Faq - VBank

FAQS

Frequently Asked Questions

What is V Bank?

V Bank is your all-in-one digital bank that enables you to access your account and perform all your banking transactions from one app from the comfort of your home or office.

How can I get the V Bank App?

You can download the V bank App by visiting your device app store, Google Play store for Android devices or App Store for iOS devices. Once there, search for V Bank then download and install same on your device.

How can I register on the V Bank App?

You can register on the V bank App by following the steps below:

Download the V bank App from your device app store
Open the app and click on Create Account
Enter your Phone Number, Date of Birth, Referral Code (optional) and click on continue
Take a clear selfie of your face and click on Use This Image
Select how you want to register ie. With your BVN (Bank Verification Number) or your other bank account number and click Continue
Enter the OTP (One Time Passcode) sent to your registered phone number as SMS on the space provided and click Continue
Enter your valid Email Address (this will be your login username) and set up your Password (twice)
Create your 4-digit V bank PIN for transactions authorization and add your signature
Scan your valid ID if you have this or select I’ll do this later if you don’t have it with you
Enter your Redeem Code if you have one or Skip if you don’t
Your account opening and registration on the V Bank App is complete and your new account number will be sent to your email and a text message to your mobile number. You can now login to your V Bank App to start doing better with V!

Can I register more one device on the V Bank App

No. You can only have the V Bank App active on a single device at a time

What documents are acceptable to verify my address in the vbank app?

Recent utility bill i.e. waste management, electricity, water bills.
Statement of account from other banks bearing your address.
Land use charge.
Rent receipt or service charge receipt that has been verified.

How do I move my V Bank profile to my new device?

you can follow the steps below to move your V Bank App to your new device

Login with your existing username and password on the new device
The app will notice this is a new device and ask you if you want to switch your device
Select Yes and enter your 4-digit V Bank PIN
Enter the OTP (one time passcode) sent to your registered phone number
The switch is now complete and you can now login in with your credentials on the new device

Please note that your profile will be disabled on the old device once you successfully complete this process

What happens if I forget my password?

You can reset your password from the V Bank login page by following the steps below

Click on Forgot Password
Take a clear selfie of your face
Enter your V Bank email and submit
Enter the default password sent to your email as the Old Password
Enter the new password (twice) and submit
Login to the app with your new password

Can I reach a customer care agent through the V bank App?

Yes. On the login page, click Contact Us and select your preferred option

Chat with a customer experience representative: this allows you have a live chat with one of our agents. Just say Hi and someone will attend to you
Call us: this allows you dial our customer experience center number to speak to an agent

How do I get on WhatsApp Banking through the V Bank App?

On the app login page, click Contact Us and select Get on WhatsApp Banking. The app will automatically open the V Bank WhatsApp banking page on your app so you can carry out your transactions

How do I login to the V bank App?

You can login by providing your username and password on the login page of the V Bank App. You can also login using your biometrics (face or thumbprint) if this is compatible and enabled on your device.

How do I fund my V Bank Account?

you can fund your V Bank Account using any of these 4 ways below:

1. USSD

Login to the V bank app
Select Fund Account
Click on USSD and select the account you want to fund
Select the bank, input amount and click continue
Dial the USSD code displayed on your app and input your bank authorization

2. Debit Card

Login to the V bank app
Select Fund Account
Click on fund with Debit Card
Select the funding source ie. New Card or Saved Card
If new card, select account you want to fund, input amount and follow the steps
If saved card, select account to fund, card to fund from (f you have more than one card saved), input amount and follow the steps
Your account will be automatically funded once you complete the process

3. Transfer from Another Bank

Login to the V bank app
Select Fund Account
Click on Transfer from another bank
Select account you want to fund (if you have more than one account on the app) and click continue
Copy your account number displayed and paste in your other bank app to complete the transfer

4. Cash Deposit from Other Banks

Walk into any bank branch and complete the e-bills cash deposit form
Approach the bank cashier to process the payment
Collect your deposit receipt once done
The funds will automatically reflect in your V Bank account

What are the transactions I can perform on the V Bank?

You can perform the following transactions on the V Bank App:

Fund V bank Account
Invest
– Open a target savings account
– Open a fixed deposit account
– Open a joint/shared account
– Request a loan
Funds Transfer (within and outside of V Bank)
Pay Bills
Mobile Top Up (Airtime and Data)
Cardless Withdrawal and nearest ATMs
Invite/Redeem
Recurring Transactions
QR Code
Advanced Budgeting
Card Request and Management (Physical and Virtual cards)

What other services can I perform on my V Bank App?

You can perform these additional services on the V Bank App:

What is a Target Savings account and how can I open one?

