Based on research and not influenced
This is based on rigorous research, testing and not influenced by our earning potentials.

Gomoney Review: your right money app?

Gomoney brings financial services to you right at your fingertips with the various features that enable users to perform actions such as sending money, tracking expenses, receiving funds, etc.

Money is a very important means of transaction and over time, it is obvious that we don’t need to carry large amounts of it in cash around.

So what happens if you want to urgently make use of cash to pay for bills, purchase an item, buy airtime or pay for your meals? This is where Gomoney comes in. With the Gomoney app, you can send funds, receive payments, request money, buy airtime, pay bills, and of course pay for your meals at any time. 

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Gomoney possesses tracking features that allow you to monitor and keep track of all your spending and expenditures.

You can send funds, receive money, pay bills and purchase airtime on Gomoney.

You can as well generate a payment link for easy transfers of funds to others.

PROS

  • Gomoney is a one-stop shop for financial transactions. You can send and receive money from anybody, you can request payments as well as send payment reminders to people owing you.
  • You can pay bills and make your data purchase easily on the app.
  • You can also create a split group on your app, categorize it and invite your friends. This allows you and the invitees to split bills such as transport bills, food, movies, etc.
  • It sends you instantly and up-to-date notifications to keep track of your spending.
  • Gomoney also offers a virtual debit card to help facilitate quick online transactions on your app.

 

CONS

  • Gomoney does not lend or give out loans. This means loan services are not yet available on the app.
  • You can only create one Gomoney account on a device.

 

How to get Gomoney App

Download the application from the App Store or Play Store for iOS and Android-based devices respectively.

Install the app and follow the prompts by entering the required details to create a Gomoney account.

The app is available to anyone who is at least 16 years of age however if parents open an account for their kids, the parents must manage and regulate the accounts for their kids.

Features of Gomoney

Reports: Gomoney provides you with a report feature. This shows you the summaries of how you spent your funds, how much you received, the dates and time of transactions, and what you spent money on. You can always be up to date with the reports feature on the app.

Tracking: This feature allows you to schedule payments and bill payments as well as keep track of your transactions. You can schedule bill payments so that they are paid at regular intervals on the set date. You don’t have to always stress yourself to make the transactions every time. All you have to do is track and monitor your transactions to ascertain that payments are made when due.

Payment pages: Once you send a payment link to request payment from someone, The payment page is displayed to them. This page allows the receiver of the request to make the complete or half-payment of your request. Once they click the link, they can follow prompts to enter how much they wish to send, provide the required details and complete the transaction. A transaction fee of 1.5% of the total amount being sent is charged when you use the payment page to request payments.

Categories: This feature allows you to categorize every transaction made on the app. You can organize your spending into different sections to know how much you spend on each aspect of your life. You can make categories for food, transport, investment, dates, health, education, etc. conveniently on your Gomoney app.

Recurring payments: As it was mentioned above, you can schedule payments to be made at regular intervals. This feature allows you to set up future payments and schedule them at any frequency you want. It can be weekly, monthly, or even on yearly basis. This feature is mostly suitable for instalment payment plans.

Gomoney FAQs

IS GOMONEY A SAFE PLATFORM?

Yes, it is ISO-20001, ISO-22301, and PCI-DSS complaint. This means Gomoney uses high-level security to ensure that your account and funds are secured.

CAN I HAVE MORE THAN ONE GOMONEY ACCOUNT ON MY MOBILE DEVICE?

No. You can only have one Gomoney account registered to a device.

HOW CAN I DEPOSIT FUNDS INTO MY GOMONEY ACCOUNT?

Log into your app, and click “funds” on your dashboard to see your Gomoney account details. You can make a bank transfer from another Nigerian bank account directly into your account. 

HOW CAN I KNOW MY GOMONEY ACCOUNT NUMBER?

For every transaction on the platform, your phone number always serves as your account number without the first digit which is zero. For instance, if your phone number is 08067655289, your account number will be – 8067655289.

HOW CAN I SEND MONEY FROM MY GOMONEY ACCOUNT?

Click on the “payments” button on your dashboard, select a payment method, select a contact or enter the phone number or account number of whom you wish to send funds, include a message or transfer description, enter the amount and follow the instructions to complete the transaction.

You can also send to the person you wish to get money from a payment link whether or not they own a Gomoney account. However, transfers to another account may attract a fee.

WHAT ARE PAYMENT LINKS?

These are unique links that are generated and used to complete money transactions on the Gomoney app.

You can receive and send money from your contacts using a payment link even if the person does not have a Gomoney account.

All you have to do is generate the link and share it with the person via text message, email, WhatsApp, etc.

They can click the link to open the app for a peer-to-peer transaction (if they have the Gomoney app) or follow the link to open an online payment platform to complete the transaction.

WHAT ARE THE CHARGES I MAY INCUR ON THE APP?

Peer-to-peer transfers within the platform are free, and scheduling payments, as well as your first virtual card, are equally free. However, sending money from your account to another Nigerian Bank account attracts a transfer fee, and completing payment requests through the payment pages also attracts a 1.5% processing fee by the payment processor which is charged on the senders’ account.

