May 18, 2020

Post Covid-19: VBank spotlights digitization, virtual banking and pathway to profit for businesses

Nigerian banks closed 234 branches, 649 ATMs, IMF report

Last week, 5 experts were hosted at interviews across TV, radio and online media space to talk about digitization and thriving in the post-COVID-19 era. Key insights on how to do business profitably in this our new global reality was discussed at length especially the part Vbank is actively playing to ensure businesses and the society at large is stronger.

‘’Virtual banking just makes your life easier’’ VFD Microfinance Bank MD, Zuby Emodi

The MD of VFD Microfinance Bank Mr.Zubby Emodi set the tone of the set of interviews with his chat with Wazobia tv. His chat centred on 2 points; (1) admonishing the public on the responsibility to protect oneself from cyber thieves and (2)The assurance of utmost safety of customer funds with VBank. The key learning from his interview was that money is not housed in a phone but sits in an infrastructure that protects it and that it is the structure of the bank that carries the money.

He went further to say that ‘’the same facilities available to a customer when he/she walks into a physical bank are available on the virtual app which makes up the features of the bank, features are savings account, target savings, loan requests, current account, and fixed deposit at 10% interest’’

He went on to emphasize that VFD has positioned itself to be a major player in ensuring Nigeria meets Its 2020 Financial Bank Inclusion Targets. According to Zuby Emodi, MD VFD Microfinance Bank, in his interview with CNBC Africa on Wednesday the 13th of May, to make that possible, the bank has set in motion some integration going on with the telcos, but that there’s also a USSD code *5037# that allows customers to perform transactions without data. In his words ‘All of these efforts especially for virtual banking, is meant to return power to the customer”

’The world is changing, and things may never be the same”-Mai Atafo

As a result of COVID19 the world as we know it has changed or is changing and every business person that wants to continue to be profitable must be prepared to thrive in this new world order. This was the perspective of the second interviewer spreading VFD’s message, popular fashion designer, Mai Atafo during his interview on Rhythm FM on the 12th of May 2020. According to him ‘’the world is changing, and things may never be the same”.

READ ALSO: VFD Microfinance Bank’s MD highlight benefits of its digital products

He stated in the interview that the importance of digitalization to businesses today and the role virtual payments play cannot be overstated. According to him, VFD through its app V is championing a system of virtual banking that is not only effective for all transactions but that also rewards happy customers that refer the bank to others.

“Lean your expenses, think outside the box, if you want to survive the period” – Kunle Salami warns

While discussing Covid-19 and the global economy on TVC, Mr. Kunle Salami mentioned his advice for entrepreneurs during this pandemic, ‘’ Cut down on excessive spending and think of additional services that can do to bring in more revenue for you’’ For example starting a side hustle like #Jointheveelage and earn just by referring others to open a VBank account. He referenced a major hotel in Lagos that just recently opened up their laundry services to the general public, a service that was formerly the exclusive reserve of guests. He explained that the mark of an entrepreneur that will survive tough times is one who is able to identify quick wins for their business and find ways to adapt to the times.

Going cashless makes you nimble-Toyin Sanni

On Navigating These Covid Times for Financial, Economic and Business survival ”Mrs. Toyin Sanni (Founder/Group Managing Director Emerging Africa Capital Ltd said digitization is the logical way to go. She said it as a guest while she featured on an Instagram Live chat. While addressing the recent influx of people to the banks when the lockdown was relaxed she said the world has gone digital and people need to get on with the new trends.’’

There’s no need to move around with physical cash stating’’ that V bank is very timely because it allows you perform all your banking transactions from your phone without needing to visit a physical bank. She advised people to use the V app and stay safe.

The future is automated, adapt quickly-Noble Igwe

The set of interviews was rounded off by popular media personality and brand influencer, Noble Igwe who had a chat with Rave TV on Thursday 14th May discussing “How the Creative Industry is Surviving Covid-19”.

He spoke to the topic and Mr, Igwe said being proactive and accepting what is likely going to be a new reality is the first step to survival.. He said for businesses like the creatives, i.e., fashion, music, entertainment and lifestyle, the important thing they need to do is create a business, service or function that requires as little human interaction as possible so that no matter what happens business can still go on.

He also said there is a need for financial institutions especially the banks to play their roles and ensure ease of transactions through digitalization too. He gave an example of VBank as the online/virtual bank that allows him to carry out any transaction from the comfort of his home. He also said nobody knows when the pandemic will blow over, so the government needs to play its part by truly enforcing and encouraging the cashless policy without wavering.