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The short answer
No. A Loan on Spaces cannot be transferred to another bank account, a wallet or another person, including family. It is credit from Solid Allianze Microfinance Bank that can only be spent with merchants in Spaces, such as supermarkets, pharmacies, schools, transport and hotels in Lagos, Abuja and Port Harcourt.
People ask this for good reasons: a sibling needs help with rent, a friend has a hospital bill, or a business supplier only takes bank transfers. The answer for Loans on Spaces is no, and the reason is built into what the product is. This guide explains the difference between cash loans and merchant credit, what you can do instead, and what to avoid.
Two kinds of credit
Most loan apps in Nigeria pay a cash loan into your bank account. Once the money lands, you can transfer it, withdraw it or spend it anywhere. Merchant credit works differently: the lender pays the merchant directly when you buy, and the money never sits in your account as spare cash. Buy-now-pay-later at a shop and store credit are familiar examples.
| Feature | Cash loan | Loan on Spaces |
|---|---|---|
| Where the money goes | Into your account | To the Spaces merchant you pay |
| Can be sent to another account | Yes | No |
| Can be withdrawn as cash | Yes | No |
| What it can buy | Anything | Goods and services from merchants in Spaces |
| Who lends | Depends on the app | Solid Allianze MFB |
Loans on Spaces sit in the second column. For more on why, see why Loans on Spaces only work in Spaces.
Why transfers are not possible
- The credit is assessed for you. The limit is offered on how your own account is run. Passing it to someone else would mean lending to a person who was never assessed.
- It keeps the purpose clear. Spending only with merchants in the supported sectors (groceries and retail, eateries, pharmacies, cinema, transport, spas and salons, schools, hotels and shortlets, serviced offices) ties borrowing to real purchases.
- It lowers fraud risk. Credit that cannot be moved to an outside account is less useful to someone who has taken over a phone or tricked a customer into "transferring" a loan.
The FCCPC's 2025 consumer lending regulations require lenders to assess a consumer's capability to repay before granting credit (regulation 19(i)). Credit that could be passed on freely would sit uneasily with that assessment.
If you want to help someone else
You can still use a Loan on Spaces on someone else's behalf, as long as the payment is to a Spaces merchant and you remain the borrower. For example, you might pay a relative's school fees at a school in Spaces or buy their prescription at a Spaces pharmacy. The loan, and the repayment, stay with you.
Worked example
Example only. Ifeanyi's sister needs ₦25,000 for medicine and ₦15,000 for transport home. The medicine can be paid at a pharmacy in Spaces, so Ifeanyi could use a Loan on Spaces for ₦25,000. The ₦15,000 transport money, if she needs it as cash, has to come from his own balance or another source. He would owe the ₦25,000 plus whatever cost the agreement states, by its repayment date, regardless of whether his sister pays him back.
Related moves people ask about
- To your own account at another bank
- Not possible. The credit is never paid into an account as cash.
- To a business you own
- Not possible as a transfer. If your business is a merchant in Spaces, see the note below.
- Paying yourself through your own shop
- Do not do this. Using your own merchant account to turn credit into cash defeats the purpose of the product. The agreement you accept sets out how the credit may be used.
- Using it in another city
- Spaces operates in Lagos, Abuja and Port Harcourt. You can pay any Spaces merchant in those cities, but the credit still cannot leave Spaces.
A merchant that joins Spaces does so through a Pryme Business Account and is paid for real sales to customers. That route is for businesses selling goods and services, not for moving a personal credit line into a business account.
What to do if you need a transfer
- Use money from your own balance and Send it.
- If it is for something a Spaces merchant sells, pay the merchant directly with a Loan on Spaces instead of sending cash.
- If you need a cash loan, compare lenders carefully and check any loan app is on the FCCPC's approved register before borrowing.
- Do not pay anyone who offers to "convert" your Loans on Spaces limit into cash. That is not a service Pryme or Solid Allianze offers.
For the cash question specifically, read can you withdraw a Loan on Spaces as cash.
Where Pryme fits
Pryme is the technology company behind the app; Loans on Spaces are lent by Solid Allianze Microfinance Bank, licensed by the CBN. The agreement you accept names you as the borrower, shows the full cost and repayment date, and can only be spent in Spaces.
Questions people ask
Can I send my Loans on Spaces money to my bank account?
No. A Loan on Spaces is paid to the Spaces merchant when you buy. It cannot be moved to another account.
Can I give my Loan on Spaces to a family member?
Not as a transfer. You can pay a Spaces merchant on their behalf, but you remain the borrower and owe the repayment.
Can I use Loans on Spaces to pay a supplier by bank transfer?
Only if the supplier is a merchant in Spaces and you pay them through Spaces. Otherwise use your own balance.
Someone says they can convert my Loans on Spaces limit to cash. Is it real?
No. Loans on Spaces cannot be converted to cash or transferred. Treat such offers as a scam.
Sources
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 · accessed Oct 2026
- Central Bank of Nigeria: Consumer Protection · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.