gomoney: the new age bank that Nigerians deserve
gomoney, a Nigeria-based digital-only bank, is changing the face of banking as we know it.
gomoney sets users up for an all-in-one banking and financial awareness experience by employing a business model that eliminates all the hidden charges usually duct-taped to traditional banking while creating a platform to help users understand their spending habits with transaction enrichment, meaningful spending reports and categorised spending.
Available on both Android and iPhones, gomoney is gearing towards creating a bank that is flexible enough to accommodate everyone in Nigeria’s ever-expanding income spectrum. With just a phone and internet, Nigerians have access to an account, debit cards and an array of money management tools.
Driven by their mission to “simplify money for everyone“, the gomoney team explains that one of their main goals is to enhance financial inclusivity by disrupting the traditional idea of banking.
“We are building an inclusive product that provides the features of a bank account, without the hassle and disappointment of failed transactions, unfair charges or needless paperwork.”, they said.
They’ve achieved this by enabling users to open accounts at three different tiers. At the lowest tier, users can open an account with just their name and phone number. They can upgrade their account for free at a later date by providing additional information such as their BVN and a valid means of identification as required by the CBN.
The Tier system reduces the barrier for entry; over half of the Nigerian adult population don’t have the required documents to access a full bank account in traditional banks. By allowing users to open and operate accounts without having to provide all of their information at once, gomoney is bridging this gap.
The features on every gomoney account, regardless of the Tier, are not only replacing the tedious process of traditional banking with straight-forward and transparent services, but also creating an avenue through which users can make informed financial decisions regardless of their income brackets.
Equipped with a payment scheduling feature, users can automate one-off payments for later dates or set up standing orders. gomoney provides users with tools to split bills directly from the app and receive payments into their account via the Payment Request feature. Additionally, users can make payments in various ways, including through Payment Links: a link sent to the receiver to claim the funds; the receiver’s phone number; or transferring money directly to a bank account.
Another factor that the platform champions is transaction enrichment. Every gomoney transaction comes with clear summaries of the information needed to understand the transaction, void of the cryptic bank codes. This, in addition to the in-built tracking interface in the “Reports” feature, helps users understand their spending habits and enhances their ability to make decisions that aid their financial goals.
Furthermore, gomoney transactions can be organised into various categories, so that users are able to, in their words: “review how they spend money, understand their habits and adjust to suit their individual needs”.
Through their expanding array of services and features, gomoney is fostering the inclusive and hassle-free banking that Nigerians deserve.
gomoney is available on both Android and iOS, and, once downloaded users can open an operational account in 3 minutes or less. It’s not the bank you need, it’s the bank you deserve. You work hard, let gomoney simplify money for you.