Digital bank, VBank records 250,000 users in one year

VBank, a fully digital bank, has announced that it has recorded more than 250,000 individuals and businesses on its mobile banking platform across Nigeria and processed transactions worth billions.

This was contained in statement titled ‘VBank rolls out new Version 3.0 App to kick Off 2021’, and was disclosed during a virtual event to unveil the new features of its app to promote ease of use for its customers.

The statement read: “Launched March 25, 2021, the digital bank has onboarded more than 250,000 individuals and businesses on its mobile banking platform across Nigeria, and processed transactions worth billions.

“The all-digital platform is most accessed in cities including Lagos, Anambra, Port-Harcourt, Abuja and Asaba.”

The bank explained that the new app, Version 3.0, has features including card-less withdrawals, multiple funds transfers, recurring transactions, proximity payments, advance budgeting and intelligent airtime top-up.

The statement added: “The new VBankapp will help users securely access their accounts to automate recurring bills, manage multiple cards from different banks, send and receive funds using a unique QR code, track daily, weekly and monthly spends.”

Commenting on the achievement, the managing director, VFD Microfinance Bank, owners of VBank, Azubike Emodi, said: “When we unveiled this product last March, we had no idea that the COVID-19 pandemic would sweep in greatly in Nigeria and that a great number of people would suddenly become more digitally reliant.

“We were simply being our innovative selves as a data-driven tech company with big dreams. And while it has been hard through the year 2020, our customers have made every single day of hard work worth it. We do hope that they find this version 3.0 truly useful and enjoyable.”

Also speaking about the success, the Senior Product Manager, VBank, Ebere Ahaotu, said: “Virtual banking is all about supporting the needs of every user.