Abeg, a new fintech launched in West Africa is being compared to the U.S. mobile payment service, Cash App, but claims it's more of "a fun experience for its users."

Dare Adekoya, a former Sterling bank employee for web and mobile experiences and Akanni Muheez, who previously worked as a web and mobile developer at Prospa, a fintech platform in Lagos, co-created the fintech.

Abeg uses tags and contact lists instead of bank accounts to send and receive money or via payment links and a digital wallet, according to a report in Techpoint Africa

The platform's onboarding process is made to be quick and easy. When signing in, a user provides basic information and a bank verification number. Users go on to create a tag which can be used to send or request money and then they are provided with a digital wallet to carry out transactions.

Although the fintech has had almost zero-marketing efforts behind it, with the exception of social media's Twitter Nigeria, the fintech has become popular with Nigerian millennials. Launching just a week ago, Abeg already has over 5,000 users who have performed P2P transactions with wallet funding running into millions of naira.

To further help with the promotion, the tech community on Nigeria's Twitter encouraged the company to do giveaways, which are a popular trend in Nigeria.

Although the plan may be for Abeg to become the next Cash App for Africa, it will still need to expand its services first. In addition to making P2P mobile payments seamless, the company is looking into allowing users to invest in stocks as well as buy and sell bitcoin. There are also additional features on the app that are not yet active which includes a store to buy Abeg items, a savings feature and a fundraising platform for users to donate to a cause.

"We think of Abeg as a platform where a lot of interesting things can happen and one of them just happens to be giveaways. In the coming months, we will be announcing other interesting features that will definitely grow the platform," Adekoya said.