A Target Savings account is an automated account that allows you to save in bits at regular intervals while also getting paid interest on your savings. All you need to do is set it up and the app takes over the process.

You can open a target Savings account by following the steps below:

Login to your V bank App
Select Invest now and click Open a target Savings Account
Complete the required details including the amount, start date, end date and frequency
Select on continue and authorize with your 4-digit PIN to complete the process

What interest will be paid on my Target Savings Account?

You will be paid 6% per annum on your Target Savings account and interest is paid monthly. However please note that this is subject to review based on market realities.

Can I stop/cancel/liquidate my Target Savings Account?

Yes. You can do all the above by following the simple steps below:

Login to your V Bank App
Click on Create or Select an Account to see all your account
Select the Target Savings account you want to liquidate and click on the 3 dots on the top right of your screen
Select Partial or Full liquidation
Select the option you want and authorize with your 4-digit PIN

What is a Fixed Deposit Account and how can I open one?

A Fixed Deposit account allows you to save for a period while giving you competitive interest rates on your savings. While the minimum saving period is 30 days, you can choose to save for 30, 60, 90, 180, 360-day intervals

You can open a Fixed Deposit Account by following the steps below?

Login to your V bank App
Select Invest now and click Open Fixed Deposit Account
Complete the required details including the amount and duration
Select on continue and to view the maturity details and interest to be received
Authorize with your 4-digit PIN to complete the process

Will I be paid interest on my Fixed Deposit Account?

Yes. You can earn as high as 12% interest on your fixed deposit account. However, please note this is subject to review based on market realities

Can I stop/cancel/liquidate my Fixed Deposit Account?

Yes. You can perform all of the above by following the steps below

Login to your V Bank App
Click on Create or Select an Account to see all your account
Select the Fixed Deposit account you want to liquidate and click on the 3 dots on the top right of your screen
Select Partial or Full liquidation
Select the option you want and authorize with your 4-digit PIN

What is a joint/shared account and how can I open one?

A joint account allows you to invite up to 5 of your family and/or friends to participate in the V bank joint account. Once set up, everyone will have equal access to the account which include ability to view, credit or debit the account.

You can set up the joint account by following the steps below:

Login to the V Bank App
Select Invest Now and click on Open a Shared/Joint Account
State the desired account name and input the phone numbers/emails of people you want to invite
Review the invitee details, authorize with your PIN and submit
The invitees will all get an SMS/email depending on how they were invited
New users can click the link in the SMS/email to download the V Bank account and open an account. They can then accept the invite on after they login to the app
Existing users only need to login to their V bank to accept the invite on the top right coner of their screen

How do I request for a loan on the V Bank App

To request for a loan, follow the steps below

Login to your V Bank App
Select Invest Now and click Request for a Loan
Fill in the details; loan title, amount, tenor, duration and any other comment
Click on confirm and authorize with your 4 digit PIN
• Someone will reach out to you to finalize the process

What is the Funds Transfer feature?

the Funds Transfer feature allows you to transfer funds to

Your other V bank account (if you have more than one V Bank account)
Other accounts within VFD MFB
Accounts in other banks

You can perform a funds transfer by following the steps below:

Login to your V Bank App
Select Payments and click on Make a Transfer
Select the type of transfer you wish to make ie. Own Accounts or Other People
Select the debit account, input the beneficiary account, add category, a personal note and click on continue
You can also choose to transfer to an already saved beneficiary from the list and up to 5 people at once
Verify your transaction details and authorize with your 4-digit PIN

How many people can I transfer funds to at once?

you can transfer funds to up to 5 beneficiaries at once. Simply click Add Another Beneficiary as part of the transfer process and input the additional beneficiary details to proceed.

Can I share a transactions receipt after a transaction?

Yes you can.

At the end of your transactions, simply select Share the Payment and you will be able to share the transaction receipt over email or social media. This is available for all transfer transactions

Can I generate and share a receipt for a transaction I did in the past?

Yes you can. Just follow the steps below

Login to your V Bank App
Select Create or Select an Account and select the account you performed the transaction from
Scroll your transactions details till you see the particular transaction or you can also search using keywords
Click on the particular transaction and select the share button on the top right side of your screen to share
This is available to all transaction types

How can I set up a recurring transaction?

you can set up your recurring transaction following the steps below

At the end of your transaction, select Save as Recurring Transaction
Complete the details and clicks on Create Recurring Transaction
Review details and authorize with your 4-digit PIN

Can I view or cancel a Recurring Transaction?

You can follow the steps below to view or cancel your recurring transaction

Login to your V Bank App
Select Payments and click on Recurring Transactions
Select the particular transaction from either Bills payments or Transfer to view the details
Swipe the particular transaction to the left to reveal to delete button
Click on the Delete button to remove the recurring transaction

What is Pay Bills and how can I use this feature?

