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VBank Review – How To Open Account, Invest and Make Money With VBank by VFD

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Hello, In our VBank review, I will be explaining to you how to open account with Vbank, how to invest your money with Vbank, how to make money with Vbank, the features of Vbank, I will also let you know if Vbank is legit as you continue to read our review on Vbank.

Introduction

What is Vbank?

What is Vbank

You may be asking yourself, what is vbank?

Vbank is a virtual bank or digital bank owned by VFD Microfinance bank. The “V’ stands for “Virtual”

V bank by VFD is one of the digital bank apps that are starting to gain relevance in Nigeria.

These digital banks take away the need for visiting physical banks as well as the annoying documentation process some of these physical banks require.

Vbank or Virtual bank allows its users to track their expenses and income, group budgets, and set spending limits.

This virtual bank also claims it does not charge any fees for transactions to other V accounts or accounts of other banks.

About Vbank mobile app

The VFD Bank Mobile Application is an innovative application that offers you access to digital banking solutions on the go. It allows you to initiate transactions and manage your bank account(s) from your preferred mobile device as our focus at VFD Microfinance Bank, is giving you control of your finances with a bank in the palm of your hands.

How? The VFD Bank Mobile Application is designed to help you:

  • Open a valid Nuban account in minutes using either a BVN number or an existing bank account
  • Categorize your expense and set an expense budget to manage your income
  • Open and maintain a target savings account
  • Open a fixed deposit account with competitive interest rates
  • Send money to 3rd parties for cardless cash withdrawal at designated ATMs
  • Transfer funds and share transaction notifications directly from the application
  • Invite friends and family to join the VFD Bank Mobile Application community with a cash gift
  • Access service support directly from the application either via calling or sending an email to one of our banking experience assistants


How is that for an unforgettable banking experience at your convenience?

Join the VFD Bank Mobile Application community by downloading the application below.

Click on your device type below to get started and ensure you make use of N3XLF as your referral code.

Is it safe to use Vbank?

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.

Requirements for Registering on the V bank app

After downloading the app you’ll need to register in order to use the Vbank app. These are the following information 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 account authentication)
  • Signature (for validation)
  • Your chosen 4-digit Pin (Password)

Now that we have known the requirements needed before registering on the Vbank app, let us look into how to open an account on Vbank app

How to open Account on Vbank App

The V Mobile Application is your access to all things banking on the go.

Opening a Vbank account is easy and can be completed within 2 minutes. The application enables you to create an account either by using an existing BVN number or an existing bank account number.

Have you downloaded the V Mobile Application? Let us get you started on opening your V Account.

Ensure you make use of N3XLF as your referral code.

Here is your step by step guide to opening your Vbank account.

How To Open V Bank Account With Your BVN

How To Open V Bank Account With Your BVN
  • Open the Vbank app
  • Enter phone number
  • Highlight ‘my BVN-linked phone number’
  • Click continue
  • Select BVN linked number option
  • Enter OTP sent to BVN number via SMS
  • Enter email address
  • Set password
  • Confirm password
  • Click continue
  • Take a photo or select photo for photo validation
  • Allow VFD bank to take pictures and record video
  • Take picture
  • Click ‘send a photo of face’
  • Create 4 digit PIN
  • Get ‘your account has been created successfully’ notification
  • Get welcome message via email

How To Open V Bank Account With An Existing Bank Account

How To Open V Bank Account With An Existing Bank Account
  • Open the V app
  • Enter phone number
  • Click ‘my BVN-linked phone number’ button
  • Click continue
  • Select the bank account option
  • Select bank
  • Enter account number
  • Click continue
  • Enter OTP sent to BVN number via SMS
  • Enter email address
  • Set password
  • Confirm password
  • Click continue
  • Take a photo or select photo for photo validation
  • Allow Vbank take pictures and record video
  • Take picture
  • Click ‘send a photo of face’
  • Create 4 digit PIN
  • Get ‘your account has been created successfully’ notification
  • Get email welcome message

Since we know how to open a Vbank account, let us look at the features of Vbank.

What are the features on Vbank app?

The features on Vbank app include the following:

  • Cardless Withdrawal: Make withrawals at ATMs across the country without an ATM card (also known as Cardless Withdrawal) by generating a code via the Vbank app.
  • Biometric Login
  • Bills Payment & Money Transfers
  • Budgeting: On the V Bank Nigeria app, you can create and save budgets every month. Budget cuts across different expense channels like food, work, family, shopping, lifestyle, utility, transport, and more. This can help to keep you in check while spending money from your account.
  • Targeted Savings
  • Fixed Deposit
  • Geo-tagging: The V bank app tags spending based on the location where the transactions occur.
  • Integrated Social Sharing: Share transaction receipts, pictures and notes from the V bank app to your contacts on WhatsApp
  • Veelage: This is a referral program where V bank users can earn money by referring people or by becoming an agent of V bank.
  • Analytics: The app shows you analytics for the inflow and outflow on your account. This can be done for whatever period you set or want to analyze. Having these analytics helps you determine how much you spend versus how much you earn. Hence, helps users position themselves right based on the data.

