AI agents for business finance: what they can and can't do
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The short answer
In a two-partner business, payroll should follow maker-checker: one party prepares the run, one partner checks and approves it, and anything above an agreed ceiling, or any change to pay or bank details, needs both partners. The approval should also confirm the statutory items: PAYE, pension remitted within seven working days of salary, and NSITF at 1% of payroll.
Why two partners need dual control
Partnerships and two-director companies often run on trust and a shared bank login. That works until a salary is paid twice, a new staff member is added at the wrong grade, or a payee's bank details are changed by a fraudster posing as the employee. Maker-checker is the simple fix: the person who prepares a payment is never the person who approves it, and the biggest or riskiest actions need both owners.
Banks build this into business internet banking already, with separate initiator and approver roles and per-user limits. The same thinking applies whether the preparer is an accounts officer, an outside bookkeeper or a software agent.
A workable approval design
| Action | Prepared by | Approved by |
|---|---|---|
| Routine monthly run, no changes, under ceiling | Agent or accounts officer | Either partner |
| Run above the ceiling | Agent or accounts officer | Both partners |
| New starter, pay rise, deduction change | Agent or accounts officer | Both partners |
| Change of any employee's bank details | Agent or accounts officer, with call-back to known number | Both partners |
| Statutory remittances (PAYE, pension, NSITF) | Agent or accounts officer | Either partner |
| A partner's own drawings or salary | Agent or accounts officer | The other partner |
The last row matters. A partner should not approve a payment to themselves. Write this, and the ceiling, into the partnership deed or a board resolution so it survives disagreements.
Setting the ceiling
Set the ceiling a little above a normal month's net pay so routine runs pass with one approval and anything unusual is caught. Review it when headcount changes. A ceiling that is too high stops working as a check; one that is too low means both partners approve everything and the second check becomes a formality.
What the checker should confirm
- Headcount and names match last month, with starters and leavers explained.
- No one is paid below the national minimum wage of ₦70,000 a month set by the 2024 amendment, unless an exemption applies (the Act excludes, among others, establishments with fewer than 25 workers and part-time or commission workers; take advice before relying on one).
- PAYE is calculated and will be remitted to the state tax authority. PwC's summary (reviewed May 2026) says PAYE is due by the 10th of the month after salaries are paid, and the employer's annual return by 31 January; confirm the date with your state IRS.
- Pension at a minimum of 10% from the employer and 8% from the employee, remitted to each employee's PFA within seven working days of paying salaries, where the business is covered by the Pension Reform Act.
- NSITF employees' compensation at 1% of total monthly payroll.
- Bank details unchanged, or changes approved by both partners.
Worked example: a six-person payroll
Example only. Gross monthly pay for six staff totals ₦1,450,000. The partners have set a single-approval ceiling of ₦1,500,000 for the total payroll cost before statutory items.
- Employer pension at 10%: ₦145,000.
- Employee pension at 8%, deducted from pay: ₦116,000.
- NSITF at 1% of payroll: ₦14,500.
- PAYE: worked out per employee from the 2026 bands (not shown here).
The gross run of ₦1,450,000 is under the ₦1,500,000 ceiling, so one partner approves it. In month seven a new hire on ₦180,000 takes gross pay to ₦1,630,000. The run now needs both partners, and so does the new starter record itself. Salary transfers are exempt from the ₦50 transfer stamp duty, as at January 2026, so splitting pay by employee does not add that charge.
Steps to set it up
- Agree in writing the ceiling, the list of two-partner actions, and what happens if one partner is unavailable (for example, a named deputy approver).
- Give each partner their own login; never share one.
- Have the preparer submit the run at least two working days before pay day so the checker has time.
- Approve statutory remittances on the same day as salaries so the pension seven-working-day window is not missed.
- Each quarter, both partners review the action record of who prepared and approved each run.
When one partner is away
Travel, illness and family events are the usual reasons dual control gets switched off, and it is rarely switched back on. Decide in advance. One option is a named deputy, such as a senior manager, who can give the second approval for a routine run only, never for new starters or bank detail changes. Another is to approve the run early, before the trip. What should not happen is one partner handing their login or PIN to the other, which removes the check completely and leaves the record showing an approval that the named partner never gave.
Common mistakes
- Approving the total without opening the list of names and amounts.
- Letting the preparer also add new employees to the payee list.
- Approving statutory remittances days after salaries, and missing the pension window.
- Treating a partner's drawings as payroll without the other partner's sign-off.
For the tax side of partner income, see how partners are taxed, and for deductions see NHF, NSITF and ITF.
Where Pryme fits
On a Pryme Business Account, the Finance agent can prepare the payroll run and the statutory remittances through payroll. A person approves anything above the ceiling you set, and every preparation and approval is recorded, so the partners' quarterly review has a single place to look. Nothing is paid until the approvals you configured are given. See also running payroll in Nigeria.
Questions people ask
Can one partner approve payroll alone?
Yes, if your agreement allows it for routine runs under a set ceiling. Changes to pay, new starters, bank detail changes and runs above the ceiling should need both partners.
When must pension be remitted in Nigeria?
Under the Pension Reform Act 2014, the employer remits employee and employer contributions within seven working days of paying salaries.
How much is NSITF contribution?
NSITF states that registered employers contribute 1% of total monthly payroll to the Employees' Compensation Scheme.
Do salary transfers attract the ₦50 stamp duty?
No. As at January 2026, salary payments are among the exemptions from the ₦50 stamp duty on transfers of ₦10,000 or more.
Sources
- PwC Worldwide Tax Summaries: Nigeria individual tax administration (reviewed 29 May 2026) · accessed Oct 2026
- ThisDay: CPS, what you should know about employee's rights (20 Mar 2023) · accessed Oct 2026
- NSITF: Services (Employees' Compensation Scheme) · accessed Oct 2026
- Mondaq: The National Minimum Wage (Amendment) Act 2024, key updates for employers (28 Aug 2024) · accessed Oct 2026
- Kuda Help: An important update about stamp duty (Jan 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.