Getting started
Your go-to resource for beginning your journey with us.
Introduction to VBiz by VFD MFB
Whether you're a new business owner, an established business owner, or managing a large-scale enterprise, VBiz by VFD MFB makes business banking seamless. Open a corporate account in minutes and get started in just three easy steps:
Step 1: Create an Account
Opening a new or onboarding your existing VBank corporate account or on VBiz is free, fast, and simple. Just provide your business name, full name, BVN, NIN, email, and phone number, then select your business type. Get started now by creating your account [here].
Step 2: Submit Your Compliance Documents
Your location in Nigeria and business type determine the specific compliance documents required to set up your corporate account. But don’t worry—our onboarding process is smooth and hassle-free, and our team is here to guide you every step of the way.
We review and approve documents within 48 hours, once verified, you can start transacting online immediately.
Documentation needed for Account Regularization
The required details may vary depending on your preferred registration flow. Below captures the required details for each registration option:
For existing VBank Corporate account holders
VBank corporate account number.
Company management’s details (Name, phone number and email).
Account operators’ details (BVN, Valid ID number, phone number and email).
For Registered Companies/Businesses who want to open a VBank Corporate account account:
Sole Proprietor: the business is owned by one person who will oversee the account operations
Proprietor’s details (BVN, Valid ID number: NIN preferably, phone number and email).
Copy of govt issued ID card of proprietor
CAC number and copy of certificate
TIN number
Proof of company address (not more than 3 months old)
Two independent references with an operational current or corporate account with any licenced Nigerian bank
Partnership: the business is co-owned by partners who will jointly manage the account operations
Partners’s details (BVN, Valid ID number: NIN preferably, phone number and email).
Copy of govt issued ID card of partners
CAC number and copy of certificate
TIN (Tax Identification Number)
Partnership deed of agreement
Proof of company address - utility bill (not more than 3 months old)
Two independent references with an operational current or corporate account with any licenced Nigerian bank
Limited Liability Company: the business entity is owned by shareholders and overseen by a board
Directors’s details (BVN, Valid ID number: NIN preferably, phone number and email).
Copy of govt issued ID card of all Directors
CAC documents (certificate of incorporation, statement of share capital (CAC 2a), particulars of directors (CAC 7a), particulars of secretary, and MEMART)
Board Resolution on company’s letterhead for account opening
TIN number
Partnership deed of agreement
Proof of company address - utility bill (not more than 3 months old)
Two independent reference with an operational current or corporate account with any licenced Nigerian bank
SCUML certificate (this is dependent on the nature of business or service rendered by the entity)
Trustee/NGO: the business/entity is acting as a guardian holding authority and responsible for managing the purpose of the trust
Trustees’s details (BVN, Valid ID number: NIN preferably, phone number and email).
Copy of govt issued ID card of all Trustees
CAC documents (certificate of incorporation and other relevant documents)
Board Resolution on company’s letterhead for account opening
TIN number
Partnership deed of agreement
Proof of company address - utility bill (not more than 3 months old)
Two independent reference with an operational current or corporate account with any licenced Nigerian bank
SCUML certificate (mandatory)
Associations, Clubs, and Societies
Trustees’s details (BVN, Valid ID number: NIN preferably, phone number and email).
Copy of govt issued ID card of all Principal Officers
Proof of registration
Minute of meeting on company’s letterhead for account opening
Rules and constitution of the society
Proof of company address - utility bill (not more than 3 months old)
Two independent reference with an operational current or corporate account with any licenced Nigerian bank
SCUML certificate (mandatory)
Other details
Company details (CAC number, CAC Documents, TIN, valid utility bill).
Company Management details (signature, BVN, valid ID number, phone, and email).
Account operators’ details (BVN, valid ID number, phone, and email).
