VFD Group Plc, a leading investment firm, has infused ₦5 billion ($3.35 million) into its digital banking subsidiary, VFD Microfinance Bank (V Bank), to bolster technology development and expand its services.
Since its launch in March 2020, V Bank has carved a niche in Nigeria’s digital banking sector by offering:
✔ Zero maintenance fees
✔ Competitive interest rates
✔ Seamless banking via iOS and Android
The fully digital bank now serves over 500,000 active users.
Strategic Investment for Growth
Nonso Okpala, Group Managing Director of VFD Group, highlighted the company’s confidence in V Bank’s potential:
“Our ₦5 billion investment in V Bank reflects our confidence in its potential and our unwavering commitment to seeing it flourish.”
This move comes after VFD Group’s recent divestment of Atiat Limited for ₦7 billion, signaling a strategic reallocation of capital towards digital banking initiatives.
It also aligns with an industry-wide trend—Stanbic IBTC injected ₦4 billion into its fintech subsidiary, Zest, in January 2025 to strengthen its financial services.
What the Funding Will Support
According to Rotimi Awofisibe, Managing Director of V Bank, the capital will:
✅ Enhance technological capabilities
✅ Introduce new product offerings
✅ Improve customer experience
V Bank aims to scale its operations by leveraging:
Advanced digital infrastructure
Strategic partnerships
Customer-driven innovations
With this investment, V Bank is well-positioned to deepen financial inclusion and solidify its presence in Nigeria’s evolving digital banking landscape