CORE BANKING MIGRATION FAQS

FAQs FOR THE CORE BANKING APPLICATION MIGRATION

What is the Migration About?

VFD MFB recently upgraded its core banking application to Mifos X, a platform that is more flexible, scalable and adaptable to our innovative business solutions, thus the need to move all our client data, financial information as well as banking channels from the previous software to the new one. This entails changing all clients’ existing debit cards and on-boarding of clients to a new mobile banking app.

When is the Go-Live Date?

The Go-Live date is the day we will fully commence the use of the Mifos X platform.

Do I Need to Complete New Application Forms and Provide Identification Documents?

No. All the data you initially registered with us will be migrated to the new platform. However, on the mobile app you will be required to take a snapshot of your valid means of identification as part of the validation process.

Will my Account Number Change?

Yes. Due to the change in operating software, your old account number will no longer be valid after the Go-Live date. Your new account number will however be revealed to you once you download and activate the new and improved mobile banking app.

How do I Gain Access to the New Mobile App?

A link will be sent to your registered email address and you will be asked to select the download option that is compatible with your device operating system i.e. Android or iOS. Select the appropriate option and proceed to download the mobile app.

What Details Do I Require If I Want to Sign Up for the First Time On My Mobile App?

You require either your Bank Verification Number (BVN) or any of your other Banks’ account number

How Do I Sign Up With my BVN?

On the mobile app, click “Create Account”. You will be prompted to enter your phone number and signify if the number being entered is linked to your BVN or not. You will then be prompted to select the “BVN” option after which you will enter your 11-digit BVN. A one-time password (OTP) will be automatically generated and sent to the phone number you have registered with the bank, once this is entered you will be prompted to enter your email address and create a password after which you will be asked to take/upload a photo of your face and create a 4 digit personal identification number (PIN).

How Do I Sign Up With my Bank Account Number?

On the mobile app, click “Create Account”. You will be prompted to enter your phone number and signify if the number being entered is linked to your BVN or not. You will then be prompted to select the “Bank Account” option after which you will choose your bank from a drop-down list and enter your account number. A one-time password (OTP) will be automatically generated and sent to the phone number you have registered with the bank, once this is entered you will be prompted to enter your email address and create a password after which you will be asked to take/upload a photo of your face and create a 4 digit personal identification number (PIN).

What Happens if I No Longer Use the Phone Number Registered With the Bank?

You will need to update your records with the bank by sending an email to info@vfd-mfb.com or calling us on +234 908 752 2472. After your records have been updated you will then be able to successfully sign up on the mobile app.

Will My Old Debit Cards Still Work?

No. Due to the change in operating software, your old debit cards will no longer work after the Go-Live date. We will however issue new debit cards to all clients within a period of 90 days, starting from the Go-Live date.

How Can I Make Withdrawals Without My Debit Card?

We have provided a function in the new mobile app that enables you generate a code that you can use to make card-less withdrawals on enabled ATMs. These codes can also be generated for third-party withdrawals.

What Other Banking Channels are Available to Me?

All your basic banking transactions can be done via the new mobile app. However, if you require further support for any of your transactions please send an email to info@vfd-mfb.com or to your dedicated account officer.

What Other Exciting Features are available on the new platform?

  • 1. App Personalisation
  • 2. Cardless Transactions
  • 3. Push Notification Option
  • 4. Transaction Modification