VFD Microfinance Bank Offers Customers 14% Interest on Fixed Deposit Products

The coronavirus pandemic has induced reforms on rates paid by financial institutions in the country with the likes of VFB Microfinance Bank increasing rates to as high as 14% a year for  fixed deposit products.

The pandemic has disrupted economic activities across the country with so many businesses at the risk of winding up.

However in a move to boost liquidity, banks like VFD Microfinance have repositioned to remain unscathed in the wake of the global crisis by revising interest on savings.

“You can get up to 14% p.a. interest on any amount you invest in our fixed deposit products for one year? Yes, you can and that can only be on V. Save on V and earn up to 14% p.a. guaranteed returns on your investments of ANY amount!”

“Please note that the rate increase is based on the current market realities and we remain highly competitive in our deposit pricing so as to continually add value to you,” the Lagos based microfinance bank said in an email to THE WHISTLER.

According to VFD, interest rate for fixed deposits with 30 to 60 days tenor is pegged at 8.50%, while fixed deposits for 61 to 90 days tenor is  raised to 9%.

The financial firm also said that fixed deposits with up to 80 days tenor would attract 11% interest, while fixed deposits for a period of 365 days would attract interest of 14%.

The fixed deposit account is a feature of the V Bank Mobile App, a virtual banking platform launched by VFD Microfinance Bank, that allows customers to save and earn money at the same time.