The Central Bank of Nigeria (CBN) has approved Abeg App, a Piggytech Global Limited product, as a Mobile Money Operator in Nigeria.
Abeg Technologies Limited, a division of Piggytech Global Limited, has been given approval in principle (AIP) by the Central Bank of Nigeria (CBN) to operate as a mobile money operator in Nigeria.
The announcement marks an important breakthrough in the company’s effort to facilitate frictionless payments and online commerce across the nation because the platform is now the first social commerce platform in Nigeria to gain the CBN’s AIP for an MMO licence.
“We’re tremendously happy that PocketApp has been given approval in principle as a Mobile Money Operator in Nigeria“, said Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited in response to the decision. “As we continue to develop and broaden the scope of our social payments, social commerce, and other digital financial products to serve millions of Nigerian microentrepreneurs, we will work closely with the Central Bank to fulfil all of its requirements in order to obtain the complete operating licence.”
Additionally, Abeg is fully changing its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).
The platform’s new name alludes to its expanded user-buying and selling capabilities via virtual “pocket stores” and supports its entry into a social commerce market projected to reach US$23.8 billion in Nigeria alone by 2028.
The Central Bank of Nigeria (CBN) sent PocketApp an AIP dated April 25, 2022, for a licence application to operate as a mobile money company. This is the first step toward ultimate clearance for the Piggytech subsidiary, provided that certain requirements outlined by the CBN are met.
Affirming its support for the Federal Republic of Nigeria and the CBN’s financial inclusion mission, PocketApp promises to keep facilitating transactions for our teeming youth population while also saving them money and expanding their options for receiving payment.
The company will be able to conduct the following activities thanks to the Mobile Money Operator licence: Wallet Creation and Management, E-money Issuing, USSD, Agent Recruitment and Management, Pool Account Management, Non-Bank Acquiring as Permitted by the CBN, Card Acquiring, and any other activities that may be Permitted by the CBN.
According to Patricia Adoga, COO of PocketApp, when discussing the company’s development over the past 18 months, “we have been focused on establishing the basic infrastructure that will enable secure social commerce and payments at scale. We think that a more reliable environment will be better for social commerce. In order to safeguard consumers and sellers and add many more features to our payment infrastructure, we incorporated escrow. This ensures a seamless buying experience on the app.”
In 2021, the Abeg App was released and since its launch as PocketApp, the payments app has amassed nearly 2 million users. The business initially began as a platform for transferring and receiving payments. Since then, it has expanded into a complete social commerce platform, bringing together shoppers and merchants across Nigeria and Africa.