Abeg Technologies, a team of Nigerian millennials, has developed a finance tech application that simplifies mobile payments and appeals to a younger generation. Unlike traditional bank applications, the team sought to create a platform that is fun and convenient, breaking the rules with current fintech status.
It all began with a tweet in December 2018, where someone suggested having an application in Nigeria that can be used to beg online. “Beg” is a widely used term when pleading or seeking favors in Nigeria, which is why they thought it would be the perfect brand name.
The team’s main target is the younger people, as they aim to simplify processes and pay more attention to user experience. According to the team, they are trying to solve the problem of filling transactions mainly, so they are introducing peer-to-peer (P2P) transactions. They want users to imagine a world where paying for services or trying to send money to your friend is just as fast as blinking your eye, without having to worry about downtime.
Users can make transactions by creating a tag, which can be used to send or request money, without the need to add bank account details. All they need is a phone number linked to their BVN, which is similar to America’s Cash App. The long-term goal of the application is to penetrate the African market, just like Cash App has penetrated the market abroad.
Abeg has other features that can benefit and solve the problems that people are facing in Nigerian society, such as Agile, which helps manage group contributions, loans, and fundraising. By enabling its users to send and request payments via phone numbers, Abeg is improving financial inclusion and solving the problem of slow payment and high transaction costs.
As young people building an application, Abeg Technologies is trying to calculate from their own point of view. They believe that by moving spending onto Abeg, users can simplify their day-to-day life and make mobile payments seamless.