Beyond Banking: How gomoney is influencing personal finance management for Nigerians

Financial mastery serves as the bedrock for building wealth and stability for individuals. It involves a strategic approach to making logical decisions to optimise one’s resources, manage expenses, and ultimately, achieve financial goals. Every decision made within such parameters counts, from creating comprehensive budgets that align with income and expenses to sticking to savings rituals and investment plans, they all play a pivotal role in attaining financial success.

Effective personal finance management remains a daunting challenge for many young Nigerians, given the low standard of living of at least half the country’s population. Despite the country’s status as Africa’s largest economy, the 2022 Multidimensional Poverty Index (MPI) Survey by the National Bureau of Statistics categorised 42% of the nation’s urban population as multidimensionally poor. Another survey by a financial service firm in 2023 revealed that about 3 in 10 Nigerians belong to an income bracket where earnings fall below ₦100k. This underscores the importance of personal finance management strategies, especially in an economy characterised by fluctuations and instability of the naira.

In such an uncertain financial landscape, possessing the knowledge and tools to navigate the accompanying hurdles becomes a non-negotiable for short-term and long-term financial stability. Digital-focused banks are continually emerging as solution providers, offering innovative ways to empower individuals to manage their finances. One of such pioneer is gomoney, a digital bank on a mission not just to promote financial literacy but also to equip Nigerians with tech-enabled resources to manage their finances adequately. In interesting times such as this, the ability to make informed financial decisions; budget wisely, track expenses in detail, and cultivate a savings culture becomes crucial more than ever.

gomoney understands this and is redefining how individuals perceive and interact with their finances through its mobile banking platform, offering a seamless, user-centric experience that puts financial mastery at their fingertips. Speaking to this extensively, Andyson Utomodu, group head at gomoney, emphasised the crucial role of financial literacy in today’s socio-economic climate. “There is a lot of financial uncertainty going on, and the key thing at this time is to stay informed and educated. At gomoney, financial literacy is something we prioritise through simplified processes. We ensure our users have the right tools to understand money better thereby keeping them in control of their finances.. However, in the general climate, everyone needs to get better with some things. We need to budget and save better, understand our investment options, and avoid debt traps. When it comes to more niche areas like planning for retirement or specific life goals too, you need a solid partner that can hold your hand and that’s where gomoney comes in. We’re helping you build and practice better money habits at every stage for a secure lifestyle and future” He explained.

As part of gomoney’s efforts to bridge the financial literacy gap, particularly for the younger population, the digital bank recently introduced its ingenious goPlay cards, an initiative to make financial education more accessible and engaging. The goPlay cards represent a finance-focused card deck designed to offer friends and families a fun and interactive approach to learning about money matters. With a fusion of entertainment and education,  gomoney aims to equip young Nigerians with the knowledge and confidence to navigate their financial journeys successfully.

As we navigate an increasingly digital world, the influence of banks like gomoney will continue to shape the trajectory of personal finance management, paving the way for a more financially literate and empowered society.