A Micro Finance Bank (Variable Frequency Drive – VFD) is making banking easy for Nigerians using its VFD mobile App that facilitates digital banking.
With its mobile app, customers can open accounts and carry out transactions without visiting any banking premises. A new initiative that is completely new in the way banking is being done in Nigeria.
The expansion witnessed by the VFD mobile banking app as a result of the increase in its subscription by customers has led to it competing as a leading fully digital bank in Nigeria.
Although the bank does not have physical office branches across Nigeria apart from its head office in Lagos, it has over 600,000 active subscribers using its mobile app to carry out transactions across the 36 states with Abuja and Lagos having the highest number of subscribers.
The bank customer care official who spoke from the Lagos office said the bank set out in 2020 to show how it can leverage technology to make banking transactions easy without leaving your homes to queue in the banking hall.
“The main idea is to move away from traditional banking approach to modern one”, the bank customer care official said.
Three of the VFD subscribers who said they have relied on the mobile app for transactions for over a year, in different accounts narrated how it has made banking transactions easy and changed their view about technology and digital banking.
“I was introduced to VFD mobile banking app by a friend in 2021, it has since changed my belief and shown technology can do magic, I pray other banks copy from them,” Miss Rita Agu said.
VFD has contributed significantly to job creation in Nigeria having recruited staff to work and ensure its operations run smoothly. This month VFD announced additional features on its app, an initiative it said is to serve its large customers better and ensure effective and efficient service delivery.
Nigeria has become a country with greater acceptability of mobile (digital) banking. And, with the country’s active mobile subscriptions rising to 206 million in the third quarter of 2022 according to Nigerian Communications Commission (NCC), digital banking will likely become the new order, which is why technology like VFD mobile banking app is the most important at this time.
This report is important because it shows the penetration of digital banking in Nigeria, and how investors can leverage bank app technology to be significant players in the country’s online economy. It also exposes and brings to national and global awareness how technology is likely to lead the country’s economy in years ahead.