Tech in Africa
Abeg, a mobile payment platform designed to cater to the young has been likened to Cash App based in the United States. The app is a fun experience for its users and launched on September 22. Abeg’s co-founders are Dare Adekoya and Akanni Muheez.
Abeg is fairly similar to Cash App and enables the user to request and send money through tags. Sending money is easier as it does not involve the use of bank accounts. One can easily scroll through their contact list phone numbers or payment links after funding their digital wallets.
The word Abeg is pidgin for “please” and is part of the stylistic approach the app has taken to appeal to the younger generation. As part of the promotion campaign, Nigeria tech Twitter has encouraged the company to perform giveaways which are highly popular among Nigerians. Future apps will benchmark from Abeg’s approach that pivoted away from large marketing campaigns. News of the app has become an internet sensation and highly popular with young millennials.
Adekoya, Abeg CEO brings his corporate experience to the team having worked for Sterling Bank as a product designer, while the other co-founder Muheez is a software engineer who worked as a mobile web developer at Prospa, an SME banking platform.
Users have to sign in where they give basic information and a bank verification number. Once that is done, create a tag that can be used to request or send money.
According to Mobile Payments Today, Abeg has thus far listed over 5000 users who carry out P2P transactions from their wallets to the tune of millions of Naira.
Abeg will be looking for major investment to transform it into “Africa’s Cash App” that simplifies money payments The app has plans of diversifying to stock investment and buy/sell bitcoin. A yet to be active in-app store allows users to buy Abeg items, savings options, and a crowdfunding ability.
