We have news about gomoney's bank transfer charges.Β 

The Federal Government of Nigeria recently increased the bank transfer VAT from 5% to 7.5%. What this means is that in addition to their usual bank charges, all Nigerian banks will now charge the additional cost for all bank transfers.

As we're bound by FGN rules (though we are not a bank... yetΒ πŸ™Š), this meant we had to rethink the bank transfer part of our payment platform structure.

Everything is still the same: gomoney transfers and sending money to phone numbers are still N0.00! Likewise, you can still send payment requests and payment links to anyone, and split bills cost (and stress) free.

But to comply with the new Finance Bill while maintaining our top-notch service, we've had to update our bank transfer charge. So from Monday the 24th of February, whenever you absolutely need to send money through a bank transfer you'd be charged N8.50 (formally N7.88).

We are still the same hassle-free, safe, fast and secure banking platform you've come to know and (hopefully) love. We understand that you may have some questions, so please don't hesitate to shoot us an email at [email protected], or reach out on any of our social media platforms (gomoneyng).

The gomoney team

PS. You can read about the Finance Bill, the key changes and implications in this report.