Fintech Gets CBN Approval-in-principle For Digital Payments Operations

The Central Bank of Nigeria (CBN) has granted an Approval In Principle (AIP) to Abeg Technologies Limited, a product of Piggytech Global Limited, as a Mobile Money Operator (MMO) in Nigeria.

With the platform becoming Nigeria’s first social commerce platform to secure the CBN’s AIP for an MMO license, the announcement marks a crucial development in the company’s bid to support seamless payments and online commerce throughout the country.

Commenting on the approval, co-founder and COO of Piggytech Global Limited, Odunayo Eweniyi stated that, “we are 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.”

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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.

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.

Speaking on the company’s evolution, COO of PocketApp, Patricia Adoga stated that, “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 app was launched as Abeg App in 2021. New as PocketApp, the payments app has about 2 million users to date. The company initially started its journey as a payment platform for sending and receiving money. It has since ventured into a full social commerce app, connecting buyers and sellers across Nigeria and soon Africa.