My Experience with VFD Microfinance Bank
By Niyi Adewale
If you've spent some time in Nigeria, you know that our banking system can be frustrating. From network issues to long lines at the bank, many of us have stories that are great for sharing at parties. When I first learned about VFD Microfinance Bank and their digital banking services, I was curious. After all, who wouldn’t want an easier way to manage their money in today’s tech-driven world? But, as we say here, "be careful." I decided to test their services myself, and here’s what I think.
First Impressions Matter
The first thing that caught my attention was their app—VBank. It’s available on both Android and iOS, and downloading it was straightforward. The registration process? Also fairly simple. They asked for the usual suspects: BVN, phone number, and a few other details. Nothing out of the ordinary.
The layout of the app is clean, and I liked that. No unnecessary noise or overly complicated menus. It felt like they wanted to keep things simple, which is something I appreciate. However, simplicity isn’t everything. I couldn’t help but notice that the app felt basic—almost too basic. It’s like they were in such a hurry to keep it neat that they forgot to add a bit of personality to it. If you’ve used apps like Kuda or Carbon, you’ll immediately see what I mean. It’s functional, but let’s just say it won’t win any design awards.
What Stood Out
Now, let’s talk about the features. VFD Microfinance Bank’s digital services promise a lot: seamless transactions, quick loans, savings options, and even investment opportunities. At first glance, this sounds fantastic. Who wouldn’t want a one-stop shop for all their financial needs?
Transactions: I’ll give them credit where it’s due. Transfers within the VBank ecosystem are free, and interbank transfers are cheaper than what you’d find with traditional banks. That’s a win, especially when you’re moving money around frequently like I do. However, their transaction speed can be hit or miss. On some days, the transfer is instant, and on other days, you’ll be refreshing your app and wondering if your money has entered the Bermuda Triangle. This inconsistency is a serious issue.
Savings Features: Their savings plan, which they call “Target Savings,” is actually impressive. You can set a goal, automate your savings, and even earn competitive interest rates. For someone like me who struggles with discipline when it comes to saving, this feature is a lifesaver. But again, it’s not unique. A lot of their competitors, like PiggyVest and Cowrywise, offer something similar—and they execute it with more flair.
Loans: This is where things get interesting. VFD promises quick loans with minimal paperwork, and in fairness, they do deliver on this. I applied for a small loan just to test the waters, and the process was smooth. They didn’t stress me with unnecessary documentation, which is a breath of fresh air. However, their interest rates? Let’s just say you’ll need to think twice before borrowing. It’s not entirely unreasonable, but it’s not exactly friendly either.
The Good, The Bad, and The "Meh"
Like every service, VFD Microfinance Bank has its pros and cons. Let me break it down for you:
The Good:
They’re genuinely trying to make banking easier for Nigerians.
Their customer service is responsive, at least on social media. I sent them a DM on Twitter about a failed transaction, and they resolved it within 24 hours. That’s impressive, considering how some banks will ghost you for weeks.
The savings and investment options are solid. If you’re looking to grow your money, they’ve got tools to make that happen.
The Bad:
The app crashes more often than I’d like. There were a few times I tried to log in, and it just refused to cooperate. It’s frustrating, especially if you’re in a hurry.
Their network downtime can be a mood killer. Imagine trying to pay for something at a supermarket, and the app suddenly freezes. Embarrassing, abi? This happened to me once, and I had to resort to cash (thank God I had some on me).
The "Meh":
They’re not doing anything groundbreaking. Yes, they’re convenient, but so are a lot of other digital banks in Nigeria. They need to find a way to differentiate themselves if they want to truly stand out.
A Personal Note
One thing I’ll say is this: VFD Microfinance Bank has potential. You can tell they’re genuinely trying to make a difference in Nigeria’s financial landscape. But they’re not there yet. They need to work on their app’s stability and find ways to make their services more unique. Right now, they feel like they’re playing catch-up with the likes of Kuda and Carbon.
But let me also be fair. The Nigerian financial space isn’t an easy one to navigate. Between regulatory hurdles and the ever-present issue of “network wahala,” it’s clear they’re facing challenges that are beyond their control. That said, we as customers have a right to demand better. After all, it’s our hard-earned money we’re trusting them with.
Would I Recommend Them?
Here’s the thing: if you’re looking for a simple, no-frills digital banking experience, VFD Microfinance Bank isn’t a bad choice. They’re reliable most of the time, and their features do what they say they’ll do. But if you’re someone who values innovation, speed, and a bit of pizzazz, you might find them underwhelming.
At the end of the day, it comes down to what you’re looking for in a bank. For me, they’re a solid 6.5/10. They’re not perfect, but they’re also not terrible. With a bit of work, they could easily climb to an 8.
As I type this, I can’t help but think about how far we’ve come in Nigeria when it comes to banking. Gone are the days when you had to physically visit a bank just to open an account or transfer money. Digital banks like VFD are pushing us forward, and for that, I’m grateful.
That said, there’s always room for improvement. VFD Microfinance Bank has laid a decent foundation, but they need to do more if they want to compete with the big boys. Until then, I’ll keep using their app occasionally—but I won’t be deleting my Kuda app anytime soon.
So, what about you? Have you tried VFD Microfinance Bank? What’s your experience been like? Let’s talk.