lucrative in Nigeria.
Here is a break down of positions and how much you can make:
1. Sergeant – ₦30, 000 per month
The first stage is a Sergeant, you can earn up to ₦30, 000 every month. To get to this stage, you need to meet the following:
- 25 active account referred: This means you must have invited up to 25 people that their accounts are active.
- ₦500, 000 monthly average balance: The 25 people should jointly have an average monthly balance of ₦500, 000.
If you meet the above then you earn ₦30, 000 every month.
2. Lieutenant – ₦50, 000 per month
The second stage is Lieutenant, you can earn up to ₦50, 000 every month. The conditions for getting to this stage are as follow:
- 75 active account referred: You must have invited up to 25 people with active accounts.
- ₦2, 000, 000 monthly average balance: The 75 people should jointly have an average balance of ₦2, 000, 000
If you meet the above requirements, you earn ₦50, 000 every month
3. Captain – ₦100, 000 per month
The third stage is Captain and you can earn up to ₦100, 000 every month. But you have to meet the following requirements.
- 100 active account referred: You must have invited up to 100 people that each has an active account.
- ₦5, 000, 000 monthly average: Your referral must have a combined monthly average balance of ₦5, 000, 000
For meeting the above requirements, you earn up to ₦100, 000 every month
4. Major – ₦150, 000 per month
The fourth stage is Major with the opportunity to make up to ₦150, 000 every month. The conditions are as follows:
- 250 active account referred: You must have referred up to 250 people with active accounts.
- ₦7, 500, 000 monthly average: The people you referred must have a monthly average balance of ₦7, 500, 000
If you meet the above requirements, you earn up to ₦150, 000 every month
5. Colonel – ₦500, 000 per month
The fifth stage is Colonel and you have the opportunity to make up to ₦500, 000 every month. Find the conditions below:
- 1000 active account referred: You must refer up to 1000 people with active accounts
- ₦25, 000, 000 monthly average: The people you refer must have a joint monthly average balance of up to ₦25, 000, 000
Meeting the above conditions earn you up to ₦500, 000 every month
6. General – ₦1, 000, 000 per month
The sixth stage is known as General and you can earn up to ₦1 million every month. Below are the conditions
- 2000 active account referred: You must refer up to 2000 people active accounts
- ₦100, 000, 000 monthly average: The accounts must have up to ₦100 million monthly average balance
For meeting the above condition, you earn up to ₦1 million every month
7. Fieldmarshal – ₦2, 000, 000 per month
The Fieldmarshal is the highest stage. You can earn up to ₦2 million every month. The conditions are below:
- 3000 active account referred: You must refer up to 3000 active accounts
- ₦200, 000, 000 monthly average: The referred account must have a joint monthly average balance of ₦200 million
If you meet the above conditions then you earn up to ₦2 million every month
Note: an active account is an account with at least ₦2000 balance.
How to invest with V Bank Fixed deposit
You can earn a big interest rate by fixing your money with V. It works like fixed deposit in banks but this one is more flexible. And the interest rate is 14%.
Here are some benefits and features:
- 14% interest rate
- Insured by NDIC
- Start with any amount and make monthly contributions to add funds
- Choose how long you want to fix fund.
To open a V bank fixed deposit account: open your V by VFD app, click on ‘more’ at the bottom of the screen. Then click on “open target/fixed deposit account,’ next you select ‘Fixed deposit account. Set up how much you want to invest and for how long.
V bank business account
With V bank, if you run a business you get a lot of benefits. Some of the benefits include:
- Loan for salary payment
- Bulk payments
- Administrative support
- Loyalty reward up to 2,000,000 NGN per month
Ensure you follow the steps above to create an account then contact V customer care.
Target Savings Account
The Target Savings Account helps parents save to meet up children’s school fee. As a reward, V give up to 20% of your first month’s contribution. You also enjoy 8% interest rate.
Here are some things to note:
- V gives 20% of your first month contribution
- 8% interest rate
- You can create multiple target savings accounts for your children, one for each child
- The contribution must be made monthly and same amount as the first month contribution
- And more
To enjoy this cover, download the V bank app, create an account and use 4PEYE as your referral code. Then on your account, click more at the bottom of the app. From there click Open target/Fixed deposit account then follow instruction to set up the account.
V Bank app download
To use V , you need to download the V by VFD app. The official app of V bank. The app is available for android and iOS.
V Bank head office address
214 Broad Street, Lagos Island, Lagos State, Nigeria.