Meet “Abeg App” the official sponsor of Big Brother Naija Shine Ya Eye. It’s the sixth season of Big Brother Naija (BBN), and the theme is ‘Shine ya eye’ – a theme that BBN technology sponsors like Patricia and Abeg app take very seriously.
Big Brother Nigeria is the Nigerian version of the Dutch TV show Big Brother, inspired by George Orwell’s 1984 novel. The book imagines a world where your every move is followed by an all-seeing “Big Brother” and that’s exactly where it is. BBN is all about.
Launched by Multichoice in 2007, the BBN show ran for 5 seasons, with the winners raking in huge sums of money and getting more people watching every year.
Fun fact: there are more than 20 million subscribers on the Multichoice platform
There are many eyes and potential customers glued to screens in Africa and even the UK. Can you see why sponsors are making an effort to lead this program?
The latest issue of Big Brother Naija saw companies like KudaBank, Flutterwave, and Patricia give the show their weight – and make a profit. For example, just after the season finale, Flutterwave announced that it had raised its Series B funding and had processed more than 140 million transactions valued at more than $9 billion.
Well, this year’s lucky title sponsor is a wildcard and relatively new to the tech ecosystem. We give you three clues: Paytech, giveaway, and Nigerian slang.
Okay, okay, let’s say who they are. The name is Abeg App.
No, we’re not kidding. It’s Abeg.
Abeg! What is Abeg?
Abeg is a peer-to-peer (P2P) social payment platform that allows you to send or request money from another Abeg app user without entering banking information. All you need is the Abeg tag to send money and request money from them.
Who is the founder of Abeg App?
The app was founded by three young people, Muheez Akanni, Michael Okoh, and Dare Adekoya, and is currently only available to Nigerians. Funding an Abeg wallet requires a Bank Verification Number (BVN) and a local phone number associated with your account.
While Abeg is similar to Cashapp, its founders hope it will break the pesky rules surrounding today’s fintech startups and change the way ordinary people think about payment technology.
Abeg makes it easy to give away money and split bills between friends. Got a bizarrely large bar tab after the TGIF party? You can contribute to the Abeg-ging project.
You can also buy airtime, pay bills and link your social media accounts to find Abeg users on Twitter or Instagram.
Other unique features that you can find in the Abeg app include a Giveaway option, Ajo (a group savings tool), Clicks (for your splitting of accounts), and loans. The last three are still in preparation.
How does the Abeg app work and what is it used for?
The app is a so-called “Peer-to-Peer” payment platform and makes it easy to send and receive money from person to person.
It works by allowing you to send and receive money from anyone on your contact list.
To apply for funds, unlike other Fintechs in Nigeria, you do not need to use your bank details. Find the person in your contact list or enter their username.
As long as they’ve downloaded the app, they can (literally) bless you with some cash.
Why should I worry?
Transferring money through Abeg costs you nothing. You can send thousands of naira to Abeg tags (usernames) for free, but bank account withdrawals will incur a small fee of 10.
These transaction fees are cheaper compared to P2P payment solutions such as Wallets Africa, which charge 23, among others, for successful transfers over ₦5,000.
On the other hand, Barter (a Flutterwave payment option) does not charge for transfers to other Exchange users. However, it charges for withdrawals, as does Abeg.
Abeg app also offers referral bonuses for users who invite their friends to create an Abeg account. If your friends download the app using your invite code and you start the first download, you will receive a ₦500 bonus for your troubles.
How do I sign up?
Log in to the Abeg app with these simple steps:
- Install the app from your Google Play Store or Apple Store.
- Tap “Create an account”.
- Complete the registration process by entering your name, phone number, email address, and password.
- They would send a one-time password (OTP) to your line for verification.
- After you have signed up, you must provide your BVN. For example, they link your bank account to the app, so that you can deposit money into your wallet.
- You should also create a transfer tag that you can share.
- You can link your social media accounts to your Abeg app to see mutual Abeg users.
What’s the big “but”?
Well, aside from the free offer, airtime recharge, and basic P2P transfer features, Abeg doesn’t have much to offer at the moment. Unlike the other payment solutions mentioned above, Abeg’s use case is limited. You cannot create virtual dollar cards like Barter and Wallets Africa on Abeg. You also cannot send money abroad or even to other African countries. Even the bill payment method only works if the company has downloaded the app and recognizes payments made with it.
For now, the app has a connotation of one thing: freebies. And a lot still needs to be done to get him out of that box.
However, it is still too early for the young app and there is room for improvement. The app already has more than 10,000 downloads on the Google Play Store and that number could increase after this season of Big Brother Nigeria. Hopefully, before the show ends, the Abeg app team will have added updates to the app and expanded their services to include potential “Abeg” in other African countries.