Abeg, a popular Nigeria based Payment Application has changed its name to PocketApp. The name change is an indicator of the company’s burgeoning aspirations of its shift from the payment sector to the social commerce sector.
Abeg is a slang Nigerian term for asking favours. Owing to its catchiness, the new payment app got certain popularity. However, the major change in the company’s trajectory came after it became a sponsor of the popular show Big Brother Nigeria 3, a Nigerian extension of the popular global show.
Before the sponsorship of BBG, the company was acquired by one Piggytech Global Limited. Post sponsorship the Company clocked meteoric success with users now ranging in millions.
The company now wants to add new features such as issuing e-money, wallets and managing pool accounts to support its social commerce goal. Company’s morale heightened when the Central Bank of Nigeria granted an approval-in-principle to the company’s Mobile Money Market application.