PiggyVest Acquires ‘Abeg’, Rebrands It To Pocket
Nigerian social payments company, Abeg, has reportedly rebranded to Pocket after being acquired by PiggyTech Global Limited, the parent company of PiggyVest, an online savings & investment platform,
With the acquisition, the fintech company which launched in 2021, has been granted an approval in principle, AIP, by the Central Bank of Nigeria, CBN, to operate as a Mobile Money Operator, MMO, to drive digital payments and inclusion for micro-entrepreneurs in Nigeria.
The Mobile Money Operator license will enable the company to carry out activities around: wallet creation and management, e-money issuing, USSD, agent recruitment and management, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria, card acquiring, and any other activities that may be permitted by the CBN.
Leveraging a social commerce market estimated to reach $23.8 billion by 2028 in Nigeria alone, the transition boosts Abeg’s operations, enabling users to buy and sell items using a virtual pocket shop from now on.
Sharing her pleasure about the approval, 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.
“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 teeming young population to seamlessly carry out their transactions while saving them costs and giving them more access to get paid.”
Patricia Adoga, COO of PocketApp, said the company has been focused on building the core infrastructure that will enable secure social commerce and payments at scale for the past 18 months. “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.”