The Central Bank of Nigeria (CBN) has granted Approval in Principle (AIP) to Abeg Technologies Limited, a product of Piggytech Global Limited, as a Mobile Money Operator (MMO) in Nigeria. With the platform becoming Nigeria’s first social commerce platform to secure CBN’s AIP for an MMO license, the announcement marks a crucial development in the company’s bid to support payments and seamless e-commerce across the country.
Additionally, in an effort to underscore its evolution from a money transfer app to a social commerce platform, Abeg is completely rebranding to “Pocket by Piggyvest(Pocket App).
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 in a social commerce market that is expected to reach $23.8 billion by 2028 in Nigeria alone.
PocketApp has received an AIP dated April 25, 2022 from the Central Bank of Nigeria (CBN) for an application for a license to operate as a Mobile Money company. For the subsidiary Piggytech, this is the first step towards final approval, subject to the fulfillment of certain conditions as stipulated by the CBN.
Commenting on the endorsement, Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limitedstated, “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..”
PocketApp affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and will continue to make it easier for our large young population to transact seamlessly while saving them cost 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.
Talking about the evolution of the company, Patricia Adoga, COO of PocketApp, States,”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..”
The app was launched as Abeg app in 2021. New as PocketApp, the payment app has around 2 million users so far. The company started its journey as a payment platform to send and receive money. It has since ventured into a comprehensive social commerce app, connecting buyers and sellers across Nigeria and soon Africa.