This feature allows you to pay all your bills from one app. You can pay bills like Cable TV, Electricity, Internet Subscription and other utilities

Follow the steps below to pay your bills

Login to the V Bank App
Select Payments and click Pay Bills
Select the Biller Category, biller type and biller package/product
Input your account number with the biller, review transaction details and authorize with your 4-digit PIN

What is Mobile Top-Up and how can I use the service?

Mobile Top-up allows you to recharge your mobile airtime or data for any mobile network directly from your account

You can carry out mobile top up by following the steps below

Login to the V Bank App
Select Mobile Top-up
Select the type of top-up ie. Airtime or data
Select the debit account and airtime provider (or select Not Sure if you don’t know the provider
Input beneficiary mobile number (this can also be selected from your phone book by clicking the phone book icon) or select Own Number if you are recharging for yourself
Input the amount (for airtime) or select the data bundle for mobile data, click on continue, review the transaction details and authorize with your PIN

What is Cardless Withdrawal and how can I use it?

Cardless withdrawal feature allows you to withdraw cash from any bank ATM without the need to use your debit card. It generates a unique code that you can use or give a 3rd party for cash withdrawal from the ATM.

This feature also allows you to find the closest ATM to your location so you can walk down to utiliza the withdrawal code
You can use this feature by following the steps below

Login to your V Bank App
Select Payments and click on Cardless Withdrawal
Select Withdraw Cash and complete the details ie. Debit account, withdrawal amount and one time withdrawal PIN
Click continue to review the transaction details and authorize with your 4-digit PIN
Once completed, your withdrawal details will be displayed on your app and also sent to you as SMS

Please note that the code is valid for 24 hours and can only be used once.

At the ATM, follow the steps below to withdraw your cash

Select Cardless Withdrawal or Paycode from the ATM
Input the onetime withdrawal code, withdrawal amount and your onetime withdrawal PIN in the spaces provided
The ATM will be dispense to you

What is the Nearest ATM Locations feature and how do I use this?

this feature allows you to locate the ATMs closest to your location on a map to enable you trace your path to the ATM. Please note that for this to work, the Location service on your device must be enabled.

To use this feature, please follow the steps below

login to your V Bank App
select Cardless Withdrawals and click Nearest ATM Locations
the ATM will display all the ATMs closest to you and you can zoom the map to follow the direction to locate any ATM

What is the Invite/Redeem Feature and how do I use this ?

The invite/redeem feature allows you to send a cash reward to anyone via email or phone number and by sharing a code which the beneficiary can redeem on the V Bank App.

The Redeem feature allows the beneficiary to get the cash reward attached to the code.

You can send an invite by following the steps below

login to your V Bank App and select Payments
Select Invite/redeem and complete the details ie. Debit account, amount, beneficiary phone number or email and a special note
You can send this invite to up to 10 beneficiaries at once by clicking Add Another Account Holder button
Click continue, review the transactions details and authorize with your 4 to complete
Once done, the beneficiaries will receive emails or SMS with their unique codes that can be redeemed

The beneficiary can redeem the code by following the steps below:

If a new user, click on the link in the SMS/email received to download the V Bank App and open an account
If an existing user, login to the V bank app and select Payments
Select Invite/redeem and click Redeem
Select the account to credit and enter the code received
Review the transaction details and authorize using your 4-digit PIN
Your account will instantly be credited with the funds

What is Proximity Payment and How Can I use this feature?

The Proximity payment feature enables you to send or receive funds from users who are close by without the need to exchange account numbers. It’s a quick and effective way to send or receive funds without the need to share account details.

You can use this feature by following the steps below:

Login to the V Bank App, select Payment and click on Proximity Payments
Select Start Searching and the available beneficiaries will be displayed on your app
Select the preferred beneficiary, input amount and authorize with your V bank PIN
Beneficiary account will be credited

Beneficiary can follow these steps below to receive payments:

Login to the V Bank App, select Payment and click Proximity payments
Select received and wait for the sender to find you and complete the payment
Once sender completes the transfer, your app will update with a Payment received notification

What is the QR Code and How can I use same?

The QR code feature allows you to make or receive payment from anyone without the need to share your account details. It gives you the added security of not having to share your account details and payment is instantly completed

You can follow the steps below to make a payment using QR Code

Login to the V Bank App, select Payment and click on QR Code
Select scan QR Code to scan the beneficiaries code or select the QR code from your phone gallery to scan
Verify he beneficiary details, input amount and authorize with your 4-digit PIN
Beneficiary gets instant value

For the beneficiary, please follow the steps below to receive payments using QR Code

Login to the V Bank App, select Payment and click on QR Code
Select scan My QR-Codes, account to credit and click Generate QR
Let the sender scan the code displayed on your app or share to the sender to compete the payment
You will receive credit alert once sender completes the payment

What is the I Need Help feature?

