Business
A look at Vbank, Nigeria’s digital banking app of 2020
A look at Vbank, Nigeria’s digital banking app of 2020
When VFD Microfinance Bank entered Nigeria’s budding virtual banking space with its VBank app in March 2020, it joined the ranks of challenger banks giving mainstream banks a run for their money.
It was launched when consumers were groaning under the burden of high account maintenance fees, hidden bank charges and other difficult regulatory demands. It was also at the onset of the Covid-19 pandemic in Nigeria, which necessitated months of lockdown and restricted movement.
Riding on the back of its attractive and easy-to-use interface, the VBank app quickly racked up hundreds of thousands of downloads on Playstore and the App store.
The latest update to the app launched earlier in the year with some sterling features to make virtual banking seamless.
Customisable features
The new update on the app comes with a customisable interface that allows adding quick links to the homepage by clicking the edit button on the top left corner of the page. With this, you can add features you use frequently to where you can quickly access them.
Receiving/Sending money without an account number
The app comes with Proximity Payment, a Bluetooth-like feature. With this, VBank users can send or receive from other users of the app without using an account number. The app uses your phone’s location, microphone, and Bluetooth to carry out the transaction.
There is a catch, however: VBank expressly states that “the data being shared is temporarily uploaded to Google in order to enable sharing.”
Closely related to this are the QR code payment and cardless withdrawal options. The QR code feature allows users to initiate and receive payment by scanning another user’s QR code. It also enables the app user to generate a unique QR code anywhere in the world and then share the same with family and friends to receive payments anywhere QR code payment service is available.
The cardless withdrawal feature enables users to withdraw cash at any ATM in Nigeria without using a physical debit card. And with the ATM locator on the app, you can locate ATM points nearest to you.
One transaction, multiple beneficiaries
Sending funds to more than one person can be a bit tedious and time-consuming, especially when the internet connection is unstable. However, the VBank app allows for making payments to multiple beneficiaries at a go with no hassles and for free. The bank charges zero naira for transfers all year round.
Investing
With the Invest menu on the app, users can do more than save money. The menu allows users to create target savings, fixed deposit and shared/joint accounts, and also request a loan. Only recently, the bank reviewed its Fixed Deposit Rates to return between 11.25 and 15 percent on a 30 to 365 day fixed tenor. This is one of the highest in the country. Also, it renewed its annual Children’s Day Target Savings in May 2021 promising a 20 percent bonus in the first month and nine percent in subsequent months provided the same amount is fixed monthly.
Other regular features
Like many other bank apps, with the VBank app you can do mobile top-up and pay bills. This would vary from cable bills, electricity bills to betting games.
The Vbank app is a digital product of VFD Microfinance bank which was incorporated in Lagos in 2015. The bank returned 400 percent in investment in 2020, the year of the pandemic. This is perhaps connected to the timely introduction of its digital app, Vbank, in March 2020, a few weeks before the country shut down. Last April, Vbank was named banking app of the year 2020 at the Gage Awards.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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