How does Vbank work?

Vbank works as a bank but the difference is that VBank 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. V 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.

Benefits of Using Vbank

Here are some benefits of using V bank:

  1. Zero transaction charges
  2. Competitive interest rates on savings
  3. Flexible fixed deposit
  4. Cardless withdrawal
  5. Payment of bills
  6. Budget planning
  7. Target savings
  8. Biometric security

How to deposit money into your Vbank 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

  • Your Name:
  • 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 Vbank (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

To become a V bank agent, you first need to sign up for a V account. Download the V bank app from Google play store or App store. Then use N3XLF as your referral code. Go ahead and complete the registration.

  1. 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.

  1. 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.

  1. 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 Vbank 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.

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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

  1. 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 Change Your V Bank Account Password?

On the VFD Bank Mobile App, you can change your password directly from the app.

Below are the steps to changing your password on the VFD Bank Mobile App.

Vbank review: How To Change Your VBank Account Password?
  • Click on the ‘more’ menu
  • Select ‘change password’
  • Enter old PIN
  • Enter new PIN
  • Confirm new PIN
  • Click on confirm
  • Get ‘password successfully updated’ notification on the app

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
  • Overdraft
  • 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.

Vbank 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 N3XLF 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.

How To Create A Target Savings Account on Vbank Mobile App

The target savings account is designed for individuals that want to save money for specific future needs. This feature works by you deciding on how much you want to put away for a period of time to achieve which will be debited from your account daily.

Here is how to create a target savings account on Vbank.

Vbank review
How To Create A Target Savings Account on Vbank Mobile App
  • Click on the ‘more’ menu
  • Click on open new account
  • Select the target savings account
  • Enter debit amount
  • Select debit frequency
  • Select start date
  • Select account (source)
  • Enter target description (i.e. the reason for target savings)
  • Click on open account
  • Review target savings account details
  • Click on confirm with PIN
  • Enter PIN
  • Receive ‘your savings account has been created successfully’ notification on the app
  • Receive SMS/email notification

How To Create A Fixed Deposit Account on Vbank Mobile App

The fixed deposit account is a feature of the VFD Bank Mobile App that allows you to save and earn money at the same time. At VFD Bank, our interest rates on fixed deposits are competitive with flexible tenure options.

Here is how to create a fixed deposit account on VBank.

Vbank review: How To Create A Fixed Deposit Account on Vbank Mobile App
% VBank Review – How To Open Account, Invest and Make Money With VBank by VFD
  • Click on the ‘more’ menu
  • Click on open target/fixed deposit account
  • Select fixed deposit account
  • Enter debit amount
  • Select duration
  • Select account (source)
  • Click on open account
  • Click on confirm with PIN
  • Enter PIN
  • Receive ‘your fixed deposit account has been created successfully’ notification on the app
  • Receive SMS/email notification

How To Find Your Transaction Notifications On The V Bank App

The notifications feature of the VFD Bank Mobile App allows you to view transaction notifications on the app.

Below are the steps to getting app support.

  1. Click on the ‘more’ menu
  2. Select notifications
  3. View notifications

How To Transfer To Another Account On The V Bank App

The transfer to another account feature of the VFD Bank Mobile App allows you to transfer funds to another beneficiary.

Below are the steps to transferring to another account on the VFD Bank Mobile App account.

How To Transfer To Another Account On The V Bank App
  • Select source account i.e. account customer wants to transfer from
  • Select destination bank (type bank name in search field for faster results)
  • Enter destination account number
  • Activate ‘save as new beneficiary’ optional
  • Enter amount
  • Enter a personal note. This is a unique benefit as the customer can (1) take a picture to complement the transfer note or (2) for business, upload an invoice with regards to payment
  • Select category i.e. mobile, cash, family, shopping, work, food, lifestyle, utility or transport expense
  • Click on continue
  • Click on confirm payment with PIN
  • Enter PIN
  • Get ‘your transaction has been successful’ notification
  • Get SMS notification on the registered mobile number

How To Transfer To Your Own Account On The V Bank App

The transfer to own account feature of the VFD Bank Mobile App allows you to transfer funds one of your accounts to another.

Below are the steps to transferring to your own account on the VFD Bank Mobile App account

How To Transfer To Your Own Account On The V Bank App
  • Select source account
  • Select destination account
  • Enter amount
  • Enter a personal note. This is a unique benefit as the customer can (1) take a picture to complement the transfer note or (2) for business, upload an invoice with regards to payment
  • Select category i.e. mobile, cash, family, shopping, work, food, lifestyle, utility or transport expense
  • Click on continue
  • Click on confirm payment with PIN
  • Enter PIN
  • Get ‘your transaction has been successful’ notification
  • Get SMS notification on the registered mobile number

How To Withdraw Cash Using the ATM

Post sending cash for withdrawal on an ATM enabled for cardless transactions, take your SMS notification containing token and PIN to any Stanbic IBTC Bank, Fidelity Bank, Access Bank, GTBank, UBA Bank, Polaris Bank ATM to withdraw the cash.

