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
An Italian company paying Nigeria should keep a chain of documents for each payment: the contract, the supplier invoice, the TD17 or TD19 integration sent through the Sistema di Interscambio, the full bank confirmation and proof of delivery. Article 2220 of the Codice civile requires accounting records and invoices to be kept for ten years.
What an audit trail for a payment to Nigeria has to prove
When an Italian company pays a supplier, contractor or subsidiary in Nigeria, the money leaves one legal and tax system and lands in another. An auditor, a revisore, the Guardia di Finanza or your own bank's compliance team will later want to answer four questions from the documents alone: who was paid, for what, how much, and was the cost real and connected to the business. If any one of those links is missing, the payment becomes hard to defend, however legitimate it was.
The Italian baseline on keeping records is set by article 2220 of the Codice civile: accounting entries must be kept for ten years from the date of the last entry, and the same ten-year rule covers invoices, letters and telegrams received and copies of those sent. They may be kept as image records as long as they match the originals and can be made readable at any time. Plan the file for a Nigerian payment with that ten-year horizon in mind, not just the current audit.
The documents to keep for each payment
Think of the file as a chain. Each document should point to the next, so that anyone can follow it from the agreement to the money arriving.
| Document | What it proves | Practical tip |
|---|---|---|
| Contract, purchase order or engagement letter | That the service or goods were agreed, with price, currency and scope | Name both legal entities exactly as registered; add the Nigerian CAC registration number of the supplier |
| Supplier invoice | The amount due, date, description and currency | Ask for the supplier's Nigerian Tax ID on the invoice; keep the original PDF, not a screenshot |
| Your Italian integration document (TD17 or TD19) | That the foreign purchase was reported through the Sistema di Interscambio | Link it to the supplier invoice number so the two match |
| Bank or provider payment confirmation | That the exact amount left your account to the named beneficiary | Keep the full SWIFT confirmation or transfer receipt with reference, not just the account statement line |
| Exchange rate record | The rate used to convert euro to naira or the reverse | Save the quote shown before you approved the transfer, with its date |
| Proof of delivery | That the work or goods were actually received | Delivery notes, timesheets, reports, emails approving the work |
| Nigerian withholding tax receipt (if any) | That Nigerian tax was deducted and by whom | Only relevant where a Nigerian payer deducts; see below |
Why the integration document matters
Since 1 July 2022, purchases from suppliers not established in Italy are reported through the Sistema di Interscambio in the electronic invoice format. According to EC News's guide to the new esterometro, a service bought from a non-established supplier is documented with a TD17 integration or self-invoice, and goods already in Italy bought from such a supplier with TD19. The file must be sent by the fifteenth day of the month after the one in which you receive the document proving the operation, or in which the operation takes place. It should reference the supplier's invoice in the linked-invoices field. Our article on recording a Nigerian supplier invoice in Italian e-invoicing covers the fields in detail.
What banks typically ask when the payment goes out
Italian banks and payment providers apply anti-money-laundering checks to outgoing international payments, and payments to Nigeria often attract questions. The questions vary by bank and amount, so treat the following as the common ground rather than a fixed rule:
- The purpose of payment (causale) in plain words, matching the invoice: "Invoice 2026/014, software development services, September 2026" rather than "payment".
- The beneficiary's full legal name exactly as the Nigerian bank holds it, plus account number and bank. A mismatch is one of the commonest reasons for a returned payment.
- The underlying invoice or contract, especially for a first payment to a new beneficiary or a large amount.
- For payments to a related company, evidence of the relationship and the basis for the price.
If you write the causale carefully and keep the invoice ready, most bank queries can be answered on the same day. A vague causale is where audit problems start, because the bank's record and your ledger then describe the same payment differently.
The Nigerian side of the trail
The Nigerian recipient has its own record-keeping duty. Under section 31 of the Nigeria Tax Administration Act 2025, every person, including those exempt from tax, must keep books and records with enough information to determine tax liability, in English, for not less than six years after the year of assessment. That is shorter than the Italian ten years, so do not rely on your Nigerian counterpart to hold copies for you.
Where money flows the other way, from a Nigerian company to an Italian one, the Nigerian payer may deduct withholding tax. PwC's summary of the 2024 Withholding Regulations says the payer (not the tax authority) issues the receipt for tax deducted, and recommends payment reference numbers on receipts. Keep that receipt with the invoice: without it, there is no evidence of the tax suffered. Our guide to Nigerian withholding tax on payments to an Italian company explains the rates.
Worked example: one invoice, one complete file
Example only. A Milan design studio engages a Lagos illustration company for a campaign at an agreed €4,000. The file should hold:
- The signed engagement letter dated 2 September, naming both companies and the €4,000 fee.
- The Lagos company's invoice dated 30 September, in euro, with its Tax ID.
- The TD17 integration document sent through the Sistema di Interscambio by 15 October, referencing the supplier invoice.
- The bank's transfer confirmation for €4,000 on 3 October, causale "Invoice LG-0930, campaign illustrations, Sept 2026".
- The delivered artwork files and the approval email from the art director.
- A note of the exchange rate if the payment was converted, with the quote's date.
Anyone can now follow the chain without asking a single question. That is the test of a good audit trail.
Where Pryme fits
A Pryme Business Account holds euro and naira in one place with local account details for each, and Swap shows the rate and the fee before you approve, which gives you the dated quote the file needs. Any payment can produce a regular or a verifiable receipt through VerifyDoc.ai (receipts), and the Finance agent can prepare the matching of invoices to payments for a person to approve. Outside Nigeria, Pryme's activities are carried out through regulated partners.
What to check first
- Is every payment to Nigeria linked to a contract and an invoice with the supplier's registered name?
- Has each foreign invoice been reported through the Sistema di Interscambio within the deadline?
- Does each causale describe the actual invoice?
- Are records stored so that they stay readable for ten years?
Questions people ask
What documents does an Italian bank need for a payment to Nigeria?
It varies by bank and amount, but expect to give the purpose of payment, the beneficiary's exact name and bank details, and, for new beneficiaries or larger sums, the invoice or contract behind the payment.
How long must an Italian company keep invoices from a Nigerian supplier?
Article 2220 of the Codice civile sets ten years from the last entry for accounting records, invoices and correspondence received and sent.
Do I need to report a Nigerian supplier invoice in Italy?
Yes, in most cases. Since 1 July 2022 foreign purchases go through the Sistema di Interscambio, with TD17 for services and TD19 for goods already in Italy, by the fifteenth of the following month. Ask your commercialista about exclusions.
Is a bank statement line enough proof of payment?
Usually not on its own. Keep the full transfer confirmation with the reference and beneficiary name, alongside the invoice it settles.
Sources
- Codice civile art. 2220, Conservazione delle scritture contabili (Brocardi.it, updated 12 Aug 2026) · accessed Oct 2026
- Gli acquisti da non residenti nel nuovo esterometro (EC News, 28 Jun 2022) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- PwC Nigeria: Highlights of the Deduction of Tax at Source (Withholding) Regulations 2024 · 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.