AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Plan the shop first, then use Loans on Spaces only for the part of the list your cash does not cover, with a repayment date after your income arrives. The agreement, including the amount, cost and repayment date, is shown in the Pryme app before you accept, and the credit can only be spent with grocery and other merchants in Spaces.
What Loans on Spaces is
Loans on Spaces is credit for Pryme customers that can only be spent with merchants in Spaces, Pryme's network of businesses. Supported sectors currently include grocery and retail, eateries and restaurants, pharmacies, cinemas, transport, spas and salons, schools, hotels and shortlets, and serviced offices.
A few facts matter for budgeting:
- The loan is made by Solid Allianze Microfinance Bank, licensed by the CBN. Pryme Financial Ltd is the technology company that runs the app.
- A limit may be offered based on how your account is run. It is an offer, not a promise, and it can differ from person to person.
- Before anything is drawn, the app shows the full agreement: the amount, the cost and the repayment date. You accept it or you do not.
- The credit cannot be withdrawn as cash or sent to someone. It is spent with Spaces merchants.
- Pryme and Solid Allianze use credit bureaus, so how you repay shows up on your credit record.
Step 1: build the list from last month
Start from what you actually bought, not what you hope to buy. Group it into three columns:
| Category | Examples | Why it matters |
|---|---|---|
| Staples | Rice, beans, garri, flour, oil | Large, predictable, often cheaper in bulk |
| Weekly fresh items | Tomatoes, pepper, vegetables, bread, eggs | Bought in small amounts, prices move often |
| Household and personal | Soap, detergent, tissue, toiletries | Easy to overbuy, easy to cut |
Staples and household items are the best fit for a single planned shop at a Spaces grocery or retail merchant. Fresh items are often bought weekly from markets that may not be in the network, so plan those from cash.
Step 2: decide how much to put on credit
Work out your cash for the month after fixed costs such as rent, transport, school costs and bills. Then compare it with the shop.
A worked example, with illustrative figures only:
| Line (example) | Amount |
|---|---|
| Cash available for food this month | ₦70,000 |
| Planned staples and household shop | ₦85,000 |
| Fresh items through the month | ₦30,000 |
| Total food need | ₦115,000 |
| Gap | ₦45,000 |
Tunde keeps ₦30,000 of cash for fresh items, spends ₦40,000 of cash on the staples shop and puts the remaining ₦45,000 on Loans on Spaces at a grocery merchant. He checks that the repayment date in the agreement falls after his salary, and that the cost shown is one he is willing to pay for the convenience.
Step 3: read the agreement before accepting
When you choose to use Loans on Spaces, the app shows the agreement. Before accepting, check:
- The amount matches what you need for this shop, not your whole limit.
- The cost in naira, and whether you are comfortable paying it.
- The repayment date, and whether your income will have arrived by then.
- What happens if you repay early or late, as set out in the agreement.
The FCCPC's consumer lending regulations, in force since 2025, require clear and accessible loan terms and ban lending a customer has not agreed to. That is the standard you should expect from any lender, not only Pryme.
Step 4: set up repayment
- Keep the repayment amount in your account from payday. You can ring-fence it in a Flexible Savings Box until the date.
- Ask your Personal Assistant, Eva by default, to remind you a few days before the repayment date. It prepares reminders; nothing moves without your approval.
- Repay on time. A clean record matters for any future offer, from Pryme or another lender. Our guide on growing your credit limit explains how lenders look at this.
Step 5: review at the end of the month
A budget gets better when you check it against what happened. At month end, spend ten minutes on three questions:
- Did the shop cost what you planned, or did extra items creep in at the till?
- Did you need all of the credit you drew, or could the gap have been smaller?
- Was the repayment comfortable, or did it squeeze the following week?
Use the answers to set next month's list and gap. Many households find that the amount they put on credit falls over a few months once they buy staples on a regular cycle and track the fresh-item spend. If the amount keeps rising, treat that as a signal to cut the list rather than to borrow more.
Common mistakes
- Using the whole limit because it is there.
- Choosing a repayment date that falls before salary.
- Putting small, frequent fresh purchases on credit, which adds up quietly.
- Taking a new loan elsewhere to repay this one.
Is it right for you?
Loans on Spaces suits a planned shop where you know the amount and the repayment source. It does not suit a household that is short every month, where credit would only move the gap forward. If that is your situation, start with a smaller list and a savings habit. You can open a Pryme account from any country.
Questions people ask
Can I use Loans on Spaces at any supermarket?
No. It can only be spent with merchants in Spaces. Check the app for grocery and retail merchants available to you.
Is Loans on Spaces approved for everyone?
No. A limit may be offered based on how your account is run, and you only borrow once you accept the agreement shown in the app.
How much does Loans on Spaces cost?
The cost is shown in the app as part of the agreement before you accept, alongside the amount and the repayment date.
Can I withdraw Loans on Spaces as cash?
No. It can only be spent with merchants in Spaces.
Sources
- FCCPC: Digital lending regulations issued · accessed Oct 2026
- CBN Consumer Protection Framework · accessed Oct 2026
- NBS: Consumer Price Index and Inflation · 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.