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Nigeria’s all-digital bank, V Bank, a product of VFD Microfinance Bank launched on March 8, 2020, has upgraded its app to offer new services to its users and improve operational efficiency.

The new VBank app will allow users to securely access their accounts to automate recurring invoices, manage multiple cards from different banks, send and receive funds using a single QR code, track spending, generate virtual cards for online payments, buying airtime and data, repairing and making free transfers, all in a sleek, responsive and easy-to-use interface.

This review explains how to download and use the new V bank version 3.0 application. During the review, we took into account the design, user experience, usability, new features of the app, and how well it works.

The device used for the examination: Apple iPhone Xsmax

Getting started with V Bank

Here is the following information required to successfully register as a user on the V bank application:

  • Register by downloading the V bank application and creating your account
  • Enter your BVN-linked phone number on the app and your date of birth
  • Take a photo with a white background to validate your identity
  • Verify your identity by entering your BVN number on the app or use your existing bank account.
  • Finally, a signature for validation and a four-digit password.

What’s new on the V Bank app?

The new app, version 3.0, comes with some exciting new features that are rather unique. Let’s talk about all the new features and our experience setting up and running the different trades.

New V-bank interface

After logging in or signing up, the first thing you see is the V-bank dashboard and it’s pretty cool. The user interface and interactions are super neat. The use of colors and components in the analytical section is simple and clean. It’s perfect!!

New V-bank interface

Send and receive money using proximity payments and QR payment features

Bank V users can now easily send or receive money using proximity or QR payment features. You can pay or receive money from a nearby V Bank app user using the proximity payment feature. Click the proximity payment icon and start searching for a nearby user to pay while receiving payment, wait for the user to start the search.

Recipients using the proximity payment feature must have their phone handy.

Another great way to easily make a transfer is to scan the QR code of the user receiving the payment.

To receive a payment, each user must generate a QR code that will be used to scan during a transfer.

The QR payment feature is actually unique in that it allows users to make or receive payments from both near and far locations. The only requirement is to have the QR code to scan for payment.

QR Code

Smart mobile charging function

We always want to send airtime or data to people by surprise and most of the time we have the cell phone number but we don’t know the network provider. The new V bank app has a smart mobile recharge function that automatically detects each network provider with just the phone number. You don’t need to call the recipient to ask for their network provider, the app does it for you.

Airtime recharge

Withdrawal without card

It is not always convenient and safe to carry a wallet or purse with ATM cards. You can make an imprudent withdrawal without your bank cards using the V bank application by generating a code. The app also helps you locate the nearest ATMs for your reckless withdrawal. This feature is convenient and more secure.

Transfer funds to multiple recipients at once

Imagine how tired Don Jazzy will feel after paying each follower who won their giveaway separately. It’s actually exhausting, but Bank V takes that stress out with the new multiple beneficiary feature. You can send money in a single transaction to up to 5 people.

Multiple transfer function

Track your spending

The Analytics dashboard presents a beautiful interface with a total inflow (payment made) and a total debit (amount withdrawn or debited). This gives you a clear visual overview of your income and expenses.

Under categories, users can track their spending such as online / POS, utility, mobile, family. work, lifestyle, food, utilities, transportation and more on a monthly basis. This feature allows you to identify bad spending habits and make adjustments to improve your finances.

Overview of income streams, expenses and budget

Manage multiple cards from different accounts

One of the latest features of the app is the management of multiple cards from different accounts.

We have applied for a new virtual card which costs 500 Naira ($ 1) for a new one and it expires in three years. You can also request and activate the physical V bank card using the app. The new feature allows users to add ATM cards from different bank accounts to the app and all debit cards can be managed using the V bank app in the cards section.

Manage your cards section

Automate recurring transactions

The new functionality allows users to automate recurring transactions on a weekly, monthly or yearly basis depending on the type of service requested. You can easily schedule the payment of your DSTV bill on a monthly basis.

Other features that might interest you

  • Make free transfers, that is, there are no hidden transfer / transaction fees.
  • You can open a target savings account, a fixed deposit account or a joint account using the V bank app.
  • Apply for a loan
  • Chat with a customer service representative using the app
  • Earn money by inviting your friends
  • Become a Veelager and earn profits

Final thoughts

The new version of V bank is well designed for new and existing users of digital banking. The app allows users to easily navigate and perform transparent transactions. The design interface and user experience make it a great option for anyone looking for a perfect digital bank.

With the rise of technology, anything is possible with a few clicks on the mobile phone. In the next release, we expect to see a voice activated virtual assistant feature on the app.

The new V bank 3.0 app comes with innovative and sophisticated digital banking features that will help V bank users manage their money efficiently, spend wisely and transact easily with guaranteed security.

VBank 3.0 is available as V by VFD on the Play store and Apple Store. For more information visit vbank.ng

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