What is Abeg in Nigeria?
In Nigeria, the word “Abeg” is means to say please or to plead for something, which makes Abeg’s value proposition simple. Bearing a striking resemblance to US-based mobile payment service, Cash App, Abeg is a fintech platform leveraging on user’s tags to request and send money
What is Abeg?
Abeg helps in making sending and receiving money easy, safe and fast. It’s a fun interactive app that young people should use for daily transactions and payments. Abeg is a peer-to-peer (P2P) social payments platform that lets you send or request money from another Abeg user without having to input any bank details. All you need is their Abeg tag to send them money and request funds from them.
The app was founded by three young men, Muheez Akanni, Michael Okoh, and Dare Adekoya, and is only available to Nigerians, for now. Funding an Abeg wallet requires a Bank Verification Number (BVN) and a local phone number linked to your account.
Although Abeg is similar to Cashapp, its founders hope it’ll break boring rules surrounding current financial systems and change how regular people think about payment technology.
Abeg makes gifting money and splitting bills between friends easier. Got a frighteningly huge bar tab after that TGIF party? You can contribute to the bill by Abeg-ging it. You can also buy airtime, pay bills, and link your social media accounts to find Abeg users on Twitter or Instagram.
Other unique features you can find on the Abeg app include a Giveaway option, Ajo (a group saving tool), Cliques (for your bill splitting) and loans. The last three are still in the pipeline though.
How does Abeg App works?
Do you want to pay for the food you ordered, send money to your babe or receive money from your friends? use Abeg. Sending cash via Abeg won’t cost you a pretty kobo. You can send thousands of naira to Abeg tags (usernames) for free but withdrawals to bank accounts will attract a small fee of ₦10.
This transaction fee is cheaper when compared to P2P payment solutions like Wallets Africa which charge ₦ 23 for successful transfers above ₦5000, amongst other fees. On the other hand, Barter (a Flutterwave payment option) doesn’t charge any fees for transfers to other Barter users. However, it charges you for withdrawals though, just like Abeg.
Abeg also offers referral bonuses to users who invite their friends to create an Abeg account. If your friends download the app through your invite code, and you initiate the first transfer, you get a ₦500 bonus for your troubles.
How do I sign up Abeg?
- You can log into the Abeg app with these simple steps:
- Install the app from your Google Play Store or the Apple Store.
- Tap “Create an account.”
- Complete the sign-up process by entering your name, phone number, email address, and password.
- They’d send a One-Time Passcode (OTP) to your line for verification.
- Once you’re in, you’d need to provide your BVN. This is how they link your bank account to the app, so you can fund your wallet.
- You’d also need to create a transfer tag that you can share.
- You can link your social media accounts to your Abeg app to see mutual Abeg users.
How To Request And Receive Money On Abeg
immediately you install and sign up on the Abeg app, you’ll be greeted with welcome message where an interface where you can immediately request and send money to other Abeg users. So, for instance, if you want to request money from a friend who has an Abeg tag, here’s how you should go about it:
- Hit the Request button
- Then, type in the amount (in Naira) you want to request for, from that friend. You’ll also need to type in what the money is for.
- Next, hit Request
- You will then need to select a friend you wish to request money from, from your contact list.
- Then, hit the Request button.
How To Fund Your Abeg Wallet
- You can easily fund your Abeg account without looking for an account number by simply following the below instructions:
- Click on the profile icon to the bottom-right corner of your phone
- Select Fund Wallet
- A bank account number assigned to your Abeg account will pop up. You can then fund your Abeg wallet by paying into that account.
How To Withdraw Money From Your Abeg Wallet
- From your profile page, tap your wallet balance
- Select Withdraw from the pop up
- To round it up, If you haven’t linked your bank account yet, you’ll be required to add a new bank account to be able to make withdrawals. Also, withdrawing money out of your Abeg account comes with a ₦10 charge.
How To Send Money On Abeg
- Tap Send from the main interface
- Enter the Abeg tag of the person you wish to send money to. Or you can search your phone contact on Abeg.
- Then, hit Pay. Sending money on Abeg app to other Abeg users is totally free. You can also choose to send money anonymously.
Features of Abeg app
Fund your wallet:
The fund your wallet feature allows you to load you wallet with cash before making transactions. All you have to do is transfer from your bank account to your Abeg wallet
The Abeg mobile app allows you to send money to people on your contact list using their abegtags. However, it is important to note that before you can do this, they must also be registered on the platform. Asides from this, you can also leverage the payment link which you can share anonymously or publicly.
This platform allows you to initiate a giveaway for people to benefit, or join giveaways coordinated by other Abeg mobile app users. Who knows you might get a chance of winning.
Just like some notable social media apps, the Abeg mobile app allows you to post and other view other user’s posts.
The Abeg app is an app and beyond. Abeg app was design with the millennial and Gen Z in mind. In fact, this is one of Abeg’s notable differences from other social payment applications. To download the Abeg mobile app, kindly visit the Google playstore or the iOS app store.