The Central Bank of Nigeria (CBN) has granted an AIP to Pocket (Abeg Technologies), a product of Piggytech Global as a Mobile Money Operator (MMO) in Nigeria. With the platform becoming Nigeria’s one of the first social commerce platforms 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.
Additionally, in a move to underline its evolution from a money transfer app to a social commerce platform, Abeg is rebranding completely to ‘Pocket by Piggyvest’ (PocketApp). The platform’s new name references its added functionalities for users to buy and sell items via virtual pocket shops and reinforces its push into a social commerce market estimated to reach USD 23.8 billion by 2028 in Nigeria alone.
PocketApp received an AIP dated April 25, 2022, from the Central Bank of Nigeria (CBN) for a license application to operate as a Mobile Money company. For the Piggytech subsidiary, this is the first step towards final approval, subject to the fulfilment of certain conditions as stipulated by the CBN.
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.
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