This feature gives you details regarding the page you are on the app and what you can do on the page. It is your knowledge base for quick access to information on the V Bank App.

What is the Cards feature and what can I do with it?

The Card feature is your one stop shop to perform all actions related to your debit card. You can

Request for a new card (physical or virtual)
Activate your new physical card
Reset your card PIN
Change your Card PIN
Block or unblock your debit card
View your card details
And manage other bank cards

How do I request for a new debit card on the V Bank App

you can request for a new physical or virtual card by following the steps below

Login to the V Bank App and select cards
Click on Request New on the top right side of your screen, select the card type ie. Physical or virtual and select the account you want the card to be linked to
If Virtual card, click on the request New Card, authorize with you 4-digit PIN and the card will instantly be displayed on your app
If Physical Card, complete your address form, click on Request New Card and authorize with your PIN
You will be contacted for delivery once your card is ready

What is a Virtual Card?

A Virtual Card is a debit card that is not printed on the card plastic. It has all the details of a physical card and can be used for online payments where having the physical card is not a requirement.

Once requested on the V Bank App, the card image with all the details will be displayed on your V Bank App.

How do I activate my new physical card

Follow the steps below to activate your new physical card

Login to the V bank App
Select Cards and click on Physical
Click on Activate Physical Card and provide all the requested card details. You can also scan the card image by clicking on the scan image on the top right side of the screen to automatically pick card details
Once done, click on Activate Card and authorize with your 4-digit V bank PIN to complete the process

How do I reset my card PIN?

Follow the steps below to reset you card PIN

Login to the V Bank App, select Cards and select the card type you want to reset the PIN ie. Physical or Virtual
Select the card you want to reset the PIN and click Forgot Card Details
Input the new PIN you want to be using and authorize with your 4-digit V bank PIN

How do I change my card PIN

Follow the steps below to change your card PIN

Login to the V Bank App, select Cards and select the card type you want to change the PIN ie. Physical or Virtual
Select the card you want to change the PIN and click Change Card PIN
Enter your old card PIN and set up a new card PIN (twice)
Authorize with your 4-digit V Bank Pin to complete the process

How do I block my debit card?

You can block you debit card by following the steps below

Login to the V Bank App, select Cards and select the card type you want to block ie. Physical or Virtual
Select the card you want to block and click Block Card
Select the reason for card block, click on Block Card and authorize with your 4-digit PIN

How do I unblock my debit card?

Follow the steps below to unblock your debit card

Login to the V Bank App, select Cards and select the card type you want to unblock ie. Physical or Virtual
Select the card you want to unblock and click Unblock Card
Select the reason for card unblock, click on Unblock Card and authorize with your 4-digit PIN

How do I view my card details?

You can view your card details by following the steps below

Login to the V Bank App, select Cards and select the card type you want to view the details ie. Physical or Virtual
Select the card you want to view details of and click Show Card Details
Authorize with your V Bank 4-digit Pin and card details will be displayed

How can I delete other bank cards saved on my V bank App?

You can delete other bak cards on your V bank App by following the steps below

Login to the V Bank App, select Cards and select Others
Click on the 3 dots on the top right side of the card you want to delete
Select Delete to remove the card

What is the Analytics function and how can I use this?

The analytics functions allows you to perform three basic activities

To see an overview of the inflow and outflow from your account within a particular period
To see your budget categories, the limits and how well you are complying
To add new spend budgets that help you manage your spending

How do I see an overview of my spend and inflow for a particular period?

You can do this by following the steps below

Login to your V Bank App and select Analytics
Select the account you want to see an overview for and set the time frame ie. From and To
The app will display an overview for you for this period

How do I see my budget categories and how well I am performing?

You can see this by following the steps below

Login to your V Bank App and select Categories
Select the date range you want to view the performance for ie. From and To
Your categories, budgets and spend will be displayed for your review

What is the Smart Budget feature and how do I add a new budget to my V Bank App

This feature allows you to set up a new budget that enables you track your spending on the V Bank app for a particular account and for a time range. You can set up a new budget by following the steps below

Login to your V Bank App, select the month you want to set up the budget for and click Add new budget
Enter the remarks, input budget amount, select budget category and click on continue
Review the budget details and authorize with your V Bank PIN
Once completed, you will see the budget option to select when next you initiate a transaction

How do I view my BVN (Bank Verification Number) on the V Bank App?

you can view your BVN (Bank Verification Number) using the steps below

Login to the V Bank App and select your profile image on the top right side of your screen
Click on View My BVN to display it

What is Biometric Login and how do I enable/disable it on my V Bank App?

