Abeg has relaunched a new application called PocketApp, this underlines its application from a payment app to a social commerce App. Abeg a subsidiary of Piggytech Global Limited, secured approval in principle (AIP) for a mobile money operator (MMO) license application from the Central Bank of Nigeria (CBN) to expand its Social Commerce Operations across the country.
Piggytech Global Co-founder and Chief Marketing Officer (CMO) Joshua Chibueze said the PocketApp got over a million users. This brand is made for everyone, but at the moment we are focusing on small businesses and people who sell on social media handles like WhatsApp and Instagram.
Dare Adekoya, Meheez Akanni, Patricia Adoga, and Eniola Ajayi Bembe are all co-founders of Abeg. This platform allows users, mostly Gen Z, to send and request money through a wallet-based system, it is enjoyed on Twitter due to its million users. The app got downloaded 5000 times in its first 2 weeks. Abeg is a mobile app designed to please Gen Z.
However, Abeg App got large recognition when it became the headline sponsor of Big Brother Nigeria (BBN), the most-watched reality TV show in Africa, in 2021. Abeg was acquired by PiggyTech Global just before the show began airing, it gained users of 20,000 when it was newly launched. But the BBN thus brought more users about 2 million before the show ended, after the show, we hope to retain our users which is a big task. Our main focus is on being able to open a pocket shop and sell online for free. Over 65% of piggy vest’s current users sell something it made sense for us because we’re trying to create extra value for current customers.
The MMO license will allow the pocket App to issue e-money, create and manage wallet creation, enable USSD, recruit, manage and pay money to its agent, and manage the pool, accounts all of which are central to expanding social commerce. PocketApp, like MTN and Airtel, has received similar approvals in principle to launch mobile money services in Nigeria.
“PocketApp assures us 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 young Gen Z to carry out transactions quickly and also to save cost.
Co-founder Patricia Adoga said that the App infrastructure has been in the works for over 18 months to enable secure social commerce because social commerce thrives better in a more trusted environment.
The company said in a statement that the app would help buyers and sellers across Nigeria, and also African countries. People can do business via smartphone easily.
In Nigeria, people prefer to buy items physically but with this Abeg App, you can buy anything online using the App. E-commerce companies thrive to build trust with their users to enable them to purchase goods via Apps. PocketApp’s major policy is trust. Anybody can sell anything online in the safest way possible. Anyone can sign and get their goods delivered in good condition and in case of otherwise you can always ask for your money back.
Co-founder and Coo of Piggytech Global, Odunayo Eweniyi said in the aforementioned statement, “we’re incredibly pleased that Pocket App has been granted an approval-in-principle as 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, for the growth, and expansion of our social payments, social commerce, and other digital financial products to reach millions of Nigerian small businesses.