In a second interview with Azubike “Zuby” Emodi, the MD/CEO of VFD Microfinance Bank, the VBank app, as well as the Veelager Framework, was discussed on VTv which took place on Instagram Live with Sam Chidoka, MD/CEO of Kairos Capital Ltd.
Zuby started with some light banter between himself and Sam. He gave a short talk on the V app to educate the viewers, and building on what Chika Mbonu had earlier said in his interview, delved into the features and benefits of the V app. Some of the more prominent features mentioned were the investment options, the transfers and the cardless withdrawals.
Fielding questions from the viewers, Zuby mentioned that the minimum requirements to own a V account was to own a Bank Verification Number (BVN), for the Nigerians abroad, in addition to a Nigerian phone line for BVN validation. He said that plans were in place to enable people outside the country to validate with international numbers. He went on to speak about how to take money out of the account, giving different ways to do this; with the prominent ones being transfers, in different volumes depending on your KYC (Know Your Customer) level. He then reiterated that there were no charges for transfers or alerts, saying this was a way to reduce stress on clients. He also mentioned the carless withdrawal system as an interim measure before the ATM cards would be rolled out post-COVID-19.
Speaking on funding the account, he talked about using any other payment platforms or mobile banking apps to send money to VFD Microfinance Bank.
When the discussion got to the topic of the Veelage, he said it was designed to create employment, to give people the experience of being “digital account officers” for their referrals. He mentioned that there would also be a limited amount of client information being released. The payment for the Veelage framework ranges from N30,000 to N2,000,000. He explained the step-by-step process to become a Veelager. He gave tips to help employers of labour turn V to their company salary accounts.