VFD invests N5bn in VBank for digital banking

VFD Group has injected N5bn into its subsidiary, VFD Microfinance Bank, also known as V Bank, in a move aimed at strengthening the digital bank’s operations.

In a statement to the Nigerian Exchange and the investing public on Wednesday, VFD Group said the investment was approved by its Board of Directors through a written resolution dated February 18, 2025, in line with Section 289(8) of the Companies and Allied Matters Act 2020.

Speaking on the development, Group Managing Director of VFD Group, Nonso Okpala, said the investment reinforces the company’s commitment to financial inclusion and digital banking transformation.

“Our N5bn investment in V Bank reflects our confidence in its potential and our unwavering commitment to seeing it flourish. V Bank is not just a microfinance institution; it is an integral part of Nigeria’s financial services ecosystem, and we are committed to scaling its operations, expanding its reach, and reinforcing its position as a trusted financial partner to millions of Nigerians,” Okpala said.

The Managing Director of V Bank, Rotimi Awofisibe, said the investment would support the bank’s technological advancements and improve customer experience.

“This capital infusion will allow us to deepen our technological capabilities, introduce new product offerings, and enhance customer experience. With VFD Group’s support, we are poised to scale new heights, reaching more Nigerians and providing them with innovative, efficient, and accessible banking solutions,” Awofisibe said.

The PUNCH reported that VFD Group Plc has announced the divestment of its 57.26 per cent stake in Atiat Limited in a deal valued at over N7bn.