In Nigeria, Digital Bank Gomoney Introduces the “Split Bill Feature”

Customers in Nigeria may now use the “split bill option” provided by digital bank Gomoney.

The company claims that this function makes it simpler for several users to divide funds among themselves, according to a Wednesday story in The Guardian (December 28).

“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 from 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.”

Thanks to this service, users of Gomoney may divide bills whenever they want. For real-time billing, a group is created, invitations are given to all group members, and each person may pay their share. According to the report, users may click on a transaction summary for older invoices, choose “split,” and then email it to those who would split the payments.

According to the study, users may opt to establish groups for one-time purchases and periodic payments, and suggested uses include everything from lunch bills to energy bills.

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

Nigeria, one of the continent’s largest economies, stands out among the nations due to the explosive growth of FinTech firms attempting to overcome the cultural, technical, and infrastructure barriers to financial inclusion.

Nigeria currently has a key position in Africa’s payment ecosystem as the home to some of the largest and most well-known African FinTechs. Only two of the eight African firms with over $1 billion valuations in 2021 are foreign-born.

In related news, the Central Bank of Nigeria (CBN) has lowered the daily and weekly quotas on ATM withdrawals to promote the use of digital money.

The new regulations, which will go into effect on January 9, would severely restrict the usage of cash and encourage Nigerians to use the nation’s recently issued central bank digital currency (CBDC), known as eNaira.