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How to utilize, invest, and make money with V bank (V by VFD)

V bank, commonly known as V or V by VFD, is a popular online banking app and platform in Nigeria that functions as a digital bank, allowing users to open a bank account in as little as two minutes. V Bank allows Nigerians to save money using their phones and earn higher interest than traditional banks. There is also the possibility of profitably fixing money. Anyone can work as an agent and earn money by referring customers to the bank.

V has a lot of great features, one of them is that it is completely free. You won’t be charged if you transfer money from one V account to another or from one bank to another. You also won’t be charged card maintenance costs because you won’t require an ATM card to take money from an ATM.

You can also use the app to pay your bills. There are various advantages to using V that you would not get from a traditional bank.

What is V bank and how does it work?

V Bank functions similarly to a bank, with the exception that it is an online bank. You download the app on your phone, set up a V account, and begin saving money while earning interest. When you fix money, the fixed deposit function offers a very attractive interest rate. You can withdraw money whenever you want without having to use a debit card (ATM card).

You have the option of becoming a V agent. Agents are referred to as Veelagers. This will allow you to create your own bank within V and make money by referring new users. Working as a bank marketer is similar to this. This is being done by a well-known individual like Don Jazzy! I’ll walk you through the steps below. Continue reading.

 

The Advantages of Using V Bank
The following are some of the advantages of employing V bank:

There are no transaction fees.
Savings rates that are competitive
Fixed deposit that is flexible
Withdrawal without a card
Bills to be paid
Creating a budget
Savings goals
Biometric protection

Is using V bank risky?
It is really safe to utilize V bank and all of the platform’s services. V is owned by VFD Microfinance Bank, one of Nigeria’s major microfinance institutions. VFD Microfinance Bank is a Nigerian bank with a license from the Central Bank of Nigeria (RC 1209088). (CBN).

The Nigeria Deposit Insurance Corporation insures the funds you deposit in V bank (NDIC).

214 Broad Street, Lagos Island, Lagos State, Nigeria is the address for the company’s headquarters.

The VFD Group includes the VFD Microfinance Bank.

Because to the low interest rate and no fees, V is popular with Nigerian celebrities and businesspeople. Here are a few examples.

Don Jazzy is one of the most outspoken V: users.

Bank of Don Jazzy V

Noble Igwe, a well-known businessman, also uses V:

Bank of Noble Igwe V
What are the requirements for opening a V bank account?
The following are the prerequisites for opening a V bank account:

Name and telephone number
BVN
That’s all there is to it. There is no need for papers. If you want to make larger purchases, you’ll need to upload a photo of your government-issued ID card (such as an international passport, a diving license, or a national ID). To enhance the number of transactions you can make, you must also attach a photo of your utility bill.

To do any of the foregoing, you don’t need to go to a bank. Simply open the app and shoot images from the convenience of your own home.

 

What is the procedure for opening a V bank account?
To open a V bank account, follow these steps:

The V by VFD app is available for download from the Google Play Store and the Apple App Store.
Once the app has finished downloading, open it.
Create an account by clicking the Create Account button.
Use the reference code 4PEYE.
Fill in all essential information, follow the instructions, and complete the registrations.
Referral code for V bank

Congratulations. You’ve created a V account successfully!

Read Also: PayID Data Breaches Show Australia’s Banks Need To Be More Vigilant To Hacking

How to Make a Deposit in Your V Bank Account
You use the same procedure that you use to deposit money into your business bank account.

Your V account number and amount will appear when you log in to the V bank app. Make a note of the account number. That’s the bank account number associated with your V card.

Your information will now be made public.

Your Full Name:

Number of Account: (the one you copied)

VFD Microfinance Bank is the name of the bank.

With the given information, you can deposit funds into your account or send payment instructions to your clients or customers.

You can also transfer money from your regular bank to your V bank using your account number and bank name. Use the transfer to other bank option in your usual bank’s mobile app. Please enter your V account number. After that, choose VFD Microfinance Bank. After that, you must wait for your name to appear before proceeding to initiate a transfer.

Read: Scheels First Bank Card detailed Information

What is the best way to generate money using V bank? (Veelage)
By becoming a Veelager and recommending friends to V Bank, you can earn money. Take the following steps:

1. Create a V bank account.
To work as a V bank representative, you must first open a V account. From the Google Play Store or the App Store, download the V bank app. Then use the referral code 4PEYE. Complete the registration process.

2. Make a deposit of at least N2000 (Not compulsory)
You must have money in your account to make it fully functional. If you’re going to promote V, you should make use of it. So use it to pay bills and conduct routine financial transactions. It is not required, however it is strongly suggested. You get more out of V than you do from your ordinary bank.

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