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
A Loans on Spaces limit is a ceiling, not a single payment, so purchases with different Spaces merchants are each drawn against the same limit within the terms of the agreement you accepted. You owe what you have drawn, not the whole limit, and the agreement shown in the app before you accept sets out the cost and repayment date that apply.
A limit is a ceiling, not one payment
Many Nigerians first meet credit as a lump sum: a loan app pays ₦30,000 into your account and you owe ₦30,000 plus interest. A limit works differently. It is the most you can borrow, and you draw from it as you spend. Credit cards, overdrafts and Loans on Spaces all work on that idea.
With Loans on Spaces, Solid Allianze Microfinance Bank offers you a limit, you read and accept the agreement, and you then pay Spaces merchants using it. Each payment to a merchant is a drawing. The money goes straight to that merchant; it never sits in your balance.
Spending across merchants and sectors
Spaces merchants cover nine sectors: Grocery/Retail, Eateries/Restaurants, Pharmacies, Movies & Cinema, Transport, Spas & Salons, Schools, Hotels & Shortlets and Serviced Offices, in Lagos, Abuja and Port Harcourt. Purchases with different merchants, in one sector or several, are drawn against the same limit for as long as the agreement allows and the limit has room.
The agreement is the place to check how this works for you: it shows the amount, the cost and the repayment date. Read it for anything that applies to drawings made at different times, so you know exactly what each purchase will cost before you make it.
A worked example
Example only; real limits and costs are shown in the app before you accept.
| Purchase | Sector | Drawn | Limit left |
|---|---|---|---|
| Start | ₦150,000 | ||
| Monthly shop | Grocery/Retail | ₦60,000 | ₦90,000 |
| Prescription | Pharmacies | ₦25,000 | ₦65,000 |
| Ride to a family event | Transport | ₦8,000 | ₦57,000 |
| Dinner for the family | Eateries/Restaurants | ₦22,000 | ₦35,000 |
Check the arithmetic: ₦60,000 + ₦25,000 + ₦8,000 + ₦22,000 = ₦115,000 drawn, and ₦150,000 − ₦115,000 = ₦35,000 left. What is owed is the ₦115,000 drawn plus the cost that the agreement applies to it, not the full ₦150,000.
What you owe, and to whom
- You owe Solid Allianze MFB, the lender, not the merchants. Each merchant has been paid in full.
- If a merchant refunds a purchase, ask how the refund is applied before assuming your balance has fallen.
- A dispute with a merchant about goods or service does not pause your repayment date. Raise it with the merchant and through the contact page.
- Your repayment covers everything drawn under the agreement, by the date it shows.
When splitting makes sense, and when it does not
Spreading one limit across several merchants is useful when the needs are real and arrive together: the start of a school term brings fees, uniforms and transport in the same fortnight; a family illness brings a pharmacy bill, transport and meals. Covering them under one agreement means one repayment date to plan for rather than several loans from several lenders.
It makes less sense when the limit starts to feel like extra income. A ₦5,000 meal here and a ₦7,000 salon visit there are each small, but they come out of the same limit as the prescription you may need next week, and they are all repaid on the same date. If a purchase was not on your plan when you accepted, ask whether you would make it with cash today.
- One merchant or several?
- Either, within the limit and the agreement.
- One sector or several?
- Either, provided each merchant is in Spaces.
- One repayment or several?
- As shown in the agreement you accepted.
- Does unused limit cost anything?
- No. Cost applies to what you draw, under the terms shown.
Keeping track
The risk with a limit is not the first purchase; it is the fifth, when small amounts across several merchants add up without anyone noticing. A few habits help:
- Decide before you start what the limit is for, and roughly how much each part needs.
- Look at the remaining limit and the amount owed after each purchase, not only at the end.
- Stop when the planned spending is done, even if limit is left. Unused limit costs nothing.
- Keep receipts, especially for schools and hotels, where a statement may be needed later.
If you want a record you can show someone else, a verifiable statement from your account can be generated through Pryme's partnership with VerifyDoc.ai; see receipts and statements. For planning the spend itself, planning a monthly grocery budget shows one approach.
A note on timing
Drawings made early and late under the same agreement may sit with you for different lengths of time before the repayment date. If the agreement's cost depends on time, an early drawing and a late one may not cost the same. Read the cost terms with that in mind, and if anything is unclear, ask before you spend rather than after.
Where Pryme fits
The Loans on Spaces page explains the product, and offered, accepted, drawn defines the terms used above.
Questions people ask
Can I use my Loans on Spaces limit at more than one shop?
Purchases with different Spaces merchants are drawn against the same limit within the terms of your accepted agreement, until the limit is used or the agreement ends.
Do I owe the whole limit once I spend part of it?
No. You owe what you have drawn plus the cost the agreement applies to it, by the repayment date shown.
Can I use one Loan on Spaces in different sectors?
Yes, if the merchants are in Spaces. Spaces covers nine sectors, from groceries and pharmacies to schools and serviced offices.
Who do I repay, the merchant or the lender?
The lender, Solid Allianze MFB. Each merchant is paid in full when you buy.
Sources
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (PDF) · accessed Oct 2026
- FCCPC: FCCPC resumes digital lending regulation as court vacates restraining order (20 Jul 2026) · 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.