Nigeria-based Pocket by Piggyvest (PocketApp) has secured an in-principal mobile money operator (MMO) licence from the Central Bank of Nigeria (CBN).
This licence will enable its parent firm, Piggytech Global, to provide a range of mobile money services to its customers, according to multiple media reports.
The offerings will include wallet creation and management, USSD payment services, eMoney issuing, agent recruitment and management, pool account management and card acquiring.
Piggytech Global co-founder and COO Odunayo Eweniyi said: “We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria.
“We will now work closely with the Central Bank to meet all its conditions to receive the full operating license, enabling us to continue growing and expanding the scope of our social payments, social commerce and other digital financial products to reach millions of Nigerian micro-entrepreneurs.”
The news comes as PocketApp, which was until recently known as Abeg, revamped its brand image to suit its ambitions in Nigeria’s payment space and seeks to roll out a range of payment offerings for the country’s social commerce and eCommerce.
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PocketApp COO Patricia Adoga said: “We believe that social commerce will thrive better in a more trusted environment. So we added escrow to our payment infrastructure, protecting buyers and sellers and many other features, ensuring a smooth shopping experience on the app.”
Earlier this month, Nigeria-based Guaranty Trust Holding secured the final regulatory green light from the CBN to set up a wholly-owned payment subsidiary.