Vbank identifies digitisation, virtual banking as pathway to profit for businesses in post COVID-19 era
Banking and business experts have been brainstorming as to how and ways businesses can recover from the aftermath of Coronavirus. These have been done in interviews across TV, radio and online media space to talk about digitisation and thriving in the post COVID-19 era. In a recent of such interviews on Wazobia TV, key insights on how to do business profitably in this new global reality have been discussed at length; especially the part Vbank is actively playing to ensure businesses and the society at large is stronger.
During the recent programme on Wazobia TV, the Managing Director of VFD Microfinance Bank, Mr Zubby Emodi set the tone of his discussion with his chat centred on two points; admonishing the public on the responsibility to protect oneself from cyber thieves and 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 emphasise that VFD has positioned itself to be a major player in ensuring that Nigeria meets Its 2020 Financial Bank Inclusion targets. And according to Emodi in another recent interview with CNBCAfrica 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”
Also, popular fashion designer, Mai Atafo during a recent interview on Rhythm FM said that as a result of COVID19, that 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.
According to him, “The world is changing, and things may never be the same”. He stated in the interview that the importance of digitalisation 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.
While discussing Covid-19 and the global economy on TVC, Mr. Kunle Salami mentioned his advice for entrepreneurs during this pandemic, saying, “Cut down on excessive spending and think of additional services that can you can do to bring in more revenue for you.”
He said as an example, one could start 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 its 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.
On how to navigate these Covid-19 times for financial, economic and business survival, Mrs. Toyin Sanni, Founder/Group Managing Director, Emerging Africa Capital Ltd said digitisation 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 as Vbank 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,” she said.
In his own contribution, popular media personality and brand influencer, Noble Igwe who had a chat with Rave TV spoke on the topic, “How the Creative Industry is Surviving Covid-19”.
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 needed 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 digitalisation 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.
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