Biometric login is a feature that enables you to login to your V Bank App using your Fingerprint or your Face. This saves you the stress of having to enter your password each time you want o login to the V Bank App. Please note that this needs to first be available on your device and enabled before it can work on the V Bank App

You can enable/disable this using the following steps

Login to the V Bank App
Login to the V Bank App and select your profile image on the top right side of your screen
Check the On/Off button beside biometric login to enable or disable this feature
If enabled, you will be prompted to login with your Fingerprint or Face when next you try to access the V Bank App

What are KYC levels and how do I update this on the V Bank App

KYC (Know your customer) levels shows the level of details you have provided to the bank which also determines the amount of transactions you will be able to perform on the App. Please note that this is determined by regulation and is broken down into 3 on the V Bank App with the transaction’s limits below:

KYC Level	Daily Transaction Limit (N)	Individual Transaction Limit (N)
Level 1	30,000	15,000
Level 2	100,000	50,000
Level 3	2,000,000	500,000

You can view and update your KYC limits by following the steps below:

Login to your V Bank App and select your Profile Image on the top right side of your screen
Select Update KYC Level and your current level will be displayed
Slide to the right to see the higher level and outstanding documents you need to upload to attain that level
Select each outstanding document and scan the image. You can also enter the details for the document if you don’t want to scan
Once done, your profile will be upgraded in a short while

How do I change/update my Profile Image

you can change/update your profile image by following the steps below

Login to the V Bank App and select your Profile Image on the top right side of your screen
Click on your image or the circular image on the top center of your screen
Choose how you want to update the image ie. By taking a selfie or selecting an image from your gallery
Once done, your profile image will be updated on the app

What is Account Preference Management and how do I use this?

Account preference management enables you manage how you want to interact with your V Bank App. You can manage the following details under this feature

Set how you want the bank to notify you for your transactions ie. Debit or Credit alerts
Set how frequent you want the bank to send you your account statement
Adjust your transaction limits within the allowable ranges for your KYC level
Turn on/off the accounts you want to see when you login to your V Bank App

What is Transaction Notification Preference and how do I set this?

This feature enables you set how you want the bank to send you transaction related notifications. ie. Credit and Debit Alerts. You have 3 options and can select one or all the options listed below

SMS: this delivers to your registered phone numbers as a short message and telco related charges may apply
Email: this delivers to you registered email address and comes at no cost
Push: this delivers to your V Bank App as a short message and comes at no cost

You can set this up by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Account Preference Management and select Transaction Notification Preference
Check/uncheck the options based on your preference and click on Save
Once done, the V Bank App will start notifying you based on your set preference

How do I set my Account Statement Frequency?

You can set this by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Account Preference Management and select the Statement Frequency drop down list
Select your preferred option from the list ie. Weekly, Monthly, Quarterly or Annually and click on Save

How do I adjust my Transaction Limits?

You can adjust your transaction limit by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Account Preference Management and select the Statement Frequency drop down list
Slide the Limit Bar left or right to decrease or increase your transactions limit
Once done, click on Confirm to save your new limit

How do I select which of my accounts I want to see when I login to the V Bank App?

You can set this by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Account Preference Management and select the Statement Frequency drop down list
Scroll down and turn on/off the account you want to see or not see when you login to the app
Once done, only the accounts turned on will show when you login to the V Bank App

How can I add my Signature to the V Bank App?

You can add your signature by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Add Signature and sign within the box displayed on your phone screen
Once done, click on Add to save your signature

How do Change my PIN or Password on the V Bank App

You can change your PIN or Password on the V Bank App by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Select PIN and Password and select the action you want to perform ie. Change PIN or Change Password
If Change PIN, enter your old PIN and set up your new PIN (twice)
If Change Password, enter your old password and set up your new Password (twice)

How do I Reset My PIN if I forget it?

Follow the steps below to Reset you PIN

Login to your V Bank App and select your Profile Image on the top right side of your screen
Select PIN and Password and select Change PIN
Click I forgot the PIN and take a clear selfie of your face
Set up your new PIN (twice)

How do I share my referral ID?

The Share my Referral ID feature allows you to share your Referral ID. You can follow the steps below to achieve this

Login to your V Bank App and select your Profile Image on the top right side of your screen
Select Share my Referal ID and input the details of the received ie. Phone number or email
You can share to multiple receivers by clicking Add Another Account Holder
Once done, click continue and authorize with you 4-digit V Bank PIN to share
You can also share over social media by clicking the share icon on the top right side of your V Bank App

Please note that you can qualify to earn monthly incomes the more people register with your Referal Codes

Can I update my Personal Details on the V Bank App?

