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A look at Vbank, Nigeria’s digital banking app of 2020

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VBank dazzles Lagos corp members with gifts and cash prizes

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.

A look at Vbank, Nigeria’s digital banking app of 2020


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.

 

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GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

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GTCO Notice Of Proposed Offering

GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.

Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement. The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms. Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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**Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

 

 

KIGALI, RWANDA – Barrister Obiageli (Orbby) Vanessa Agwuncha, popularly known as BossladyLaw, a distinguished Nigerian lawyer, was recently recognized and awarded at the Visionary African Women Summit, held from June 12th to June 16th, 2024, in Kigali, Rwanda.

The summit gathered influential women from across Sub-Saharan Africa who have significantly impacted their communities through their careers, philanthropy, and community development efforts. The event focused on ensuring women are seen as positive contributors to society, moving beyond traditional objectification and specialization roles often depicted in the media.

This summit marked a departure from the typical portrayal of African women, emphasizing their positive and contributory roles in various sectors. Barr Orbby, in her address, highlighted women’s rights and the legal protections available to them, using Nigeria as a case study. She discussed the existing legal loopholes and suggested improvements to better protect women’s rights.

In her speech, BossladyLaw expressed her gratitude to the organizers for inviting her as a guest speaker and recognizing her achievements in Nigeria’s legal profession.

She also severed the rights to women empowerment. where women can have financial stability.

“It imperative that Every women should attain a source of income no matter how small”

During the summit, Prof Ogechi Adeola the Deputy Vice Chancellor, University of Kigali Rwanda presented an award to Barr Orbby Vanessa Agwuncha, (BossladyLaw), she was elated.

The Visionary African Women Summit aims to create a thriving community of African women from various fields to inspire, empower, and equip them as nation builders. The event featured insightful keynote presentations, interactive panel discussions, networking sessions, award presentations, exhibitions, entertainment, and a tour of Kigali.

 

Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

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Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

 

 

The Nigerian Government has denied keeping Binance Executive, Tigran Gambaryan in unsavory prison conditions.

The government said Gambaryan is being lawfully detained and has access to quality healthcare facility.

Mohammed Idris, the Minister of Information and National Orientation, said Gambaryan also has access to consular services from his country.

 

Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

 

A statement by Idris reads: “It has become necessary for the Federal Government of Nigeria to address claims that Binance Executive, Tigran Gambaryan is being held in unsavory prison conditions in Nigeria, or that his health is deteriorating.

 

 

“We would like to state that these allegations are false and should be ignored.

“Gambaryan is being held in lawful detention and has access to quality medical care whenever required.

“He also has full access to consular services from his home government.

 

 

“The Federal Government will not do anything to jeopardize his fundamental rights to lawful trial, and to quality care, including healthcare, even as he undergoes trial by the laws of the Federal Republic of Nigeria.

 

 

“It is worth reiterating that his detention is a court-ordered one, and only the court can alter the terms or direct his release.

 

 

“The Federal Government of Nigeria will continue to follow due process in its quest to bring Binance to justice — a legitimate sovereign quest that is similarly being pursued in several other countries around the world.

 

 

“This adherence to legal and diplomatic standards underscores Nigeria’s dedication to upholding justice and maintaining the integrity of its judicial processes.

 

 

“The executive is being treated with the utmost fairness, and his legal and human rights are being protected throughout the judicial proceedings.”

 

 

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