Skip to main content

VFD Transactions

📌 What are VFD Transactions?​

In HelloMe, VFD Transactions are banking transactions processed through our partner, VFD Microfinance Bank in Nigeria.

VFD powers HelloMe’s wallet system in Nigeria, allowing HelloMe to:

  • Issue static local account numbers to each wallet holder,
  • Hold customer balances securely,
  • Make local payments (within Nigeria) in Naira (NGN),
  • Pay out FX remittance funds that have been converted to NGN.

✅ How are VFD Transactions different?​

TypePurposeCurrencyExample
Normal Banking TransactionDirect bank-to-bank payments (real bank accounts, same currency)Same currencySend £100 from HelloMe Limited to a UK customer’s GBP account
FX TransactionConverts money from one currency to anotherChanges currencyConvert £100 GBP to $120 USD
VFD TransactionLocal banking transactions in Nigeria via VFD partner bankNaira (NGN)Hold customer funds in a wallet, accept deposits to static accounts, or make payouts to Nigerian bank accounts

🏦 How does it work?​

VFD acts as HelloMe’s local banking partner in Nigeria. Through VFD:

  • HelloMe issues each wallet holder a unique, static account number tied to their wallet.
  • Customers can receive money directly into their HelloMe wallet (for example, remittances from abroad that have been converted via an FX transaction).
  • Wallet holders can spend money locally, withdraw, or make other payments within Nigeria — all processed through VFD’s banking network.

📋 Typical VFD Transaction Flow​

1️⃣ The customer receives FX remittance funds (e.g., GBP → NGN).
2️⃣ The converted NGN amount is held in the customer’s HelloMe wallet, backed by VFD.
3️⃣ The customer can spend, transfer, or withdraw those funds to a local bank account.
4️⃣ The transaction record appears under VFD Transactions in the banking module.

✅ How is it shown?​

In the admin panel, a VFD Transaction looks like a normal banking transaction, but:

  • The Provider will show VFD.
  • The account number may be a static account issued via VFD’s system.
  • The currency will be NGN.
  • The status will track whether the funds are Pending, Processing, Completed, or Cancelled.

📌 Key Points​

  • VFD = VFD Microfinance Bank — HelloMe’s regulated banking partner in Nigeria.
  • It enables static account numbers, local payments, and FX remittance payouts in NGN.
  • Normal Banking Transaction = regular bank-to-bank payments in the same currency (GBP, USD, etc.).
  • FX Transaction = converting currencies (e.g., GBP → NGN) — often used before funds land in the VFD wallet.
  • VFD + FX + Banking can work together — e.g., receive GBP abroad, swap to NGN (FX), settle to wallet (VFD), payout locally (VFD Banking Transaction).