Yes you can by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Select Personal Update and Select the particular update you want to provide ie. Next of Kin, Emergency Contact or Employment Details
Complete the forms and click on Save Changes

How can I View my veelage performance from the V Bank App?

You can do this by following the steps below

Login to your V Bank App and select your Profile Image on the top right side of your screen
Click on Become a Veelager and enter your login details to view your performance
If a new user, click on Sign Up to register and be on your way to earning monthly incomes from V bank

What are the charges related to using my V Bank App?

Below are the charges related to using your V Bank App

Service Type	Charge (N)	Borne by Who?
Funds Transfer to another V bank Account	Free	NA
Funds Transfer to another bank account	Free	NA
Pay Bills	100	Payer
Cardless Withdrawal	100	Account Owner
Proximity Payment	Free	NA
Fund Account	Free	NA
Mobile Top Up	Free	NA
QR Code Below N250 N250 to N999.99 N1,000 to below N4,999.99 N5,000 and Above	0.5k flat 1.00 flat 5.00 flat 25.00 flat	Beneficiary
New Physical Card	1,000	Account Owner
New Virtual Card	500	Account Owner
SMS Alert	Free	NA

Channels FAQs

ACCOUNT FUNDING WITH USSD

What is the account funding service about?

This innovative service allows users fund their V accounts from any other Bank accounts using a generated USSD string from their other bank accounts.

Will I be charged for using this service?

A fee of ₦25.00 is charged on all transaction done via this service channel which is borne by the user.

Is there a time limit for the expiration of the code?

The generated USSD string will expire in 5 minutes if not used.

How is the USSD string displayed?

The USSD code string is usually displayed in this format – *Bank’s USSD code*000*RefCode#. An example is the V bank’s USSD string: *5037*000*1234#

Is the service charge dependent on the amount involved in the transaction?

This fee is fixed and does not change irrespective of the transaction volume.

Is the account creation available on the app?

Yes, the account creation process is available on the app. All you need to do is:

Click the “More” button at the bottom of the screen
Click “Open Target/Fixed Deposit Account”
Select the Target Savings Account option
Set a monthly contribution.
Target Description should be: CDTS /Child’s name /Child’s Age

Can I use this service on every bank?

Some banks are not available on this service hence when selected on the App, they throw up this message, “Selected Bank is not available”. Some of these banks are UBA and Zenith.

Can I access this service on my VBank app?

To complete a transaction using this feature:
➢ Log into the App
➢ Click on the ‘payment’ tab at the bottom of the home screen.
➢ Select ‘Fund your account’
➢ Click on the ‘USSD’ tab to toggle between the options.
➢ Select an account to fund
➢ Select the bank of the funding acccount
➢ Click on ‘Continue’
➢ A USSD string is automatically generated.
➢ Tap the string to dial it.
➢ Follow your bank’s instruction for USSD
➢ Complete transaction

POS ISSUANCE

What is the procedure for requesting and getting a POS terminal?

The POS request process is as follows:
➢ Fill and submit account opening documentation (this applies to new clients)
➢ Fill the POS request form
➢ Submit 6 months bank statement of previous business accounts to confirm the client turnover.
➢ For clients with less than 10m monthly turnover, client will be required to pay the cost of the POS terminal as determined by the Bank1, while clients with 10m monthly turnover will be assigned the POS terminal at no cost2.
➢ Execute POS deployment agreement

How do I request for the VBank ATM card?

To request for a debit card via the V Bank App, follow these steps:
➢ Log into the V Bank app
➢ Click on more
➢ Click on Debit cards
➢ Select the primary account the card will be tied to1
➢ Input delivery address with clear description
➢ Click on request debit card
➢ Input PIN to confirm request.

What type of card is my Verified debit card?

V Bank currently issues only Verve cards.

How do I activate my card to get my card PIN?

Dial *5037*10*4digit_transaction_pin# on the registered phone number on the account.

I am not on the USSD platform. How can I then activate my card?

Using the phone number linked to your account, follow the following steps:
➢ Dial *5037*9#
➢ Input 1 to create pin
➢ Enter 10-digit account number
➢ Enter DOB (in the format yyyy-mm-dd)
➢ Enter the 4-digit USSD pin
➢ Dial *5037*10*4digit_USSD_pin#
➢ Retrieve default card pin

Will I be charged for the VBank ATM card?

A one-time fee of ₦1,000.00 is charged to the client upon confirmation of a card request. This is directly debited from the linked account.

VERIFIED DEBIT CARD (Physical)

Is there a limit to how much I can transact using the ATM card?

