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‘GoMoney gives users control of their money without unfair charges’

Adetomiwa Isiaka, communication manager of GoMoney in this interview with BusinessDay’s Frank Eleanya, speaks on the bank’s latest digital banking platform.

What is the GoMoney app about?

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GoMoney is a mobile financial service designed to help users spend better, understand their spending habits and form a better relationship with their money.  With it, users can send and receive money as well as pay bills, schedule, split, request payments and track expenses.

Why was the app created?

GoMoney was built to provide customers with enhanced and improved banking experience. We aim to make adequate, reliable banking services accessible to all. By doing this, we are set to simplify payment processes, reduce the costs of transactions, and bring a community-based approach to banking.

What unique problem is the app solving?

We’re building an inclusive product that provides users with the features of a bank account without the hassle and disappointment of failed transactions, unfair charges or needless paperwork. We are giving users full control of their money, (within regulatory guidelines) and allowing users to send and receive payments from anyone – regardless of where they bank. As an individual or as a group, GoMoney enables users to schedule payments, share costs and, even better, spend together.

Does this mean there are no transaction charges on GoMoney?

There are no charges for transactions within the GoMoney ecosystem. However, transactions with other wallets and banks come at a cost of N7.5 for each transaction. This is an infrastructural cost that includes the NIP service charge and the applicable VAT.

How do you think GoMoney is changing financial transactions as we know it?

We are creating a platform that significantly improves and deepens our customers’ understanding of their spending habits. We have done this by building a secure and reliable core system from scratch, based on modern technology stacks. What this means is that users get real-time alerts and robust spending reports that provide users with readable bank statements and aid a better relationship with users’ money.

How do you access the app?

You can currently access GoMoney through Playstore but the app will be available on USSD and AppStore soon. Also, as a large number of Nigerians do not possess KYC documents and in the bid to foster a truly inclusive financial service, GoMoney does not require you to present KYC documents when registering your initial account. You only need details like your name, phone number and email address. GoMoney accounts can also be funded with any registered Nigerian bank account.

 

Where can people find the app?

We currently have a waitlist for people who would like to download the app. They can access that at http://gomoney.global

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