This Vbank review is a total of everything you need to know about VBank and its APp. You will also learn how to transact, save and earn extra cash for free.
VBank the Fintech Apps happen to be one of the banking platforms that allow users to send and receive money and carry out all sorts of transactions free without extra bank charges, to start with.
On this page, you will also learn how to leverage the referral program to earn extra cash for yourself without having to do any job.
Before you get started, you can also check out this list of over 10 Fintech Apps where you can sign up and start banking, saving or earning free rewards in Cryptocurrency or your Local currency.
Another important segment is that you need to understand what VBank is all about.
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What is vBank
Over the last years, the system of virtual banking applications in Nigeria has evolved. Many banks have hopped on the moving train and, VFD Microfinance Bank is one of them.
Banking apps offer some of the basic services offered in physical banks such as sending and receiving cash (e-transact), paying bills, and saving.
Online banks save users the stress of visiting physical banks and spending time by simply accessing the same services from their mobile phones instead. In this review, you will be learning all about the VBank app.
Created in 2020 and owned by VFD Microfinance Bank, vBank is one of the fastest-rising banking apps across Nigeria. Because of its amazing features, smooth interface, and cost-free packages this bank app has continued to gain users by the day.
Is vBank safe to use? (Review)
In this section of VBank review, we will be telling you about how safe it is to use the app.
Unlike other online banks, vBank allows users to receive money without sending their account numbers. That way, they secure the information and funds of their customers from hackers.
Using a proximity payment that functions like Bluetooth, the application optimizes the device location, microphone, and Bluetooth to carry out transactions.
Additionally, the vBank application utilizes QR code payment which allows users to transact by scanning QR codes. Users can generate QR codes that represent their account numbers and send them to family and friends anywhere in the world.
Before we proceed, here are some posts you might be interested in.
Related Post 1: 3 Simple Ways to save your Naira in Dollars
Related Post 2: Top 10 FinTech Apps to make money in Africa.
Why use vBank? (Review)
There are so many banking apps on the internet that someone might get confused trying to pick one to use.
However, vBank is loaded with enough features and mouth-watering services to help you make up your mind. In this section of our review, you will be learning about all there is to vBank.
Here are some features of the vBank app
I. Easy activation
Concerning most physical banks that take hours and sometimes, days to open an account, vBank does the direct opposite.
Users who download the VBank app can open accounts in less than two minutes and start transacting! You can open a VBank account using either your BVN or a link to a preexisting account with any bank.
2. Virtual cards.
Along with ATMs, vBank issues virtual cards to their customers. These virtual cards function like ATM cards and, users can use them to carry out transactions. Users can apply for virtual cards that cost N500.
VBank also issues ATM cards and, they can deliver them to you when you order one at one thousand Naira.
3. 15% Extra Interest On Fixed Deposit
With fixed deposits on VBank, users get to accumulate a total of 15% of whichever amount they saved.
This means, when you save a particular amount of cash for a set period, you get to incur 15% interest over a set period.
For example, a person saves a sum of one million Naira fixed deposit on vBank, the person gets to withdraw a total of one million, one hundred and fifty thousand Naira (N1,150,000).
4. Target savings
With the target savings option, the VBank app helps users cultivate great savings habits. When users subscribe to the target savings option, a fixed amount gets withdrawn from their account to be saved at set intervals to meet a particular target.
This option is ideal for people who have a financial goal they have to meet in mind.
Other benefits of using vBank includes:
- Zero transitional fees
- Biometric security
- Easy to access loans
How to sign up/create a vBank account
Opening a vBank account is one of the easiest things to do. It requires less than two minutes to get it running.
Here are some requirements of opening a VBank account
- Mobile number
The first step in opening an account is downloading the application from your mobile app store. vBank app is available for both android and IOS devices.
How to earn Extra Money with VBank (referral program)
To earn with vBank, you have to become an agent first. To become an agent, you have to start your bank. Select start your bank at the bottom of your dashboard.
Proceed by following instructions and filling in the right information.
Afterwards, your unique referral link will be displayed. This link can be used to download the application when you share it with your friends.
Your balance gets credited every time a person downloads the vBank and sign up with your unique referral link.
Note: To activate your account, fund your balance with at least two thousand Naira.
Related Post: Cowrywise App- How you Can Save and Earn Extra Cash
VBank referral levels
You can earn up to 7 figures monthly, depending on your output. There are payment stages based on the effort and payment of a particular vBank agent. Here are the stages.
1. Level 1 – Sergeant
This is the very first level and is for start-up agents. Agents in this level get paid N30, 000 per month and are required to invite at least 25 active users.
The accumulated account balance of the referred 25 users must be N500, 00, at least.
2. Level 2 – Lieutenant
In the second stage, users can earn up to N50, 000 per month. However, they must invite 75 active users whose cumulative balance totals N2, 000, 000.
3. Level 3 – Captain
In the third stage, users can earn up to N100, 000 per month. However, they must invite 100 active users whose cumulative balance totals N5, 000, 000.
4. Level 4 – Major
In the fourth stage, users can earn up to N150, 000 per month. However, they must invite 250 active users whose cumulative balance totals N7, 500, 000.
5. Level 5 – Colonel
In the fifth stage, users can earn up to half a million Naira per month. However, they must invite 1000 active users whose cumulative balance totals N25, 000, 000.
6. Level 6 – General
In the sixth stage, users can earn up to N1, 000, 000 per month. However, they must invite 2000 active users whose cumulative balance totals N100, 000, 000.
7. Level 7 – Field Marshal
In the last stage, users can earn up to N2, 000, 000 per month. However, they must invite 3000 active users whose cumulative balance totals N200, 000, 000.