Below are the steps to withdraw cash from ATMs.

How To Withdraw Cash Using the ATM
  • Visit any bank ATM
  • Press any key on the ATM to display screen prompts
  • Select pay code cash out
  • Enter 8-14 digit PIN
  • Enter 4-digit PIN
  • Enter amount
  • Wait for cash
  • Collect cash

How to Send Cash On The V Bank App

The send cash feature of the VFD Bank Mobil App allows customers to send and withdraw cash without an ATM card on designated ATMs enabled for cardless transactions i.e. pay code withdrawals functionality.

Below are the steps to send cash on the VFD Bank Mobil App.

How to Send Cash On The V Bank App
Is vbank secure
  • Select send cash payment option
  • Select account
  • Select the amount to send minimum amount is NGN1,000
  • Set withdrawal 4-digit PIN
  • Confirm payment by clicking on ‘confirm payment with PIN’
  • Enter account 4-digit PIN
  • View VFD withdrawal pay code
  • Receive SMS with token and 4 digit PIN valid for 24 hours
  • Optional To confirm the payment with the receiver, click on the share icon (top right icon on the app screen)
  • Select channel i.e. text message, email or WhatsApp

How To Pay Bills On The V Bank App

Bill Payment is a feature of the VFD Bank app that allows you to pay your utility, cable TV, internet service, travel & hotel, transport & toll, product & services, school, betting, lottery & gaming bills.

To enjoy the ‘PAY BILLS’ feature-benefit, the customer will need to:

How To Pay Bills On The V Bank App
How to invest with vbank
  • Click on pay bills
  • Select category
  • Select biller
  • Select product
  • Select account you wish to pay from
  • Enter payment details
  • Click on continue
  • Confirm with PIN
  • Gets ‘your transaction is successful’ notification on the app
  • Get SMS transaction notification on the registered number

Frequently Asked Questions on Vbank mobile app

Q: What is the VBank referral code?

A: The V Bank referral code is N3XLF

Q: Where is the V Bank head office address?

A: 214 Broad Street, Lagos Island, Lagos State, Nigeria.

Q: Can I request debit cards?

A: Yes you can request for debit cards via the mobile app.
Log in to the app >> Click on “More” >> Select “Debit card” >> Fill in your details and wait for your card.

Q: Is it possible to refer someone who does not have an account before? (If the person does not have a BVN)

A: No, it is not possible. A BVN is one of the necessary criteria for owning a V account.

Q: Is it possible to refer someone who does not have an account before? (If the person has a BVN)

A: Yes, the person will have to select “BVN” when opening the account.

Q: Can I customize my referral code?

A: At the moment, referral codes are generated randomly. However, this possibility will be looked into and incorporated in future updates.

Q: Do I get paid immediately I get all 25 referrals?

A: No. Payment for a particular month is made on the 3rd working day of the following month, only if the referrals are active and the cumulative average sitting balance is met.

Q: What if only a few are active, but I meet up with the cumulative balance, will I still be paid?

A: No. Payment will only be made if the necessary number of referrals are active and the cumulative average sitting balance is met.

Q: I want to become a direct sales agent.

A: Hello. The term for this is “Veelager” and you can become a Veelager by either clicking on Start Your Bank while in the app or by visiting veelage.vbank.ng

Q: How do I refer with my referral code?

A: 1. Log into the app, click on “More” and scroll down to “Referrals”. Click on this and you will see your code, as well as the options to either share via SMS or Email. There will also be a “Share” button at the top right corner if you want to share the code to your contacts via social media. 2. You could also choose to copy the code and simply create your own custom message for the people around you.

Q: How many referrals do I have to get to be paid?

A: There are different levels to it. The minimum, however, is at Sergeant level where you need to get a minimum of 25 active referrals and a cumulative average sitting balance of N500,000.

Q: How do I activate my account?

A: Your account gets activated when funded with a minimum of N2,000.

Q: Is it compulsory for the person I register to save N2,000 till the end of the month?

A: The minimum average amount that can be in the account for it to remain active is N2,000.

Q: How do I get people registered under me?

A: Simply share your referral code with them and ensure they input it correctly when the system prompts them during their signing up.

Q: Must I have money in my account before I can get paid?

A: No, that is not necessary. Just ensure that your referrals are all active and the cumulative average sitting balance is maintained.

Q: Must I have N2,000 in my account every day to be active?

A: Not necessarily. You can have more or less. However, after calculations, the minimum average should be N2,000.

Q: My referrals have funded their accounts, but it is still showing them as inactive.

A: This can be determined using the calculation of the average daily balance. Just add up their daily closing balances and divide by the total number of days elapsed for the month.

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