What is Abeg Naira? And How Does it Measure Up To The Naira?

By: Chukwudi Favour /
 August 16, 2021
  / 4 min read
Categories: Fintech
TLDR;
With a potential viewing and followership of over 12 million Africans daily and over 87% of that crowd being between 18 & 35 years of age, the Big Brother Season 6; Shine Ya Eye is definitely a humongous publicity opportunity. An opportunity Abeg is leveraging well through its sponsorship deal with the platform. So well, the Abeg Naira is the official in-house currency of the housemates; that’s what they spend.

It’s being scientifically proven that you remember names, better and more aptly than you do numbers.

Now, which fintech platform is utilizing this proven scientific fact for the good of their users?

Abeg!

It’s the sixth season of the biggest reality TV show on the African continent right now, and there’s more mind-blowing gist than the usual in-house fights, love, and heartbreak and betrayal stories. And for the first time, the spotlight is shared by the sponsors (it’s usually all about the housemates only).

This sponsor is Abeg.

Wait, wait, wait, what?!

Okay, let me fill you in from the beginning.

In a land of myth and a time of…scratch that!

What is 1 Abeg Naira in Naira?

This is a question on the lips of many — especially those who are just new to the show. Now, let’s settle it; The Abeg Naira is a currency that only has an intrinsic value in the Big Brother House.

Big Brother Housemate, Cross counting his Abeg Nairas.

Based on the terms of the 2bn Naira sponsorship deal, the Abeg Naira is the only supported currency in the Big Brother House, and it was designed to be used to purchase items by the Big Brother Season 6 Housemates.

Nice brand awareness strategy, I’d say.

The Housemates doing some shopping with their Abeg Naira

Abeg Nairas cannot be exhanged with fiat currency, so there is no basis of comparison with the Nigerian Naira. Abeg Naira has to be earned by the housemates via rewards from sponsored tasks, thus effectively making some housemates richer than others.

As for how much 1 Abeg Naira is valued against the Naira, you’d be asking the wrong question.

The phrase “Abeg Naira” may however see a subsequent use and popular adoption after the show is over, but that’d be something to definitely watch out for (who knows what cofounders Muheez Akanni and Dare Adekoya are up to?).

What inspired the abeg app?

Founded in 2019, Abeg Technologies is a team of vibrant youngsters led by the 26 year old Dare Adekoya; a talented product developer who designed the Abeg app as a response to a tweet by Asemota, sent to him by his friend Early Attoh on Dec 30, 2018, which read;

“I think one should build an app in Nigeria similar to $Cash and call it $Abeg. Bambiala culture is international.”

— Asemota

According to Dare, he just wanted to quickly flex his design skills and do something badass with the Abeg idea. The plan was to post it hoping it could trend. So, he started working on the mini task, but unplanned, he fell in love with the logo and the rest is as we see, is unfolding.

Abeg App offers an alternative to bank transactions, which are usually besieged by several network issues and very importantly, exterminates the need for account numbers or any other details that usually proves difficult to remember for most folks. Yes. The Abeg app uses usernames known as abegtags instead of account numbers. The only information required to sign up on the platform, is the phone number integrated with the user’s preregistered Bank Verification Number (BVN).

Making the younger demographics of the country its target market, the Abeg app has a user-friendly interface that the average Nigerian youth will relate to easily with the integration of the colloquial phrase used to beg for favors; “Abeg”.

In the same vein, Abeg allows users to gift their friends’ money, organize giveaways for their followers, conduct fundraisers and earn approval badges and score points for their display of generosity. The app also adopts an extensive use of emojis and sticker features to gain the interest of the younger demographic.

As amazing as this app seems, Abeg is not the first fintech in the Nigerian market — There is already a domineering competition in the country and in the African tech market: Paga App with over 15.8M users as of June 2020, Cowrywise, handling over 220,000 users as of January 2021, Paystack serving over 60,000 users as of October 2020 and Kuda Bank, who just rounded up a successful series B serving over 1.4M users as of July 2021. However, Abeg App now has now implemented a marketing strategy that none of these fintech companies have used: Big Brother Season 6; Shine Ya Eye.

Headline Sponsorship

Abeg is the Headline Sponsor of Big Brother Naija Season 6 while the Associate Sponsor is PATRICIA.

Rumor has it that PATRICIA paid about 1 Billion Naira whilst Abeg paid a whooping 2 Billion Naira (no, not Abeg Naira; actual Naira).

As such, a host of other brands including Payporte, Pepsi and Heritage Bank amongst others, dive into the sponsorship opportunities on Big Brother Season 6, to educate the public about their products/services.

BB Naija Season 6 Sponsorship Costs Benefits
BB Naija Season 6 Sponsorship Costs Benefits

Last year, Betway was rumored to have paid over 1Bn Naira in total sponsorship money for the 2020 edition tagged Big Brother Season 5; Lockdown.

But for a startup that’s less than 3 years old, the headline sponsorship for the Big Brother Naija season 6, Abeg, has left many to wonder about the brand’s revenue generation strategies, the product, and its co-founders.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
close
Share via
Copy link
Powered by Social Snap