2 References (name and email address)
Supported Businesses
Supported Businesses
All registered institutions, businesses, and organizations in Nigeria can use VBiz to manage their finances. This includes startups, retail shops, financial service providers, religious organizations, NGOs, and more. Below is a detailed list of eligible businesses:
Agriculture
Agricultural Cooperatives
Agricultural Services
Farm Warehousing & Storage
Automobile
Wholesale Motor Vehicle Supplies
Automobile & Truck Dealers
Tire Sales
Retail Parts & Accessories
Motorcycle Shops & Dealers
Physical Goods
Furniture Stores
Bicycle Shop
Book Stores
Sporting Goods Stores
Music Stores
Toys and Game Store
Art Dealers and Galleries
Decoration and Souvenir Shops
Cosmetic Stores
Fragrance Stores
Stationery Stores
Marketplace
Religious Goods Stores
Nursery and Florists
Dropshipping
Artist Supply Stores
Pet Stores
Wig Stores
Other Physical Goods (not elsewhere classified)
Electronics
Computer Stores
Electronic and Camera Stores
Household Appliance Stores
Hardware
Plumbing and Heating Equipment
Hardware Equipment and Supplies
Paints Supplies
Grocery and Supermarket
Grocery Stores
Supermarket
Liquor
Bakeries
Food Stores
Clothing and Accessories
Shoe Stores
Men’s and Women’s Clothing Stores
Precious Stones and Jewellery
Costume Jewellery
Children’s and Infants’ Wear Stores
Sports Apparel Stores
Fabric and Sewing Stores
Leather Goods
Real Estate
Rental Services
Property Sales
Other Real Estate Services (not elsewhere classified)
Digital Services
Dating Services
Web Development and Programming
Data Analysis Services
Information Retrieval Services
Web Hosting
Graphic Design
Other Digital Services (not elsewhere classified)
Legal Services
Attorneys and Legal Services
General Services
Photographic Studios
Barber and Beauty Shops
Laundry Services
Dry Cleaners
Funeral Service and Crematories
Car Washes
Automotive Services and Repairs
Towing Services
Electronic Repair Shops
Appliance Repair Shops
Jewellery and clock Repair Shops
Cleaning Services
Massage Parlors
Furniture Repair Stores
Other Physical Services (not elsewhere classified).
Professional Services
Consulting Services
Engineering Services
Tax Services
Counselling Services
Marketing Services
Payroll Services
Accounting Services
Other Professional Services (not elsewhere classified)
Education
Nursery Schools
Primary Schools
Secondary Schools
Tertiary Institutions
Vocational Training
Virtual Learning
Other Educational Services (not elsewhere classified)
Financial Services
Financial Cooperatives
Financial Technologies
Forex Trading
Payment Solution Service Providers
Insurance
Investments
Agricultural Investments
Lending
Cryptocurrency
Remittances
Savings
Mobile wallets
Gaming
Betting
Lotteries
Prediction Services
Hospitality
Hotels
Hostels and others
Timeshare
Caterers
Fast Food
Bars
Restaurants
Health
Health Insurance
Hospitals
Pharmacies
Herbal Medicine
Telemedicine
Health Laboratories
Medical Doctors
Medical Equipment and Supplies
Pharmacy Warehousing
Sports and Recreations
Recreational and Sporting Camps
Gyms
Health and Beauty Spas
Recreational Clubs
Camping Grounds
Professional Sporting Clubs
Tourist Attractions and Exhibits
Leisure and Entertainment
Nightclubs
Events
Wholesale Publisher
Cinemas
Press & Media
Streaming Services
Logistics
Air and Ground Courier Services
Motor Freight Services
Railroads Freight Services
Non-profits
Professional Associations
Government Agencies
NGOs
Political Parties
Religious Organizations
Travel
Airlines
Tour Services
Travel Agencies
Cruise Services
Transport
Car Rental Services
Rideshare and Taxi
Passenger Transportation Services
Railway Passenger Services
Ambulance Services
Bus Services
Utilities
Cable Television
Electricity
Garbage Disposal
Internet Service Providers
Telecommunication Services
Water
Bill Payments
Gas
Required Registered Businesses
While all the businesses listed above are fully supported on our platform, full account activation can only be done for the following business types as Registered Businesses after they have provided us with the required registration documents as the case may be;
Accounting and audit services
Agricultural Cooperatives
Airlines
Automobile sales
Cooperative societies
Crowdfunding businesses
Educational Institutions: Nursery, Primary and Secondary schools, as well as Tertiary Institutions
Energy: sales of petroleum and gas
Financial institutions: Lending, PSSPs, Investment Services, Insurance, Remittances, Escrow services
Gaming businesses: Betting companies and Lottery businesses
Gemstones and precious metals
Hospitals
Legal services
Liquor sales: bars, liquor shops, wines and spirits, liquor distributors
Medical institutions: Hospitals, Pharmacies and Medical laboratories
Marketplaces
Night clubs
Non-profits: Professional associations, Government agencies, Political parties and Religious organisations
Payroll Services
Real estate businesses
Ride-sharing: taxi / cab-hailing businesses
Telecommunications: terrestrial broadcasting (TV/radio), IPTV, online streaming (movies, music, programs), VSAT, internet service providers
Travel agencies