REVIEW: First impression of gomoney Digital Bank App


gomoney is a digital bank that offers a “smart way to organise money”.
The features of gomoney are similar to that of other digital banks . In that, gomoney allows users to pay & split bills, track expenses, send & request money. Yet, it has some stand-out features. I found its ability to organise my spend, share receipts and profile transactions, interesting.
This review presents to you my first impression of the gomoney app. I imagine that after using it for a while, my opinions might be further refined, but for now, here goes.

Phone : Google Pixel 3 OS : Android version 10
Getting started with gomoney
In this section, I take you through six major phases of using the gomoney app. The phases are installation, onboarding, funding, transfer and reporting. Then, I give my closing thoughts on the app.
Installing the app
Before installing the gomoney app, I checked the download size on the Play Store.
On Google Play Store, gomoney’s app size was 20 MB. But when it downloaded to my phone it unpacked to 44.18 MB.
The difference in app size shows what level of file compression had taken place. It’s preferred for app makers to keep their files small so that it will download faster on their prospective user’s device. Also, because the file size is small, it will use less internet bandwidth.
Sign-up and onboarding
For its onboarding, gomoney makes use of bright colours, illustrations, a conversational User Interface and some nifty app tricks.
In line with the mandatory tiered-KYC requirement of banks and OFIs, sign-up to gomoney was progressive and comprehensive. Thus, without visiting a bank branch, I was able to open a full-service Tier 3 bank account.
To begin:

I entered my phone number
gomoney sent my number an OTP
then, automatically detected the OTP

That way, it was able to verify that I was the holder of the phone number. Verifying phone numbers is important to digital banks as that serves as the user’s account number in their bank.
After verifying my number, it asked for my email address. Then, I entered my full legal name & Date-of-Birth, home address, and selected my gender. Next, I set-up my security questions and that automatically put me on the Tier 1 account type.
Afterwards, I had a chance to get straight into the app or upgrade to a full account (Tier 3). I decided on the full upgrade. To upgrade, I entered my BVN, took a selfie, scanned my signature and provided a Government ID (Driver’s Licence, in my case).
A cross-section of gomoney Onboarding screens Depositing money
By default, bank accounts are empty. We fund them by depositing money into them. Today, to fund my traditional bank account, I either:

walk into a bank branch to deposit money or
receive a transfer from another banking channel. For this to...

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