Abeg, now PocketApp, a social payments company owned by PiggyVest has obtained Approval in Principle (AIP) from the Central Bank of Nigeria (CBN) to operate as a mobile money operator (MMO), becoming the first Nigeria’s social commerce platform to secure CBN’s AIP for MMO license.
To mark this evolution from a money transfer app to a social commerce platform, Abeg is changing its name to “Pocket by PiggyVest”, simply called PocketApp.
The platform’s new name refers to its additional features allowing users to buy and sell items through virtual pocket shops and reinforces its push into an estimated social commerce market of reach $23.8 billion by 2028 in Nigeria alone.
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In a statement, the platform’s co-founder and COO, Odunayo Eweniyi, said they were excited about the new development which gives them the opportunity to grow and expand their reach as as a social commerce platform while providing payment services.
We are extremely happy that PocketApp has obtained approval in principle as a mobile money operator in Nigeria. We will now work closely with the Central Bank to complete all of its requirements in order to receive the full operating license, allowing us to continue to grow and expand the reach of our social payments, social commerce and other products. digital financial to reach millions of Nigerian micro-entrepreneurs. .
Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited
About Pocket App
PocketApp has received an AIP dated April 25, 2022 from the CBN for a license application to operate as a Mobile Money Company.
For subsidiary PiggyTech, this is the first step towards final approval, subject to the fulfillment of certain conditions as stipulated by the CBN.
The brand has affirmed its commitment to the CBN and Nigeria financial inclusion agenda while continuing its mission to make it easier for Nigeria’s young and large population to transact while saving them costs and giving them more access to get paid.
The mobile money operator license will allow the company to carry out activities around: creation and management of wallet, issuance of electronic money, USSD, recruitment and management of agents, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-banks. acquiring merchants in Nigeria, acquiring cards and any other activities that may be authorized by the CBN.
Speaking about the company’s evolution, Patricia Adoga, COO of PocketApp, says:
Over the past 18 months, we have focused on building the foundational 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 in-app shopping experience.
Patricia Adoga, COO of PocketApp
What this means for e-commerce platforms
The announcement marks a crucial development in the company’s offering to support seamless online payments and commerce nationwide.
The new development also paves the way for other e-commerce businesses to take advantage of the existing gap in access to financial opportunity, wealth and opportunity, while corroborating the efforts of financial institutions to foster the financial inclusion in the country.
Read also: MTN’s mobile money service, MoMo, kicks off operations in Nigeria
The Abeg app was launched in 2019 and already has around two million users, starting out as a payment platform for sending and receiving money.
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