Popular Nigerian payment app and social commerce platform Abeg on Monday announced it’s rebranding Pocket by Piggyvest, following it’s acquisition by online savings platform Piggy Vest.
The rebranding comes as the news of the newly named Pocket will be granted a mobile money operator license by the Central Bank of Nigeria (CBN) after received an Approval In Principle (AIP) from the CBN. Receiving an AIP is the first step toward final approval from the CBN.
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.
Commenting on 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,” Eweniyi added.
News of the new license and rebranding reflects the company’s ambition to expand its offerings from money transfers to delivering a range of payment services for Nigeria’s social commerce and eCommerce markets.
“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.
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.
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