Nigeria: Digital Bank Gomoney Launches ‘Split Bill Feature’ in Nigeria

Digital bank Gomoney now offers a “split bill feature” for its customers in Nigeria. 

The firm said this feature makes it easier for multiple users to split payments amongst themselves, The Guardian reported Wednesday (December 28, 2022).  

“One thing we aim at achieving is ensuring that Nigerians continue to enjoy the ease that comes with settling bills with our digital solution,” Gomoney Banking Operations Lead Adeyemi Fayomi said in the report. “The challenge that stems out of money conversation in terms of who is paying what and who has not paid what is one we did envision and was adequately prepared for with our split bill feature.” 

With this feature, Gomoney users can split bills at any time. For real-time bills, a group is created, an invitation is sent to each member of the group and each member can then pay their amount. For past bills, users can click on a transaction summary, select “split” and then send it to those who will share the payments, according to the report. 

Suggested uses range from lunch bills to utility bills, and users can choose to create groups for one-time purchases and for recurring payments, the report said. 

“What this means is that users can conveniently plan their expenses with friends and family without placing the burden of payments on a person,” Gomoney said, per the report. 

Nigeria — which is one of Africa’s biggest economies — stands out among the countries on the continent in terms of the explosion in the number of FinTech companies that are looking to remove the technological, infrastructural and cultural hurdles to financial inclusion. 

Home to some of the biggest and most well-known African FinTechs, Nigeria now plays a central role in Africa’s payment ecosystem. Of the eight African startups valued at over $1 billion in 2021, only two do not have their roots in the country. 

In related news, the Central Bank of Nigeria (CBN) has redefined ATM withdrawal limits, implementing lower daily and weekly caps to encourage the usage of digital currency. 

The new rules, which are to take effect January 9, not only severely limit the use of cash, but also push Nigerians to embrace the country’s newly minted central bank digital currency (CBDC), eNaira.