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Abeg is a Nigerian social payments startup and a subsidiary of Piggytech Global limited. The startup announced that it had been granted approval in principle (AIP) from the Central Bank of Nigeria to run as a mobile money operator. This was after it met the specific regulatory requirements. It is now expected to receive the license. Abeg has also rebranded and will now be known as PocketApp.

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The AIP is to expand its social commerce platform and facilitate seamless payments across the country. That said, Abeg will no longer be just a payment app but also a social commerce app.

Abeg was Founded in 2020 by Dare Adekoya, Muheez Akanni, Patricia Adoga and Eniola Ajayi-Bembe. The platform allows users to send and request money through a wallet-based system. Its app went from 5,000 downloads within the first 2 weeks of launch to become became a massive hit. After it became a headline sponsor of the Bbnaija reality2021 tv show that catapulted it from having 20,000 users to 2 million at the end of the show.

This article is simply saying that Pocketapp wants to be like Catlog, the WhatsApp-based social commerce platform. Except it will also facilitate seamless payments.

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The app will contain new functionalities for users to buy and sell items via virtual Pocket shops. That said, people can open a pocket shop and sell online for free. Recall that last, year PocketApp was acquired by Piggyvest. Thus, it will leverage the fact that over 65% of Piggvest’s current users are selling something.

Furthermore, PocketApp’s interest in tapping into Nigeria’s social commerce market estimated to reach US$23.8 billion by 2028 has finally worked.

All they did in 2021 was to get everyone to get the app first. Now, they want to retain them by creating apps that everyone can use. First by small micro-businesses and people who sell on Instagram and WhatsApp. Not only that, the mobile money operating license will allow PocketApp to issue e-money, create and manage wallet creation, enable USSD, recruit, manage and pay money to its agent, and manage pool accounts all of which are central to expanding social commerce. 
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The PocketApp infrastructure has been in the works for over 18 months. Because the founders want to build a secure platform. It will be bad for business if so many people get scammed. To that end, PocketApp’s escrow services were added to protect buyers and sellers. Its other features will ensure a smooth shopping experience on the app. Most importantly, the social commerce app, will connect buyers and sellers across Nigeria, and soon, other African countries.

Bottom line

PocketApp wants to break geographical limitations between buyers and sellers through their online pocket shops on Instagram and WhatsApp. There’s more. PocketApp is trustworthy, so you can sell and buy anything online in the safest way possible. If you pay for an item, and you did not get what you ordered, you can send it back and ask for your money back. So sign up with confidence.

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This article was first published on 1st July 2022

eyimegwu-ekene

I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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