Fintech Startup, SplitCash is Revolutionizing the Shared Payment Experience For Everyone

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Published: 2022-06-13
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For a nation that is making significant gains with distinctive innovations in its tech area, Nigeria's payment eco-system lacks a practical iteration for a simple experience for dividing payments. This is especially problematic given that Nigeria is a country that is making crucial strides.

The public's attitude toward communal expenditure suffers as a result of the increased emotional pressure that is brought on by inefficient systems of bill-sharing, which in turn hurts the economy.

SplitCash was created with the intention of bringing about a world in which shared payments may be made in an easy and risk-free manner by anyone. This problem has received relatively little attention until recently.

SplitCash is an app that was co-founded by Bolu Okunaiya, Olumide "Lumbex" Akinnodi, and Chijioke "CJ" Mac-Eze. It was designed to give quick, real-time deductions on shared payments while also retiring unpleasant conversations between friends that were linked to money.

The members of the SplitCash team share some insights into their thought processes, their motivations, and their goals for all of the exciting things that the future has in store for them in the conversation that follows.

This interview has undergone some very little editing in the sake of clarity.

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What specific event served as the impetus for the creation of the app?

Bolu Okunaiya: There were a variety of happenings taking place, the most common of which was individuals failing to pay back their bills. Previously, we designed something quite similar to this, which allowed users to just request financial assistance from one another.

It did not work since in order to take a Bolt with five people, you are required to send out five requests for money and track all of them individually.

Olumide Akinnodi: When we first started hanging out with this one guy, his catchphrase was "don't worry, I gotcha; I'll email it to you." It was a stressful situation to have to remind someone to take responsibility for their own financial situation. Since it struck us so directly in our stomachs, we reasoned that we might be able to build it, and so we embarked on the quest of finding a solution to the problem of sharing payments with our friends.

When did you officially begin working on the project?

OA: 24 November 2021. At first, we referred to it as "JFK," but eventually changed the name to SplitCash.

In your opinion, what are the primary drivers and goals behind the development of SplitCash?

Chijioke Mac-Eze: Our main objective is to make the process of dividing the bill easier and more comfortable for our customers. We went to a club not too long ago, and while we were there, someone was rudely holding people's phones up to their faces and showing them the account to which they were all supposed to make their payment.

Because we all want to break some bad habits when it comes to splitting the costs, connecting the vision was a simple and straightforward process.

During the process of designing the app, what has been the single most challenging obstacle?

BO: I do not believe that we have even arrived at this point yet. In my opinion, the most challenging aspect would be designing a system that is scalable and capable of satisfying demanding requirements in the event that they materialize.

OA: This is what we specialize in, and we've been in the construction business for some time now. It is about acquiring more users, getting the system to respond to our users, and the social part of it; it is about getting everyone to get the idea of Split into their heads. I believe that we will be able to manage the building of the split culture even if it is very crucial.

Let's go through each of the characteristics, but first, let's define what we mean when we say "Split."

A Split is a shared payment, according to the OA. When we all wish to pay for anything, a split is determined, and then we pay as one, with each person responsible for their own portion of the total cost. Now, our goal is to transform the experiences you have in real life into features that you can use on the app.

How many different methods are there to divide up a bill that needs to be paid?

BO: A split is a graphical representation of what actually takes place in real life.

Let's say you and some buddies are going out to eat, and you all decide to split the bill. It is necessary for you to be aware of the item that is being split, the amount that is being split, and so on. The rollout of the equal split was a simple process, but not all splits are created equal.

For instance, the individual in the group who has the most money could elect to take fifty percent of the money, while the other members pay the remaining amount. Or how about the situation where everybody purchases a platter, but some of them also have additional drinks? When the bill is divided unequally, each person is responsible for their own portion of the total.

In fact, it goes much beyond. Because I might go out with a friend and then wish to cover for that friend, we developed a feature that we call IGotYou; however, it will not be available in the initial release; rather, it will be available in following editions. On the computer, we are working to recreate everything that is possible to achieve in the physical world.

Therefore, please explain how SplitCash can be considered a social experience.

BO: When you split with someone you don't know, how can you be confident that the person isn't just another scammer on the internet? All of your interactions in SplitCash add up to a score that indicates your reliability, and this number is added to your overall score. Each successful interaction contributes to the overall score that you have on the Splitverse.

Is there a way for folks who don't have the app to try out SplitCash without downloading it?

BO: At this time, we are only distributing on iOS for the time being. In the meantime, however, there will be provisions made for Android users — and even iOS users who do not have the app — to participate in splits while we work on developing the Android version. A link will automatically be generated for you if you use this guest experience; all you need is the person's phone number or email address.

Through the connection, users can access a streamlined web version of the application and make payments through card or wire transfer. If you refresh the link, you will be able to see the complete status of that transaction. Additionally, if a split is canceled, the person who received the money will be able to collect it using the same URL.

What kind of connection does SplitCash have with the user's bank account?

OA: SplitCash is not intended to serve as a replacement for the payment platforms you now use. The issue of shared payments is the one that needs to be resolved as a priority for us.

Therefore, you should continue using whichever method of payment platform you are already utilizing. However, if you need to handle a shared payment, you should consider using SplitCash.

Let's talk about the way it was designed. Where are we headed with the design?

CM: We want to start a movement and infuse new culture into the world. In addition, we want to stand out from the crowd of other payment apps. Because of this, we decided to give our brand identity a contemporary and cutting-edge vibe.

OA: When you interact with SplitCash, we want you to experience something different, something you wouldn't ordinarily associate with payments. We want you to feel like you're part of something special. We want it to be a fun and engaging social experience for all of our users.

In what directions do you see SplitCash heading in the future?

BO: To the best of my knowledge, no one else in the Nigerian technological ecosystem is doing what we are doing at SplitCash. People are implementing aspects of it, but not the complete concept as a whole. I believe that we are going to be successful in our efforts to revolutionize split payments. In the process of shattering expectations, I foresee us reaching a valuation of one billion dollars.