Is Abeg App giving CashApp a run for their money? (Pun fully intended!)
We all (mostly Nigerians) have asked and been asked for money, either by the popular “I need 2k urgently” or by the more popular “Abeg send me something”
In West Africa, and mostly in Nigeria, the word “Abeg” is used to say please or to plead for something, and this is Abeg App’s reference. Abeg App’s value proposition more relatable, especially among which makes Abeg’s value proposition simply because It was designed for the African Millennial
If you know about CashApp, the Abeg App’s value proposition will resonate with you, (if you don’t know about CashApp, Read here to learn about them)
Muheez Akanni, Micheal Okoh, and Dare Adekoya who co-founded Abeg technologies are the phenomenal minds behind Abeg App. The app was launched in September 2019 and is already generating a buzz on social media for its unique approach to solving fintech problems in Nigeria.
Abeg App is basically a platform for sending and receiving money, very similar to CashApp. Both are more fun and unconventional methods of transferring money. However, CashApp is limited to those in Canada and the United States while Abeg App serves Nigeria.
Another striking similarity is in their logos. However, while the CashApp logo is a dollar sign against a green coloured background, Abeg App’s logo bears the letter ‘a’ and the stroke from the dollar sign across it from up to down, against a purple coloured background.
Abeg flagged its arrival in style and its aim is “To make someone happy with cash”
In our current world, asking for money is pretty common and sometimes, unavoidable. However, creating a platform where it can be done with a couple of friends and contacts is a welcome innovation.
For example, Ade, a university student, wants to ask his friend for N2,500 to add to what he has and get a book he needs, but does not want the stress of having to send bank details.
Introducing Abeg App, which makes Peer To Peer (P2P) transactions safe, fun, and easy, without high transaction costs. Also, loans can be tracked, in case either party forgets.
Essentially, Ade and many others want the ability to ask for money as well as conveniently send money to peers in a more fun way.
Another common feature in both platforms is that users don’t need bank account details to send or receive money. CashApp and Abeg App both use tags. The use of tags instead of bank account numbers makes it a great choice to send and receive money on the platform.
Users of Abeg App can send money to people on their contact list using their phone numbers or via payment links after they fund their digital wallets.
Before founding Abeg Technologies, Adekoya worked at Sterling Bank where he designed web and mobile experiences, while Muheez worked as a mobile and web developer at Prospa, a fintech platform in Lagos.
The platform’s onboarding process is quite straightforward. While signing in, a user provides some information like: full name, email address, a phone number for OTP verification, and a bank verification number (BVN).
However, there are other features on the Abeg app like a merch store where users can buy Abeg items; ‘Ajo’, a collective savings feature; and a fundraising platform where users can donate to a cause.
Apart from building a good product, another key point to note is that being tech influencers on Twitter in their own rights, the team has been able to grow Abeg App depending on the Nigerian tech community for its marketing and promotion.
Abeg App currently has over 5,000 users who have performed P2P transactions in their thousands with in-app wallet funding running into millions of naira.
Other than making Peer 2 peer network (P2P) mobile payments seamless, CashApp has features that allow users to invest in stock, grow their savings with interest, as well as buy and sell bitcoin. Similarly, it provides a Cash Card, which is a debit card to make purchases using funds in a user’s Cash App account.
Abeg can look forward to scaling. But if the plan is to become the CashApp for Africa, it may need to provide more services like its counterpart – introducing features like peer to peer payment for businesses and support for Abeg Debit cards.
Adekoya says he thinks of Abeg as a platform where a lot of interesting things can happen over time and one of them just happens to be a giveaway. He also promised that they will be announcing other interesting features that will definitely grow the platform.