Nigerian fintech OjirehPrime has changed its name to Pryme to better position itself in line with its vision to become a global banking platform for Africa’s Gen Z. This is part of a strategic move in preparation for the official launch of its product in the UK market and subsequent expansion plans across Europe and Central Asia.
The new development comes as the company, which is well-known for its unique digital banking solutions, starts the process of obtaining a banking license in Europe. This would allow them to reach an additional 12 million Africans living in Europe, with 5.8 million of them being Nigerians.
Founded in 2018, Pryme has become a trailblazer in the fintech sector, offering cutting-edge digital banking services that include access to loans and savings facilities.
Edoka Idoko, the founder and CEO of Pryme, who announced the change of name in a statement on Monday, said, with over 1 million downloads and an impressive 250,000 monthly active users, the company is experiencing a robust 20% month-on-month growth rate.
Idoko further revealed that Pryme currently processes a staggering N30 billion in transactions on a monthly basis, translating to an annual recurring revenue of $1.5 million.
He recalled that in 2023 alone, Pryme facilitated N330 billion worth of transactions, totaling 980,987 transaction counts.
“Pryme has always been part of our plans, and originally it was supposed to be Prime, but we needed that touch of creativity, hence the introduction of ‘y’,” Idoko said.
In a move towards growth and innovation, Pryme announced its intention in July 2023 to embark on a new funding round with the aim of raising a substantial $21 million to fund her next phase of growth.
Looking beyond the European market, Idoko added that Pryme has set its sights set on entering the Asian market, with a special focus on Uzbekistan.
Idoko said Uzbekistan has a fertile tech ecosystem, strong governmental support for the sector, and strategic positioning for the Asian market.
“Uzbekistan has a fast-growing tech environment, government support for the sector, and its market handshake with other economies,” Idoko said.
Pryme (formerly OjirePrime) is a mobile only banking app that offers a wide range of convenient features, including a fast and free inter-bank transfer service, innovative savings with up to 20% interest, airtime and bill payment options, and an exceptional user experience overall. Savings accounts are powered by Solid Allianze Microfinance Bank, a 10 year old and licensed MFB with deposits insured by the NDIC.
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