TRAILBLAZER: How Edoka Idoko turned adversity into a $21m fintech empire

In 2016, on the rough and bustling streets of Lagos, a homeless man turned a faulty tablet into a $1.2 million fintech powerhouse.

This may sound like a well-crafted storyline of a Nollywood blockbuster. But it is the true life story of Edoka Idoko, the founder and Chief Executive Officer of Pryme Financial Ltd. His story isn’t that of some guys that had access to a network that gave them funding, or from a wealthy background. It is a clear story of blood and sweat.

Idoko, a young graduate of Benue State University from Okpokwu Local Government Area of Benue State, left his family in Abuja to Lagos in search for greener pastures.

He began his journey to million-dollar fintech powerhouse by persuading clients to buy groceries like garri, beans, etc from retailers in the commodities market through his e-commerce company, Ojireh.com. Upon registering more than fifty clients that shop from the company regularly, Idoko decided to build a website.

The Samsung tablet that was used to create the site ojireh.com had a defective battery that, regardless of how much power was applied, only lasted for 40 minutes.

His unwavering determination and innovative approach saw the company transitioned into the fintech industry with the launch of the OjirehPrime Prepaid Card in 2018 and bootstrapped to 40,000 users. It was during this period that the CEO was spending nights on the streets and in uncompleted buildings with agberos (touts). The business was barely generating enough money to keep the location where they called their office and pay the employees. The office had to move from one rental to another.

His resilience finally paid off when the company completed the acquisition of a microfinance bank, Solid Alliance Microfinance Bank in 2020. The acquisition doubled the number of users on OjirehPrime from 40,000 to 80,000. It launched OjirehPrime as a digital bank in 2021 which grew to 1 million users by 2022 after announcing a raise of $1.240 million.

In 2023, OjirehPrime moved its headquarters to the United Kingdom and rebranded as Pryme Financial Ltd. The move was facilitated by the UK government and the company is currently backed by the UK’s department of Business and Trade alongside the government of Wales. Pryme Financial Ltd is about completing a $21 million Series B funding.

The CEO explained that the decision to relocate their headquarters abroad was informed by the need to strategically position themselves ahead of the strategic role that Nigeria and Africa will play in the global market in the future. He noted that the company’s vision is to build a global banking service for African Gen Zs.

Addressing the media in a recent press engagement, Edoka Idoko, the founder of OjirehPrime, expressed his pride in the platform’s remarkable journey marked by substantial growth and innovation. He highlighted a significant milestone – surpassing one million downloads across major app stores, including Google, Apple, and Palm. This achievement, he emphasized, is a clear indication of the platform’s resonance within its target demographic, comprising young Africans spanning both millennials and Generation Z.

Edoka Idoko reflected on the platform’s evolution, emphasizing that their success extends beyond technology. He stressed that while technology is a crucial component, the genuine competitive advantage lies in prioritizing user experience. The founder explained, “Our journey has taught us that technology alone is insufficient. The true competitive edge lies in prioritizing user experience. We center our efforts on ensuring every interaction is seamless and satisfying for our users.”

This commitment to a user-centric approach has evidently paid off for OjirehPrime, as reflected in the impressive number of downloads.

As as the old adage goes, “where there is a will, there is a way.”

In a candid revelation, Edoka shared, “I didn’t have a place to stay. I was homeless. For the limited funds that were coming in, I had to make a choice between sustaining myself or investing in OjirehPrime. If I directed those funds towards my personal needs, the company would face inevitable challenges.”

He described the situation as a stark dilemma, leaving no room for a middle ground. “It was a clear case of having to clearly define what you want,” Edoka explained. “So my schedule was pretty straightforward – find a place to sleep.” In his pursuit of shelter, he observed an uncompleted building at Jakande, noticing that many individuals, particularly agberos, sought refuge there.

Today, OjirehPrime boasts a 70-man team working across various models, to redefine banking for the continent’s millennial and Gen Z population. The CEO on his part, is an accomplished business strategist, pioneer, community builder and mentor. He is an alumni of Harvard Business School, a member of the chartered institute of Bankers in Nigeria, a digital member of the world economic forum, a mentor with the Tony Elumelu foundation and the international trade Council where he provides advisory support to businesses globally.

Idoko currently seats on the board of Solid Allianze Microfinance Bank, PAV merchants Limited and Kopita Construction Ltd, just to

mention a few.

He was named among young Nigerians to watch in 2024 by Forbes.