Abeg is a pidgin word popularized by Nigerians and loosely translates as ‘I beg’. Getting a clear understanding of this will give you a little insight into what the app is all about.
Today, I’ll be going through the functions of the Abeg app, how to sign up, transfer money, receive money, and a whole lot of other features that the app has. Do you know that you can also make passive income from the Abeg app? Don’t worry, I’ll show you how.
Without wasting much of our time, let’s jump right into it.
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What Is Abeg App?
On the surface, Abeg seems to be a simple wallet to transfer and receive funds. However, upon closer inspection, you will find out that this is just the tip of the iceberg of functionalities that the Abeg app offers. The app can allow you to transfer and receive funds, request loans, do group savings (also known as Ajo), request funds from friends and family members with the use of Abeg tags, and so on.
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Abeg app was built with the same concept as the popular cashapp which is a p2p (peer to peer) payment app targeted at Millenials in Nigeria. A simple look at the user interface shows that through a great user experience and the simplicity of the app, its target audience is the youths.
Who Are The Creators Of The App?
The Abeg mobile app was created and launched by Abeg technologies. The company is one of the fastest-growing fintech companies in Nigeria at the moment. Founded in September of 2020 by Muheez Akanni, Michael Okoh, and Dare Adekoya, the app has gone on to amass millions of users.
One of the major factors that saw to its rise in popularity in recent months was their sponsorship of the Big Brother Naija Show Season 6. This alerted more Nigerians to the app and the host of useful features which it contains.
How The Abeg App Operates.
The Fintech industry in Nigeria is on the rise. As a result, there are lots of apps for sending and receiving money. However, the operations of all these fintech apps are similar, and often marred with performance issues. This is where the Abeg app shines, because, unlike the others, it’s simple, functional, fun, and intuitive. Its originality stems from the fact that it adds a social twist to sending and receiving money, which is the app’s major selling point.
With the Abeg app, a user can request money from their friends, family, loved ones, etc. To do this, you need to have their ID or Abeg tags as the company puts it. These tags enable you to request money from Abeg users on your contact list. All you need do is type in these tags, and your request for money will be sent to them.
Your bank details are not needed for this. However, for you to be able to use Abeg tags, your phone number needs to be linked with your BVN.
Abeg users also get badges when they send money to other users on the app. These badges are ‘thanks’, ‘lifesaver, ‘you’re a darling’, ‘money spender’, and ‘anon’.
The app also allows users to save in groups, using and digitizing the old model of group contribution savings, where a clique of friends can save money over a period of time and share the proceeds among themselves one after the other. This is an old concept popularly known as Ajo.
There are also talks that Abeg will soon allow people to access loans from the app in the future.
Is Abeg Safe To Use?
The question of whether the app is safe to use cannot easily be answered yes or no. Especially in an app like Abeg. First, I’ll give you the reasons I feel the app is safe to use, and you can draw your conclusions from there.
The Abeg app is a registered company, a BBN sponsor, and an app that has made a huge impact in the ways youths receive and send money to each other. However, from my research, there are no indications whatsoever that deposits on the app are insured by NDIC or other regulatory commissions.
This however shouldn’t put you off, because from all indications and their track record so far, Abeg app is here to stay.
Before I proceed, check out the 6 Best Banking and Fintech App to Make Money in Nigeria.
How To Register On Abeg App.
To start using the Abeg app, you have to download the app to your mobile devices. Click on the appropriate buttons to download the app to your Android or IOS devices. After doing that, follow the next few steps.
- Select ‘CREATE AN ACCOUNT’
- Enter your Full name, phone Number, email address, as well as a password.
- Your phone will receive an OTP right away.
- Click ‘SUBMIT’ after entering the OTP.
- You’ll then be directed to the web page where you will link your BVN to your freshly formed wallet.
- On the site, you will set your Abeg Tag.
How To Transfer Money On The App.
Abeg only allows intra-app transfer, which means that money can only be transferred from one Abeg user to another Abeg user. Transfer, however, is free. So here’s how you can transfer money in the Abeg app.
- From homepage, tap ‘SEND’
- Enter the amount you wish to send.
- Type in the Abeg Tag of the beneficiary, or go through your abeg contact list to look for the beneficiary.
- Enter description for money sent.
- On the next page, you’ll be asked if you’re sure about the transfer, click ‘YES I’M SURE’.
Steps To Request And Receive Money On Abeg App.
As mentioned earlier in the post, Abeg allows you to request money from people who have their Abeg tags. Here are the steps you need to take to request for money on the app.
- Tap ‘REQUEST’
- Enter the amount of money you’re requesting.
- Enter the abeg tag of the person you’re requesting the money from.
- Click ‘REQUEST’
Once this is done, the person will receive your request and will be given an option of whether to receive or decline it.
How To Withdraw Money From Abeg.
You can also withdraw money from Abeg and send it in to your regular bank account. The following steps will show you how to do that. However, withdrawing money from Abeg will attract a service fee of N10. Follow these steps to withdraw your money from Abeg.
- Go to your profile page.
- Choose wallet balance.
- Select ‘WITHDRAW’
- State the account number you wish to withdraw the money to.
Once this is done, your money will arrive in your bank account almost immediately.
How To Top-Up Your Abeg Wallet.
To fund your account, follow the steps listed below.
- Go to your profile.
- Select ‘FUND WALLET’
- Your Abeg account info will pop up.
- Copy that number, take it to your bank app, and make a transfer to it.
How To Earn With Abeg.
To get the N500 Abeg referral bonus, you have to refer someone to the Abeg app. You need to find someone and ask them to download the Abeg app either from the Appstore or Google PlayStore. Then, lead them to create an account with the steps given above.
Make sure they link their BVN number, upload a Profile Picture and add a Withdrawal Bank Account. Then send N100 to their Abeg account using their Abeg tag (this N100 is their registration bonus).
Note: If they don’t follow all the steps above, you will not receive the N500 referral bonus.
After sending them the N100, Abeg credits you N500 automatically.
Repeat this process for other people to earn more.
As we have seen, Abeg is a peer-to-peer payment app similar to the popular cash app. Abeg has a list of features like money transfer, money request, earning via referrals and so much more.