Rumour: CBN is charging for failed transactions

Reality: Not true.

We understand the panic, it would be madness if it were true. Thankfully, it isn’t.

Here’s what’s true

CBN is charging for failed direct debits

Let’s say you frequently pay for services or memberships, maybe every month. Your merchant might propose an agreement where they take the money from your account on an agreed date, at the agreed frequency — this would be termed as a “Direct Debit”

What is a direct debit?

Direct Debits authorize merchants to collect payments from your account when they are due. You give a merchant permission either on paper or through a form you complete online. Once authorized, this merchant can automatically take payments from the account you’ve given them (provided that they comply with the terms of your agreement). …


Finding out that your bank has frozen or downgraded your account isn’t a great experience. We understand that it poses a major inconvenience and can be particularly bothersome when you know you’ve done nothing wrong.

Restricting an account is something all banks have to do sometimes. But we know that it can be worrying so we wanted to share some more information about why this happens, and what you can do to resolve it.

Restricting accounts is a legal requirement

We’re a regulated entity and as part of our operating requirements, we have to follow specific rules created by the CBN for financial institutions. …


Image for post
Image for post

We’re writing to apologize for the disruption in gomoney services over the past few weeks.

We know that our services over the last few weeks have let many of our customers down. We’re sincerely sorry about that mess, and we want to assure you that we have resolved the disruption.

On the strength of your patience and feedback, not only did we fix the problems, but we have also developed easier and faster flows to prevent them in the future.

What happened?

Account Upgrades: As we grew, our previous KYC service provider could no longer solve our needs, so we had to update our systems, but we hit a bump that affected in-app account upgrades. …


Image for post
Image for post

We know that the Nigerian police is a threat to our safety and, as long as they remain on the streets — with a license to carry out random searches and no accountability — we will never be truly safe.

Since the 8th of October, Nigerians across the country have been hitting the streets daily to peacefully protest police brutality and to especially demand the end of the SARS arm of the police. To emphasize: we are demanding an END, not a reform, not a re-education of the officers, but a total shut down and removal of SARS officers.

The government claim to have attempted a reform: Every year since 2016 until as recently as January 2020, the Nigerian government has announced some version of a SARS reform that would ensure the safety of Nigerians. But they’re still here terrorizing and killing Nigerian youths. …


Image for post
Image for post

We have some important news about our virtual cards.

One of our goals is to create products that provide our customers with the convenience and easy-banking facilities they deserve. This goal inspired our virtual debit MasterCards.

We designed our virtual cards to offer you premium security. In situations where you’re worried about your card’s safety, instead of blocking and ordering an entirely new one, you can temporarily freeze your virtual card while you investigate. You could then unfreeze or block the card and get a new one on your account instantly and at no extra cost. …


Image for post
Image for post
All your bills, one phone. Paying bills is easier with gomoney

Attempting to manage your personal finance is never easy. From keeping up with payment deadlines and tracking unplanned spending to keeping up with who owes you, tracking your money is never easy. Now that we have so many payments — bills, leisure, group payments, etc — to keep up with, staying on top of your bank balance can get even more difficult.

We have many goals at gomoney, some of which are dedicated to designing and creating tools to help you address and tackle money management issues and eliminate the stress that usually accompanies tracking your payments. We’ve got tools to help you split bills with friends easier, virtual MasterCards for international and local online payments. …


Splitting bills just got easier!

When you’re out with your friends, splitting the bill can get complicated. Do you divide the cost evenly or by what everyone spent on food and drinks? How much is the service charge? How did they come to that amount and how does everyone start to split it? When you’re splitting larger bills — like rent, utilities, and keeping your apartment stocked with groceries — these questions get more tedious, more frequent and, like all things money-related, can sometimes lead to avoidable fights 😭

Reader, we’ve got some good news: at gomoney, our goal is to create tools that simplify money for you in any and every way, one of such is our “Splits” feature, located on your gomoney app. …


blue background with a hand holding a phone. The top is darker blue displaying sketched images of bread, masks and some logos
blue background with a hand holding a phone. The top is darker blue displaying sketched images of bread, masks and some logos
A must-have for today’s online shopper

Staying safe is the global motto for 2020. And as advised by the World Health Organisation, the best safety strategy is to stay home as often as we can — until science or nature finds a lasting solution to the Coronavirus.

In our quest to find the safest way to live, we have found that you can buy anything online: groceries, clothing, cake and even house plants! While shopping online is often more convenient than the norm (and better for your sanity, if you live in Nigeria 😭), it can be even more rewarding when you have a virtual card.

What is a virtual card? 💳

A virtual card is like a regular physical debit card in that it can do everything your average card can do, but it offers convenience, security and ease that a physical card cannot. …


Image for post
Image for post
When you share gomoney with friends, you could win between ₦80,000 and an iPhone!

Starting today (7th of July), you could win between ₦80,000 and an iPhone 11 when you invite family and friends to gomoney using your unique referral code!

You’ve done the work to spread the gospel of gomoney now it’s time to reap the benefits! As the bank you deserve and resident champion of split transactions, we’d never leave you or your new gomoney disciples empty-handed.

That’s why whenever you refer a friend to gomoney using your referral code, you will receive ₦300, and they’ll get ₦200. …

About

gomoney

We’re the bank you deserve, simplifying money for everyone with tools dedicated to helping you make better financial decisions — no noise, no stress

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store