AI agents for business finance: what they can and can't do
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The short answer
When you pay with a Loan on Spaces, the merchant receives a payment for what you bought; the loan itself is an agreement between you and Solid Allianze Microfinance Bank. Your repayment record is reported to licensed credit bureaus, as with any regulated loan, and other lenders can see it only through a bureau report, which CBN guidelines say needs your consent. Your employer, family and contacts are not told.
Borrowing is private business for most people. A parent paying for a child's prescription, a worker covering groceries before payday, or a professional booking a hotel for a work trip may not want anyone else to know how the bill was paid. This guide sets out, party by party, who learns that you used a Loan on Spaces and what each one actually sees.
Who sees what, at a glance
| Who | What they see | Why |
|---|---|---|
| The merchant in Spaces | A payment for your purchase | They are being paid for goods or a service |
| Solid Allianze MFB | The full loan: amount, cost, repayment date and how you repay | It is the lender |
| Pryme | Your account activity, as the technology company running the app | It operates the app in which the offer is shown and accepted |
| Licensed credit bureaus | Credit data: the facility and how it is repaid | Regulated lenders report credit information |
| Another lender you apply to | Your bureau report, only with your consent | CBN credit bureau guidelines require consent |
| Employer, family, friends, phone contacts | Nothing, unless you tell them | They are not party to the loan |
The merchant: a payment, not a loan file
Loans on Spaces can only be spent with merchants in Spaces, Pryme's network of businesses in sectors such as groceries, pharmacies, schools and transport across Lagos, Abuja and Port Harcourt. The merchant's part in the transaction is to be paid for what you bought. The agreement that sets your amount, cost and repayment date is between you and the lender, and you see it in full and accept it in the app before anything is drawn. Read more on the mechanics in why Loans on Spaces only work in Spaces.
Credit bureaus: the one outside party that is told
Solid Allianze, the lender, uses credit bureaus and are integrated with all licensed credit bureaus in Nigeria. That is normal for regulated lending. The CBN's 2013 credit bureau guidelines require financial institutions to update the data they send to bureaus at least monthly, and to obtain reports from at least two bureaus before granting, renewing or restructuring credit. Reporting cuts both ways: on-time repayment builds a record that later lenders can see, and missed repayment can count against you.
Who can pull your bureau report
A bureau report is not public. The same CBN guidelines say a lender or other user must have your consent before requesting your report, with exceptions for law enforcement, regulators and courts. Summaries of the Credit Reporting Act 2017 describe the permitted purposes, which include assessing a loan application or a guarantor, renewing or restructuring a loan, checks on employees, assessing a prospective tenant, and enforcing a court judgment. CRC Credit Bureau's own FAQs say its member institutions can view a report only with the consumer's consent.
How long the record stays, and how to see it yourself
- CRC's FAQs say a report shows six years of history and that the CBN has mandated it to retain information for ten years.
- A Mondaq summary of the Credit Reporting Act says bureaus must keep information for at least six years from receipt and that you are entitled to a free report each year.
- CRC's FAQs say accurate information cannot be deleted, but errors can be disputed.
- Under the CBN guidelines, a confirmed inaccuracy must be corrected within 15 working days, and disputed information is flagged while it is investigated.
For a fuller guide to scores and reports, see how the credit bureaus work, and for the effect of this particular loan, does a Loan on Spaces affect your credit history.
Who is not told
Nobody contacts your employer, family or phone contacts when you take a Loan on Spaces. It is worth knowing that the FCCPC's 2025 digital lending regulations require app-based lenders on its register to confirm their apps will not access call logs, contacts or photo galleries, and the regulator said in September 2025 that no consumer should be harassed or defamed under the guise of digital lending. If any caller claims to be collecting a Loan on Spaces from your relatives, treat it as suspicious and check our scams and safety guide.
What to check first
- Read the agreement screen before you accept: it names the amount, the cost and the repayment date.
- Keep a copy of the agreement and your repayment confirmations.
- Request your free report from a bureau once a year and check the facility is shown correctly.
- If a stranger mentions your loan, do not confirm details; contact Pryme through the app instead.
Where Pryme fits
Pryme Financial Ltd is a technology company, not a bank or lender. Loans on Spaces are lent by Solid Allianze Microfinance Bank Ltd, licensed by the CBN. Your agreement, repayments and statements sit in your app, and you can generate a verifiable statement through Pryme's partner VerifyDoc.ai if you ever need to prove a repayment to someone you choose.
Questions people ask
Will the shop know I paid with a loan?
The merchant's role is to be paid for your purchase. Your loan agreement, with its amount, cost and repayment date, is between you and Solid Allianze MFB.
Can my employer see my loan?
Only through a credit bureau report for a permitted purpose such as an employee check, and CBN guidelines require your consent before a report is requested.
Does a Loan on Spaces show on my credit report?
Yes. Regulated lenders report credit data to licensed bureaus, so the facility and how you repay it can appear on your report.
Will anyone call my family about my Loan on Spaces?
No. Nobody outside the loan is told. Treat any such call as a possible scam and contact Pryme through the app.
Sources
- CBN Guidelines for the Licensing, Operations and Regulation of Credit Bureaux, BSD/DIR/GEN/LAB/06/051 (14 Nov 2013), RegAlert copy · accessed Oct 2026
- Simmons & Simmons: Review of the Credit Reporting Act 2017 (8 Sep 2017) · accessed Oct 2026
- Mondaq: Boosting access to credit in Nigeria, a glimpse into the Credit Reporting Act 2017 (2018) · accessed Oct 2026
- CRC Credit Bureau: Frequently asked questions · accessed Oct 2026
- FCCPC: Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations 2025 (made 21 Jul 2025) · accessed Oct 2026
- FCCPC: Digital lending, FCCPC tackles abuses, issues landmark regulations (3 Sep 2025) · 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.