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.
The AIP received by Abeg App, now PocketApp, is the first step towards final approval, subject to the fulfilment of certain conditions as stipulated by the CBN.
With the AIP, the Fintech Company becomes the first social commerce platform to secure CBN AIP for an MMO license, to drive digital payments and inclusion for micro-entrepreneurs in Nigeria. This however 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 Chief Operating Officer (COO) of Piggytech Global Limited, Odunayo Eweniyi, stated that the company will now work closely with the apex bank to meet all its conditions to receive the full operating license, which will enable it to continue growing and expanding the scope of its social payments, social commerce and other digital financial products to reach millions of Nigerian micro-entrepreneurs.
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