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 (MMO) in Nigeria.
The platform is now the first social commerce platform in Nigeria to obtain the CBN’s approval for an MMO license, and the announcement represents an important step forward in the company’s effort to promote secure online transactions and commerce across the whole nation.
Additionally, Abeg is fully changing its name to “Pocket by Piggyvest” to emphasise 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 license 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.
“We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria,” Odunayo Eweniyi, Co-Founder and COO of Piggytech Global Limited, stated.
“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.”
Affirming its support for the Federal Republic of Nigeria’s 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 license: 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.
“For the last 18 months, we have been focused on building the core infrastructure that will enable secure social commerce and payments at scale,” Patricia Adoga, COO of PocketApp, said.
“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.”
In 2021, the Abeg App was released. Since it launched 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 sellers throughout Nigeria and soon all of Africa.