OjirehPrime becomes Pryme and seeks European banking license

by MMC
0 comment

Nigerian fintech company OjirehPrime has changed its name to Pryme to expand into Europe, Central Asia and the UK. The company said it launched apps to get a European banking license allowing it to reach the 12 million Africans (including 5.8 million Nigerians) who live in Europe.

Founded in 2018, Pryme provides digital banking services with access to loans and savings.

Edoka Idoko, founder and CEO of the company, claimed that Pryme now has 1 million downloads, with 250,000 monthly active users, growing 20% ​​month-on-month. He also claimed that the company processes N30 billion in transactions per month and $1.5 million in annual recurring revenue. In 2023, Idoko said Pryme processed N330 billion worth of transactions across 980,987 transactions.

The CEO notes that from the beginning it was obvious that OjirehPrime had his mouth full, but he decided to keep the name until it was time to move on to the next phase of the playbook.

“Pryme was always part of our plans and originally it was supposed to be Prime, but we needed that touch of creativity, hence the introduction of the ‘y’,” Idoko said.

Pryme will also expand its product offering to include loans, insurance and upgrading its bill payment offering.

In July 2023, the company said it was in the market to raise $21 million in Series B financinga considerable jump from the $1.2 million the company has raised since its inception.

Beyond the European market, Pryme said it has a long-term plan for the Asian market, specifically Uzbekistan.

“Uzbekistan benefits from a rapidly growing technology environment, government support for the sector and a market handshake with other economies,” Idoko said.

Get the best African tech newsletters delivered to your inbox

You may also like

Leave a Comment

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign