To facilitate its expansion plans in Europe, Central Asia, and the United Kingdom, Nigerian fintech firm OjirehPrime has rebranded itself as Pryme. The company is in the process of applying for a European banking license, which aims to reach the 12 million Africans, out of which 5.8 million are Nigerians, residing in Europe.
Established in 2018, Pryme offers digital banking services, providing its customers with access to loan and saving services.
As per the company’s founder and CEO, Edoka Idoko, Pryme currently boasts 1 million downloads, with quarter of a million active users monthly, showing a growth trajectory of 20% month-on-month. Idoko also revealed that the firm reportedly processes transactions worth N30 billion each month, resulting in an annual recurring revenue of $1.5 million. In 2023, Pryme processed transactions amounting to N330 billion across nearly a million transaction counts.
Commenting on the rebranding, Idoko stated that the original name, OjirehPrime, was always going to be a placeholder until the company was ready to transition to the next phase. “Pryme has always been part of our plans and originally it’s supposed to be Prime but we needed that touch of creativity hence the introduction of ‘y’,” he explained.
Pryme plans to broaden its service offerings by including lending and insurance, as well as enhancing its bill payment services. In July 2023, the company announced its ambitions to raise $21 million in a Series B funding round, a significant increase from the $1.2 million it raised since its founding.
Apart from the European market, Pryme also plans to tap into the Asian market, specifically Uzbekistan, in the long term. Referencing this, Idoko stated, “Uzbekistan has a fast-growing tech environment, government support for the sector, and its market handshake with other economies.”
