In this interview, Operations Lead, Gomoney, a digital bank that offers peer-to-peer payments and integrated third party services, Adeyemi Fayomi, speaks on developments in the Fintech space, what Gomoney has done to boost financial inclusion and how it delivers a digital banking experience that is relevant to a diverse group of individuals. Oluchi Chibuzor presents the excerpts
As a digital bank expanding into the Nigerian financial space, how is will Gomoney help change the narrative in cashflow in Nigeria, where there is so much liquidity outside of the banking space?
Now more than ever, digital payments have been on the rise and gomoney makes it easier for people to set up bank accounts in just three minutes with no complex paperwork. With our instant credit alert notifications, gomoney helps increase trust in digital banking and reduces the dependence on cash for settling payments. With gomoney, individuals are able to track their spending which in turn enables them to make informed decisions about their money.
What could be the motivating factor for Gomoney to venture into the Nigerian financial sector?
gomoney was built to foster a future where people have enough tools to make informed decisions about their money. To make this possible, we help our users simplify money by bringing transparency to banking, ease, speed, and enriched transactions to help them understand how, when, and where their money was spent compared to how much they make.
What is your view about FG’s plan to redesign the naira and how will the plan affect your kind of business as a digital bank?
As a digital bank, we would not be directly affected by the logistics of cash deposits and cash handling. However, we expect to see a noticeable increase in customer account balances as people start to deposit their cash in their commercial bank accounts with an anticipated subsequent increase in electronic inflows from those accounts into their digital wallets such as Gomoney.
How will you describe the importance and growth of e-Naira that was developed to enhance electronic payment system, and how will Gomoney key into the initiative?
Any initiative to encourage and promote digital payments is in the ethos of Gomoney and we fully support the CBN e-Naira initiative. Gomoney as a digital bank is currently working on modalities to key into this project, which will allow our customers link their eNaira wallets to their Gomoney accounts. While this is still in the pipeline, it will definitely enhance the payment capabilities of all Gomoney customers and curtail the use of cash in general.
Fintechs have done so much in disrupting the financial space with digital solutions, what are your plans to further develop the Nigerian Fintech space?
We pride ourselves as the bank that simplifies money. This simply implies that every Gomoney customer has been empowered with enhanced analytical features on the app that enables them to easily keep track of their spending and spending habits. The more people are able to track their spending the better they will be able to plan ahead and be more financially stable. We have also developed technical capabilities in the banking-as-a-service sector, where we offer our clients simple and effective APIs which enables them to collect payments, deposits while also giving them the freedom to allow outward transfers.
What are the new digital payment channels that Gomoney is bringing to the Nigerian financial market to further drive innovation in the financial space?
Innovation is at the core of our business operation and we are constantly studying and listening to our customers to enable us to understand and provide solutions to their needs. We have a suggest a feature function that users use to communicate their needs and suggestions for our feature upgrades. This has helped build our strong community of users.
This year alone, we launched our physical cards which give our users more freedom with enriched transactions and enable them to track payments made at PoS terminals as well as ATM withdrawals. We also launched gostash, which is our savings feature to allow users to spend and save all under one platform at no extra charge. We have also improved our user experience and existing features such as split bills, payment links, and many more.
What will you say are the core focus and values of Gomoney, and how will they impact the Nigerian financial sector?
As mentioned earlier, the focus of Gomoney is to allow every user gain interest in how they utilize their funds. The more knowledge you have on how money comes in and out of your account and how it is being utilized the better for you as a user. Our app simplifies the data being presented to you in simple terms and it also allows the user to classify their spending as it is being spent. This enables the user to easily understand their account statement when it is being reviewed at a later date. The Gomoney App also simplifies user experience from the look and feel of the app to our quick action button which in effect combines the functions of the most used features under one button.
What is unique about Gomoney that will attract Nigerian customers?
Simple, yet robust. The app combines all features required for everyday payments, from transfers to bill payments to virtual cards while it also allows you to request for physical cards which can be used to access physical cash on ATMs or used to make payments on POS terminals.
Most bank customers are still afraid about online transactions because of the risk of financial losses and theft. How will Gomoney change this narrative?
As a digital bank, security is a priority for us and that is why we have put various measures in place to protect our customers from the risk of financial losses and theft.
gomoney users are 100% in control of their money and where they think their cards may be compromised, they are able to freeze or block their card in the app immediately. Our customer support is also run by real people who are able to respond and attend to your issues in the app in real time. Users also have the privilege to create multiple virtual cards which allows them to identify the platforms which could have caused the breach.
How will you describe the future growth of digital payment in Africa andans Nigeria, considering the poor infrastructure on the continent?
The digital banking and payments industry has developed a lot in spite of the poor infrastructure, and I foresee this growth to continue into the next decade. The African continent and Nigeria in particular is full of young, talented people who have taken it upon themselves to think out of the box despite the strong headwinds blowing against them and this tenacity is what is pushing the sector upwards. It must also be noted that the younger generation is more tech-inclined and less adaptable to bureaucratic tendencies hence the adoption of more agile and digital platforms to power their financial activities.
How will Gomoney help to Deepen financial inclusion in Nigeria?
With an increase in broadband penetration and digital adoption in Nigeria, gomoney will be able to help deepen financial inclusion with our simplified banking process and also contribute to making the CBN’s cashless policy more of a reality.
Tell us how Nigerians can benefit from your financial product offerings and the Gomoney cards?
Just as I had mentioned earlier, with our banking solutions, users are more aware of their spending habits and are able to make informed financial decisions which can help them create wealth for themselves and grow their financial credit. Nigerians anywhere in the world can access the banking they deserve by opening an account in just 3 minutes when they download the app from the app store or google play store. Our 100% stress-free platform allows you to: open an account in just 3 minutes, pay all your bills on one platform with our specially built in-app services, track your spending with carefully curated categories and even request payments from that debtor that’s been dodging your calls. Yes, all of the above and that’s only the beginning.