Yesterday, Africa’s biggest reality show Big Brother Nigeria announced its two main sponsors: Abeg App and Patricia, both Nigerian Fintech companies. In last year’s edition, the show recorded 900 million votes, generating an estimated 27 billion naira ($71million) from the votes. While Nigeria accounts for fifty percent of the viewership; a third of the viewership is from South Africa and the rest of the viewership shared between Kenya Ghana, Namibia, Botswana, Uganda and other countries.
Patricia is a returning sponsor. Founded in 2017, the crypto company claims to have over 300,000 customers. In February, it was one of the many crypto companies affected by the ban on cryptocurrency trading in Nigeria. In response to the ban, many crypto exchanges announced plans to expand into other African countries in a bid to reduce the risk of running a business that’s solely reliant on the Nigerian market. While Patricia’s expansion plans are known, it could benefit from exposure to a wider African market via this show.
The more surprising sponsor is the recently launched Abeg App, which was named the headline sponsor for the show. According to a source within Multichoice, It costs $2 million to be a headline sponsor.
Inspired by the US-based mobile payment service, Cash App, Abeg is a fintech platform that allows users to request and send money using unique usernames. It was launched just seven months ago. It’s rumoured that Abeg is a product of leading fintech company, PiggyVest.
Read Alex’s conversation with the founders of Abeg a few days after their launch last year.
Has Abeg raised money? How is Abeg able to afford this sponsorship? Alex would keep digging deep to find answers to these questions.