Abeg App Granted MMO License By CBN, Rebrands As Pocketapp
The Nigerian payment app and social commerce platform to expand its offerings from money transfers to delivering a range of payment services for Nigeria’s social commerce and eCommerce markets.
Abeg Technologies Limited, a subsidiary of PiggyTech Global Limited, has been granted an Approval In Principle (AIP) by the Central Bank of Nigeria (CBN), to operate as a Mobile Money Operator (MMO) in Nigeria and also rebranded to become “Pocket by Piggyvest” (PocketApp).
According to the company, the new license will enable Piggytech Global LTD, Pocket’s parent company, to offer its customers a range of mobile money services. These include wallet creation and management, eMoney issuing, USSD payment services, agent recruitment and management, pool account management and card acquiring.
Odunayo Eweniyi, co-founder and COO of Piggytech Global Limited, said: “We’re incredibly pleased that PocketApp has been granted an approval in principle as a 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, 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,” Eweniyi added.
Patricia Adoga, COO of PocketApp, said: “For the last 18 months, we have been focused on building the core 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 shopping experience on the app.
The platform’s new name reflects its added functionalities for users to buy and sell items via virtual pocket shops. The company’s strategic pivot comes as the market for social commerce in Nigeria is expected to reach $23.8 billion by 2028.