“Abeg“, in Nigeria, is probably the most popular and used word. It’s a word every Nigerian has used at some point when asking someone (a friend or family member) for a favor. Muheez Akanni, Michael Okoh, and Dare Adekoya decided to tap into that to build what it calls the “Abeg app”, a platform to send and request/receive money from friends and family, seamlessly.
Abeg launched in 2019. According to the CEO of Abeg, the startup was modeled after Cash App, an American mobile payment service owned by Square (a company founded by Twitter’s CEO, Jack Dorsey). So, simply put, Abeg is the Cash app for Africa.
About Abeg App
Abeg launched as a peer-to-peer platform where a user can request money from another Abeg user on their contact list and can send money to anyone with an Abeg tag (like a username). So, instead of going through the stress of bank transfer, you can easily send or receive money from others.
You can request money from any Abeg users in your contact list just by typing in their Abeg tag and your request will be sent to them. You do not need your bank details to send a request and receive money. Although, your phone number must be linked to the BVN you registered with.
Furthermore, there’s an Abeg wallet on the platform where money received is stored in. From there, you can decide to withdraw it into your bank account (an account that must be linked to your Abeg account) or send it to another Abeg user on the app.
While you can only send and request/receive money at the moment, there are other features in the pipeline from Abeg. One is its group savings feature (similar to what Piggyvest offers), as well as a fundraising feature.
While Abeg is still relatively new to Nigerians, it has grown steadily since it was launched – a trend we expect to continue. Also, interestingly, Abeg is the headline sponsor of the season 6 edition of the popular reality show Big Brother Naija. That, we hope, will further increase its popularity among Nigerians.
Image Credit: TechPoint