VFD Group Plc has committed N5bn to its subsidiary, VFD Microfinance Bank’s (V Bank) Expansion and Financial Inclusion, a move aimed at accelerating the bank’s growth and strengthening its position as a leading player in Nigeria’s digital banking space......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
In a written resolution sent to the Nigerian Exchange Limited and obtained by THE WHISTLER, the Board of Directors of VFD Group approved the strategic investment in VFD Microfinance Bank (V Bank), in line with Section 289(8) of the Companies and Allied Matters Act (CAMA) 2020.
The investment underscores VFD Group’s long-term vision of fostering financial inclusion and driving the digital transformation of Nigeria’s banking sector.
The group noted that V Bank, a fully digital bank, has been at the forefront of innovation, providing technology-driven banking solutions tailored to individuals and businesses.
According to the group, the newly secured funds will be channeled towards enhancing the bank’s digital infrastructure, expanding its product offerings, and improving customer experience.
This move further cements V Bank’s role as a leading provider of seamless and efficient financial services across Nigeria.
Speaking on the development, Group Managing Director of VFD Group, Nonso Okpala emphasized the significance of the investment in strengthening V Bank’s market presence and operational capabilities.
“Our N5bn investment in V Bank reflects our unwavering confidence in its potential and our commitment to its growth. V Bank is not just a microfinance institution; it is a vital component of Nigeria’s financial ecosystem. We are focused on scaling its operations, expanding its reach, and reinforcing its position as a trusted financial partner to millions of Nigerians.”
He noted that VFD Group’s extensive expertise in financial services, investment management, and business growth provides a strong foundation for V Bank’s continued success.
He added that with a diversified portfolio and a strategic focus on digital financial solutions, the Group is well-positioned to drive sustainable expansion and ensure that V Bank remains a leader in Nigeria’s rapidly evolving digital banking sector.
Managing Director of V Bank, Rotimi Awofisibe expressed enthusiasm about the impact of the investment, highlighting how it will enable the bank to introduce new products, enhance service delivery, and strengthen its technological capabilities.
“This capital infusion will allow us to deepen our digital offerings, provide innovative solutions, and extend our reach to more Nigerians. With VFD Group’s support, we are poised for significant growth and ready to redefine banking through cutting-edge technology and customer-centric innovations.”
He noted the investment signals as a new chapter in V Bank’s journey, equipping it with the resources needed to meet the evolving demands of Nigeria’s dynamic economy.
He added that as part of its long-term growth strategy, the bank will continue to leverage technology, form strategic partnerships, and introduce innovative financial solutions to provide Nigerians with accessible, efficient, and secure banking experiences.