VFD Group has announced a capital injection of N5 billion into VFD Microfinance Bank (V Bank) to strengthen its digital infrastructure and expand its financial services.
The approval was disclosed in a statement signed by Gbeminiyi Shoda, the Nigerian Exchange Secretary, on February 19, 2025.
According to the statement, the decision was sanctioned by the board of VFD Group in compliance with Section 289 (8) of the Companies and Allied Matters Act, 2020.
Commenting on the importance of the investment, Nonso Okpala, VFD group’s managing director, noted the company’s assurance in V Bank’s growth prospect. He stated:
“Our N5 billion 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.”
Similarly, Rotimi Awofisibe, managing director of V Bank, affirmed that the capital infusion would enable the bank to enhance its digital services and provide innovative financial solutions to a wider customer base.
Driving digital financial inclusion in Nigeria, VFD Microfinance Bank is a fully digital bank offering financial solutions to individuals and businesses.
As a subsidiary of VFD Group, it aims to provide seamless and accessible banking services through innovative digital platforms.