After your first free virtual card, the subsequent cards will cost you N1000.

HOW CAN I CREATE A VIRTUAL CARD?

To create a virtual card, all you need to do is log into your app, go to your homepage, swipe right to display the second section of the page, click on the “get a virtual card” button, and enter a pin for your card and create the card.

It is important to note that if you are unable to create a card, ensure that you link your BVN and try again.

HOW CAN I RESET MY CARD PIN IF I NO LONGER WANT THE PREVIOUS PIN?

This feature is unavailable for now. If you want to change your pin for any reason, you can only freeze or deactivate the card and create another one.

HOW CAN I BLOCK OR FREEZE MY GOMONEY VIRTUAL CARD?

Swipe right on your home page to display the second section of the page, you will see the card section with all the card-related options.

Select the freeze/block option and input the PIN to complete the process.

HOW CAN I SCHEDULE A PAYMENT?

Click the “payment” tab on your Gomoney dashboard, choose the “schedule payment” option, choose the contact(or input the phone number), enter the amount, and select the frequency, this means you have to choose if you want the payment to be one-off or standing order, enter the payment date, and follow the prompts to complete the transaction.

CAN I REVIEW MY SCHEDULED PAYMENTS?

Yes. You can edit, deactivate and delete the scheduled payment.

HOW CAN I DELETE A SCHEDULED PAYMENT?

Click on the “payment” button, and select “schedule payment”. Click on the particular scheduled payment you want to delete, Three (3)options will be displayed. The edit, deactivate and delete buttons. 

Edit allows you to change the amount and edit the customized message, deactivate enables you to suspend the payment, and the delete button allows you to remove the payment completely. You can select “delete” and confirm to complete the process.

HOW MANY GOMONEY ACCOUNT CAN I CREATE ON MY PHONE?

You can create only one account on your mobile device and you can not log into your Gomoney app on multiple devices.

WHAT ARE THE TIERS OF ACCOUNT ON GOMONEY?

Gomoney operates a 4-level tier account with different limits. Tier 0-3.

The tier 0 account allows users to fund their account with N20,000 at a time, the daily transactional limit on the account is N10,000 and N1,000 for payment of bills. 

Tier 1 is the Gomoney default tier, this account also has a limit of N20,000 but your daily transactional limit moves from N10,000 to N30,000, and the daily limit for bill payment is N5,000.

Tier 2: To activate a tier 2 Gomoney account, you must link your BVN with Gomoney. This account increases your daily transactional limit to N200,000 and the daily bill payment limit increases to N50,000.

Tier 3: To upgrade to a tier 3 account on Gomoney, you have to upload a copy of a government-issued ID e.g driver’s license, national if, or your international passport,  a photo of your signature, and you also need to take a selfie to allow the platform to ascertain you are the owner of the ID you uploaded. The tier 3 account increases your daily limit to N2,000,000, bill payment at N50,000, and your account can hold a cumulative balance of N5,000,000.

HOW CAN I SEE MY ACCOUNT TIER?

Click on the circular button that has your initials on the homepage, the tier of your account is stated below your name. You can also know the tier of your account based on the documents you uploaded.

CAN I REVERSE A TRANSFER REQUEST?

No. You cannot reverse a transaction after you confirm and hit the send button. This is why it is important to be sure and always double-check the transaction details before sending.

CAN I REQUEST FOR A FEATURE TO BE ADDED ON GOMONEY?

Yes, you can.

HOW CAN I REQUEST FOR A FEATURE TO BE ADDED ON GOMONEY APP?

Click the “help” button at the bottom of your Gomoney app, and click on the “suggest a feature” tab. This will allow you to contact the Gomoney team with your suggestion.

CAN I APPLY FOR LOANS?

No. You cannot apply for loans on the app because this feature is yet to be added to the Gomoney app.

HOW CAN I PERFORM FOREIGN TRANSACTIONS ON MY GOMONEY APP?

You can only perform International card transactions with your Gomoney virtual card. You will not be able to directly send or receive international payments on the app because Gomoney operates primarily in Nigeria for now. However, international card transactions such as online shopping, paying for subscriptions, etc can still be done.

HOW CAN I SPLIT PAYMENT WITH MY FRIENDS ON GOMONEY APP?

Click on the “payments” button, select “split payment”, create a split group, add the splitting amount, and follow the prompts to complete the process.

HOW CAN I CONTACT GOMONEY?

You can reach out to them via any of their social media platforms or email the Gomoney customer support team at [email protected] You can also visit them at No.20 Marina Rd, Lagos Island 100221, Lagos.

 

 

Gomoney is one of the digital mobile platforms that allows you to stay on track with your finances, move money, and pay bills from your mobile device.

This platform comes with features that make it possible to perform monetary services from your homes which might have taken you to banks with no paperwork and in less time and energy.

However, users can not apply for loans because loan services are not available yet on the app. in addition, you must be at least 16 years of age to open a Gomoney account.

All funds on the Gomoney are insured under the Nigerian Deposit Insurance Corporation.

 

Halimah Idris
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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