To restrict the risk exposure of a customer’s account with V Bank and to clamp down on fraudulent transactions, a limit has been imposed on the card usage on various channels: ATM, POS, and WEB.
These limits are:
ATM: 5 transactions; N20,000 per transaction; N100,000 daily
POS: 5 transactions; N50,000 per transaction; N250,000 daily
To increase any of these set limits, customers can send a request via the support channel [email protected] or by calling the contact center via +234 1 700 6230.

What do I do if my card gets lost, stolen or damaged?

Customers can request for another card to replace the expired/damaged one. The card processing and application fee of ₦1,000.00 still applies.

Is there a form of security on Web transactions?

A 6-digit One Time Password (OTP) can be generated whenever a transaction is initiated via the Interswitch Web Payment Platform. The customer’s card would have been previously linked to his phone number for him/her to utilize this service. At the point of initiating a transaction, the customer may receive an OTP and then he is required to input this OTP on the web payment platform to complete the payment.

What can be done for a failed ATM card transaction?

Failed card transactions should be reversed automatically within 24 hours from the time of the transaction. However, in the case where reversal does not occur withing the stated time, customers may contact the bank through the customer support desk channel [email protected] or the call center at +234 1 700 6230.

VIRTUAL CARDS

What is a virtual card?

A virtual card is a non-physical card used to facilitate purchases and transactions over a variety of payment platform.

What type of card is my Verified debit card?

V Bank currently issues only Verve cards.

How can I generate a virtual card?

A customer can easily generate a virtual card request process via the V Bank mobile app platform by following the steps outlined below:
➢ Log into the V Bank app
➢ Click on “Card”
➢ Scroll down and select “Request a New Card”
➢ Select card Type: Virtual or Physical
➢ Select the primary account the card will be linked to.2
➢ Click on “Request a New Card”
➢ Input transaction PIN to confirm request.

Is the virtual card free?

Each virtual card generated costs – N500

Does the virtual card have limits?

The same limits structure on physical cards applies for virtual cards also. Limits are placed to restrict fraud, however, card holders can request to increase their card limits by sending a request via the support channel [email protected] or calling the contact center via +234 1 700 6230.

How can I activate a virtual card that has been frozen?

When a card is “frozen” or hot listed, customers will be required to activate the cards so as to be able to use the cards again. An inactive card cannot be used to make payment and can be identified on the mobile app by a tag that reads “Inactive”. Follow the simple steps below to activate a virtual card:
➢ Log into the mobile app
➢ Select “Card” from the home screen
➢ Select the particular card from the List.
➢ Select Activate cards
➢ Click on Activate
➢ Input transaction PIN to confirm request.

WHATSAPP BANKING

I just created my V account on V Chat Bank, can I login to the V app?

Yes, using the email address provided during registration as your usernames and the auto-generated password provided via SMS.
However, you are advised to change the password by logging into your V app, click on “more”, select “change password”, use the auto-generated password as your “old password” and you are good to go.

What do I need to sign up?

For an existing V user, you only need to provide your registered V phone number or email address.
For a new user, using the “open account” feature you need a working email address, BVN or Other bank account number to join the V side via V Chat Bank.

If I register on WhatsApp and I change my phone number, do I need to register again?

Yes, you do, making sure that all sensitive bank related information is cleared.

I’m an existing V user, how do I start?

Just say “hi”, relax and let Bolanle serve you.

I'm a new user, how do I start?

Welcome on board. Just say “hi”, provide a few details and you are good to go.

Do I necessarily need a BVN linked number to use the V Chat Bank?

No, you do not.

Please is there a transaction limit restriction on WhatsApp banking?

The V Chat channels operate the same as the mobile app with a sprinkle of convenience.

Is this secure?

Yes, your data security is of a priority to us. This is in line with our policy guidelines. Regardless, personal security standards should be observed.

Target Savings FAQs

What does 20% of the first contribution mean?

20% of the first contribution is the bonus amount from V depending on the amount invested. E.g if you decide to make a monthly contribution of N10,000 V will give you a bonus of N2,000 in the 1st month. Please note that the 8% interest is applicable on the addition of both the bonus and the amount invested.

Can a parent open his/her child’s target savings account through the app?

Yes, parents should open their children’s accounts on V.

Will an account be opened for the child or the parent’s existing account will be used?

The parent will create the new target savings account under their existing universal account in the form prescribed CDTS /Child’s name/Child’s Age. For example: CDTS / Wale /5years. The monthly installments will also be debited from this account.

When I start with a contribution of N100,000 can I contribute less than N100,000 in subsequent months?

You can contribute any amount to the target saving, however, to earn the Children’s Day Target Savings Bonus at maturity, your monthly installments must be equal or more than your first month contribution.

Can someone pay N1.2m at ago and wait for 365 days to get the N100,000 matching fund plus the 8% compounded?

