Everyone is familiar with the process of dividing up a bill, whether it is for rent, groceries, a supper out with friends, or other things associated with day-to-day living. Your thoughts immediately wander to the costs associated with various subscription services, such as an Apple Music family plan, Spotify, or even Netflix. People tend to gloss over the fact that bill-splitting is more widespread than they let on.
And there's a good explanation for that. The talks that arise as a result of shared payments can range from simple to incredibly uncomfortable, and most of the time, they land somewhere in the latter category. Problems arise, such as deciding where the accumulated monies will be kept or maintaining an accurate record of how much is owed to each individual. It's possible that someone, including yourself, will be unable to process such payments at that time.
Imagine the aggravation that you would feel on a night when the network at your bank is down and the host has to wait for the money to be transferred before they can pay. Or, even worse, having to sort out the entire payment without being paid back on time or even at all.
The truth is that Nigeria's financial ecosystem has not yet accounted for a convenient and seamless experience for splitting payments, despite the various strategies that people employ to offset the obstacles that are present in the country.
The Unknown Aspect of Financial Transactions
When a group of people join together to handle a payment, the dynamics of the situation shift significantly from the individual experience of having to pay for something at some point. Before agreeing to a split payment with another individual, it is important to take into account a variety of variables, including personal financial responsibility and trust, which have become increasingly important with the rise of crowdfunding movements (s).
**SplitCash, a financial technology firm, was established as a result of these factors with the goal of making it possible for anybody to make shared payments that are both simple and secure.
The idea that would eventually become SplitCash had been kicking around in the heads of the company's co-founders, Bolu Okunaiya, Olumide "Lumbex" Akinnodi, and Chijioke "CJ" Mac-Eze, for quite some time. According to Bolu, "[It was] a variety of things happening, the most common of which was people neglecting to pay back their invoices."
When we worked on a project similar to this one, one of the features was the ability to ask another user for financial assistance.
" It didn't really work because if you take a Bolt with five guys, you have to put out five money requests, and you have to track them all individually. "
In addition to the inconvenience of collecting individual cuts in a simple manner, the process of dividing a payment with a buddy can be embarrassing because it requires you to ask them for their portion of the bill. The arrival of SplitCash marks the junction of finances and friendships, promoting financial accountability and putting a stop to uncomfortable conversations about money that might arise between friends.
Unconventional Solutions to Time-Honored Issues
The program simulates many real-life situations involving bill-splitting, such as receiving unequal payments, covering for another person, and finding a way to save money for crowdfunding.
A shared payment that is carried out between two or more individuals is referred to as a Split. Once the email, phone number, and BVN verification processes have been finished, you will be able to search for your friends using their username or "Split Tag." Once you have their registered phone number saved on your phone, it will be quite easy to find them.
Equal and unequal splits can be made by adjusting the precise amount, using a percentage of the total, or any combination of these three methods.
Your funds are stored in a wallet, which may be reloaded with money using either a wire transfer or a bank card.
You can still divide payments with your pals even if the app is not installed on your phone because there is a miniature web version of the app. You can join splits by clicking on a link that is produced specifically for you, and you can also check the status of ongoing splits right up until the moment where payouts are made.
The fact that the corporation does not have a preferred banking partner is the single most critical point to emphasize. Olumide is quite passionate about this topic, and he shares his thoughts by adding, "SplitCash is not intended to replace your existing payment platforms." The issue of shared payments is the one that needs to be resolved as a priority for us.
Therefore, it doesn't matter what method of payment you use, you should stick with it. However, if you need to deal with a shared payment, you should consider using SplitCash.
Pursuing A Cultural Reset
The co-founders have emphasized that one of their primary goals is to alter the way in which members of the general public approach and think about shared payments. When asked about the challenges encountered in putting together the app to this point, Olumide had an unusual response.
"Building is what we specialize in, and we've been in the business for quite some time.
" It's [about] attracting more people, establishing a system that they would love to use, and the social part of it; putting the Split notion in their heads," said Split's CEO.
Mac-Eze, who is in charge of design, thinks that a cultural reset and improved product functioning go hand in hand. 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.
" We want to establish a new culture and start a movement, and we also want to differentiate ourselves from existing payment products. Because of this, we decided to go with an edgy and energetic look for the visual identity of our company.
In order to have a significant impact, strategic innovations are required. One split at a time, further releases will help promote shared spending, collective financial responsibility, as well as frank and clear dialogues about finances between friends.
What what lies ahead?
We are all aware that the individual holding the card is typically responsible for the majority of the payment. The organization continues to be responsible for making financial contributions when using the Split Card. This card gives you access to all of Split's services, but you won't be able to use it to withdraw money until after a split has been authorized and associated with it.
The 'Circles' function will make it possible for close friends who routinely divide up their expenses jointly to do so with just one click. It is possible for a user to be a part of many Circles at the same time.
Imagine that you have a friend who can attend an event with you as your plus one. On the app's payment page, there will be an option to "cover for that pal," which will be described in more detail below.
The 'Splitverse' option, which Olumide defines as "taking away the experience of paying for items from people you know," is probably the most interesting of all of the available features.
For instance, I might be interested in taking a course online that costs $40, but I might not want to pay for the entire thing right now. "We can obtain that same value at a cheaper price if we can only locate someone else who is interested in doing the same course as us," Olumide explains.
With so much to look forward to, Bolu has great hopes for the value that SplitCash would offer, not only to the users but also to the Nigerian IT industry and, eventually, the rest of the globe. " I believe that we are going to be successful in our efforts to reinvent split payments. I envision us exceeding expectations and reaching a valuation of one billion dollars."