VFD Microfinance Financial institution, the technology-driven banking arm of VFD Group Plc, reported a revenue of ₦366 million ($232,233) for the yr ended 2024. That is the lender’s first revenue and monetary disclosure since its launch in 2014.
This represents a big turnaround from the ₦211 million ($132,739) loss recorded in 2023, in line with VFD Group’s full-year monetary statements.
The ten-year-old microfinance financial institution achieved an working revenue of ₦4.5 billion ($2,830,946) in 2024. Working bills, together with finance prices, remained substantial at ₦3.9 billion ($2,472,658). This contrasts with 2023, the place working bills of ₦5.42 billion ($3,436,360) outstripped the ₦5.2 billion ($3,292,889) working revenue, leading to a loss. The financial institution additionally noticed vital development in its lending actions, with the worth of loans disbursed rising by 90% to ₦15 billion ($9,498,660) in 2024.
The financial institution has but to reply to requests for feedback on any a part of the story.
VFD Microfinance Financial institution’s constructive efficiency contributed to a wider restoration for its guardian firm, VFD Group Plc, which additionally rebounded to profitability after a ₦750 million ($471,824) loss within the earlier yr. Notably, 11 out of the 12 subsidiaries throughout the VFD Group reported earnings for the total yr of 2024, with VFD Ghana being the one exception.
Additional bolstering its digital banking ambitions, VFD Group injected ₦5 billion into VBank, the digital banking platform powered by VFD Microfinance Financial institution, in February 2025. This capital infusion is earmarked for accelerating technological developments and increasing the platform’s service choices.
VBank has quickly established a robust presence in Nigeria’s monetary sector by providing a totally digital banking expertise with zero upkeep charges and aggressive rates of interest for particular person and enterprise prospects.