No, you cannot. To qualify for the CDTS bonus, a monthly deposit of the initial start-up amount must be made. If the monthly contribution of same amount is not received, the CDTS bonus will be reversed and the balance will continue earning interest at 8% p.a compounded monthly.

Is the account creation available on the app?

Yes, the account creation process is available on the app. All you need to do is:

Click the “More” button at the bottom of the screen
Click “Open Target/Fixed Deposit Account”
Select the Target Savings Account option
Set a monthly contribution.
Target Description should be: CDTS /Child’s name /Child’s Age

When will the CDTS Bonus be credited?

The bonus will be credited within 24 hours of creating your CDTS

What do I do if I do not receive the CDTS Bonus?

Please log on to the V app and send a short mail via the “contact us” button.

What if I choose a start date that does not fall within the closing date?

The CDTS Bonus will apply to deposits that start on or before 31st May 2020

Is the interest rate flat or annualized?

The 20% bonus is a flat bonus. Your child gets 20% of the initial/first month contribution within 48 hours of setting up the CDTS account. Additionally, an interest rate of 8% per annum accrues monthly and is compounded monthly on the entire balance.

If I break the target savings at any point in time will I lose the interest accrued on the contribution from V in addition to the contribution itself?

If you break your Children’s Day Target Savings Account before 6 months, you lose all the contribution from V, also target saving has a minimum of 6 months tenor, so early liquidation will also lead to a surcharge on accrued interest. However, if you break the Children’s Day Target Savings Account after 6 months, you lose only 50% of the contribution from V but the 8% interest will still stand NB: Only complying deposits for the full period will enjoy full benefits.

Will the interest accrued on the contribution from V also add to my own regular contributions?

The 8% interest rate on the Children’s Day Target Savings Account is applicable to the first contribution in addition to the CDTS Bonus.

Will there be a need to provide my child’s birth certificate when I wish to liquidate the account?

No, there is no need to provide the child’s birth certificate to liquidate or to book your Children’s Day Target Savings Account. Ensure the target description has CDTS/Child’s name/Child Age for easy tracking.

What is the maximum number of children I can create a Target Savings account for to enjoy the CDTS bonus?

You can create a CDTS account for as many children as you want.

If I skip one month’s payment can I pay double my regular contribution the following month without losing the bonus from V?

If you skip a payment before 6 months, then you lose the bonus from V but if you skip a payment after 6 months you only lose 50% of the bonus from V. This does not affect your accrued interest as long as there is no liquidation and pay out from your target saving account.

How do I fund the target saving?

Once set up, your target saving will be funded from your selected primary universal savings account or your individual current account. Your target savings also generates a unique account number and you can fund this account directly from any bank. To fund from other banks, the account name will also be the name of the primary account holder. You can set up direct debits from other banks to this account.

Does the 20% bonus also accrue interest?

Yes, the 20% bonus from V also accrues the 8% interest rate

As a Veelager, how does this benefit me, and will multiple Target Savings accounts count for my active accounts?

The account profile will be counted as one. However, the total balances will be counted towards your balance target requirement. This also helps you ensure all your accounts are active and remain active.

In case of emergency, how do I liquidate the target saving?

Log into your app, click on “contact us” us and leave us a message quoting the account number of the target saving you want to liquidate and the account you want credited.

Veelage FAQs

Once I refer, is that all I have to do?

Share your referral code with friends and family and follow up to keep encouraging them to use the V app to increase your chances of meeting the milestones for payment.

Must I be registered before I can start sharing my code

No. Every customer of V has a unique referral code which they can share.

If I register and I am not active, am I still a Veelager?

Yes, you are. A Veelager is anyone who has joined the Veelage with interest to earn additional income or promote the V brand. However, you need to achieve the set milestones before you can start earning.

Is there a set time frame for getting the number of referrals?

No. You can build up your bank at your pace. However, you will only be paid from the month which you meet the minimum criteria.

I registered a referral and he/she has funded the account with 2k, but it is still showing as inactive?

The account is inactive because it has not met the stipulated minimum daily average balance of N2000.

Can an account move from active to inactive in the same month?

Yes, it can. An account can become inactive anytime during the month if the daily average balance moves below N2000. However, such account can still become active in the same month if it received inflow that bring the daily average balance back to minimum N2000

What does Daily Average Balance mean?

Daily average balance is the closing balance for each day the account exists in a month divided by the exact number of days. Thus, Average Balance = (Addition of closing balances for each day of the month) / (Number of the days in the month) If the account was existing before the beginning of the month, this is the balances of Day 1 to Day 30/31 divided by 30/31. If the account was created during the month, this is the balances from account creation date to Day 30/31 divided by number of days the account existed.