Abeg, now PocketApp, a social payments company owned by PiggyVest has been granted an approval in principle (AIP) by the Central Bank of Nigeria (CBN) to operate as a Mobile Money Operator (MMO), consequently becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license.

In a move to underline this evolution from a money transfer app to a social commerce platform, Abeg is rebranding to “Pocket by PiggyVest”, simply called PocketApp.

The platform’s new name references its added functionalities for users to buy and sell items via virtual pocket shops and reinforces its push into a social commerce market estimated to reach US$23.8 billion by 2028 in Nigeria alone.

Abeg changes name to PocketApp - Women in Business: Odunayo Eweniyi - Businessday NG

Piggyvest’s COO, Odunayo Eweniyi

In a statement, the Co-founder and Chief Operating Officer of the platform, Odunayo Eweniyi noted that they were delighted with the new development which gives them an opportunity to grow and expand their scope as a social commerce platform while also providing payment services

We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the full operating license, enabling us to continue growing and expanding the scope of our social payments, social commerce and other digital financial products to reach millions of Nigerian micro-entrepreneurs.

Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited

About PocketApp

PocketApp received an AIP dated April 25, 2022, from the CBN for a license application to operate as a Mobile Money company.

See also  Fintech Focus: The link between Open Banking and financial inclusion

For the PiggyTech subsidiary, this is the first step towards final approval, subject to the fulfillment of certain conditions as stipulated by the CBN. 

PocketApp (formerly Abeg App) Secures Approval In Principle For MMO License  in Nigeria - Tech Nova

Abeg changes name to PocketApp

The brand has affirmed its commitment to the financial inclusion agenda of the CBN and Nigeria while continuing on a mission to make it easier for Nigeria’s teeming young population to seamlessly carry out their transactions while saving them costs and giving them more access to get paid.

The Mobile Money Operator license will enable the company to carry out activities around: Wallet Creation and Management, E-money issuing, USSD, agent recruitment and management, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria, card acquiring, and any other activities that may be permitted by the CBN.

See also  Nigerian-led fintech, Esusu attains unicorn status with $130m Series B funding

Speaking on the company’s evolution, Patricia Adoga, COO of PocketApp, states:

For the last 18 months, we have been focused on building the core infrastructure that will enable secure social commerce and payments at scale. We believe that social commerce will thrive better in a more trusted environment. So we added escrow to our payment infrastructure, protecting buyers and sellers and many other features, ensuring a smooth shopping experience on the app.

Patricia Adoga, COO of PocketApp

What this means for e-commerce platforms

The announcement marks a crucial development in the company’s bid to support seamless payments and online commerce throughout the country. 

The new development also paves a way for other e-commerce companies to leverage the existing gap in access to financial possibilities, wealth, and opportunities, while corroborating the efforts of financial institutions in driving financial inclusion in the country.

The Abeg App was launched in 2019 and already has about two million users, starting as a payment platform for sending and receiving money.

111 thoughts on “Abeg changes name to PocketApp, gets AIP to operate as mobile money operator”

  1. My husband and i were peaceful when Peter could carry out his basic research out of the precious recommendations he got through the web pages. It’s not at all simplistic to simply possibly be giving away key points which other people could have been selling. So we recognize we have got you to be grateful to because of that. All the explanations you have made, the straightforward web site navigation, the relationships you help to foster – it is mostly great, and it’s really aiding our son and the family believe that the theme is brilliant, which is certainly quite fundamental. Thank you for all!

  2. I am only commenting to let you understand what a fine discovery my wife’s girl went through studying your web site. She learned a lot of issues, most notably how it is like to have an excellent giving spirit to have folks easily gain knowledge of some grueling subject matter. You undoubtedly surpassed readers’ expectations. Many thanks for imparting these great, healthy, edifying and unique tips about the topic to Sandra.

  3. Generic Name. Medicament prescribing information.
    [url=https://stromectolst.com/#]ivermectin 6 mg tablets[/url]
    Long-Term Effects. Get here.

  4. Everything information about medication. Read information now.
    [url=https://viagrapillsild.com/#]viagra advertisement[/url]
    Commonly Used Drugs Charts. Long-Term Effects.

  5. Everything information about medication. Learn about the side effects, dosages, and interactions.

    [url=https://propeciaf.store/]order propecia without dr prescription[/url]

    https://zithromaxa.fun/ how to get zithromax online
    earch our drug database. Get warning information here.

Leave a Reply

Your email address will not be published. Required fields are marked *