VFD Group Plc, a diversified investment firm, has injected ₦5 billion ($3.35 million) into its digital banking subsidiary, VFD Microfinance Bank (V Bank), to accelerate its technological advancement and service expansion.
Since its launch in March 2020, V Bank has carved out a strong presence in Nigeria’s financial sector with its tech-driven approach to banking. Designed for individuals and businesses, the fully digital bank offers zero maintenance fees, competitive interest rates, and a seamless mobile experience on iOS and Android. Today, it serves more than 500,000 active users.
Nonso Okpala, the Group Managing Director of VFD Group, expressed confidence in V Bank’s trajectory: “Our ₦5 billion investment in V Bank reflects our confidence in its potential and our unwavering commitment to seeing it flourish.” This sentiment aligns with VFD Group’s broader plan of fostering financial inclusion and driving digital transformation within Nigeria’s banking landscape.
The investment follows VFD Group’s recent divestment of a controlling stake in Atiat Limited for ₦7 billion, suggesting a strategic reallocation of capital towards digital banking initiatives. This move aligns with the broader trend of parent companies investing heavily in their fintech subsidiaries to capitalise on the financial services market in Nigeria. In January 2025, Stanbic IBTC invested ₦4 billion in its fintech arm, Zest to recapitalise the subsidiary.
“This capital infusion will allow us to deepen our technological capabilities, introduce new product offerings, and enhance customer experience,” said Rotimi Awofisibe, Managing Director of V Bank.
The funds are earmarked for advancing V Bank’s digital infrastructure, expanding its suite of services, and reinforcing its position as a leading provider of financial solutions in Nigeria.
As V Bank gears up for this exciting growth phase, it plans to harness technology, forge strategic partnerships, and focus on customer-driven innovations to meet the ever-evolving needs of Nigeria’s dynamic economy.
