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
It depends on how the fraud happened, how quickly you reported it, and whether you or the banks were at fault. Under the CBN's November 2025 draft guidelines on authorised push payment fraud, a victim who reports within 72 hours, cooperates and was not negligent can be refunded, with banks expected to investigate within 14 working days and pay within 48 hours of closing the case. Sharing a PIN or code, or reporting late, weakens your claim.
Two kinds of fraud, treated differently
- Unauthorised transaction
- Money left your account without your approval: a hacked account, a stolen card used by someone else, a SIM swap. You did not instruct the payment.
- Authorised push payment (APP) fraud
- You were tricked into sending the money yourself: a fake seller, a fake relative, a fake bank agent, an 'investment'. You instructed the payment, but under deception.
For a long time, APP fraud victims in Nigeria had little to point to, because the customer had technically approved the payment. The CBN's draft APP fraud guidelines are an attempt to change that. Unauthorised transactions have long been handled through the bank's complaints and dispute processes, which the CBN oversees.
What the CBN's draft APP fraud rules propose
In November 2025 the CBN published an exposure draft of Guidelines for Handling Authorised Push Payment Fraud for public comment. As drafted:
| Stage | Proposed rule |
|---|---|
| Your report | Within 72 hours of the incident, with date, amount, recipient details and supporting documents |
| Bank acknowledges | Within 24 hours, and starts investigating immediately |
| Several banks involved | Originating bank notifies the others within 30 minutes |
| Investigation | Concluded within 14 working days |
| Refund where due | Within 48 hours of closing the investigation |
| Multi-bank reimbursement | Within 16 working days of the first report |
| No one at fault | Banks share the refund equally |
| Bank failed to flag or freeze due to weak systems | That bank bears the cost |
Who would not qualify
- Customers who acted fraudulently, colluded or had criminal intent.
- Customers found to have been negligent.
- Reports made after 72 hours, except in cases such as illness, force majeure, unavailable reporting channels, or fraud caused by bank staff negligence or control failures.
What helps your claim, and what hurts it
| Helps | Hurts |
|---|---|
| Reporting within minutes or hours | Waiting days before reporting |
| A clear written timeline and evidence | Vague or changing accounts |
| Cooperating with investigators | Not answering the bank's calls |
| Showing you were deceived despite reasonable care | Sharing your PIN, password or one-time code |
| Reporting to the police as well | Lending your account or card to others |
Being honest matters. If you shared a code because a convincing caller told you to, say so. Investigators can often see it anyway, and the full story helps them trace the money. Keep copies of everything you send the bank, and note the date of each follow-up call.
How to make the claim
- Report to your bank's fraud line immediately and get a reference. See our first-hour plan.
- Follow up in writing with the details the draft rules list: date, amount, recipient bank and account, and documents.
- Report to the police; see how to report fraud.
- Keep a log of every contact with the bank.
- If the bank does not resolve it, escalate to the CBN's Consumer Protection Department, with proof that you complained to the bank first. The CBN's guidance is to allow the bank about two weeks. Our guide how to complain to the CBN explains the steps.
Worked example
Example only. Yemi is tricked by a fake courier into paying a ₦45,000 'customs fee'. He realises within the hour, calls his bank, and gives the receiving account details. His bank acknowledges the report the same evening and notifies the receiving bank, which finds ₦45,000 still in the account and holds it. After investigation, the funds are returned. Had Yemi waited three days, the money would likely have been withdrawn, and under the draft rules his report would have been outside the 72-hour window.
Common questions about fault
Victims often worry that any mistake means no refund. That is not how the draft is framed. The question is whether you were negligent, colluded or acted fraudulently, not whether you were deceived; being tricked by a convincing scam is the situation the rules are meant to cover. Banks are also judged: an institution that failed to flag or freeze a suspicious transaction because its systems were inadequate bears the cost under the draft.
Equally, a refund is not automatic. Investigations look at the whole picture, including what you were told, what you shared and how quickly you acted. Keep realistic expectations, keep records, and push the process along with polite, regular follow-up. If you are unhappy with the outcome, the draft keeps your right to approach the CBN.
Where Pryme fits
If fraud touches your Pryme account, contact Pryme straight away through the app or contact. Naira deposits on Pryme are held by Solid Allianze Microfinance Bank, licensed by the CBN. Pryme's use of an authenticator app and transaction PIN, with no SMS codes, is designed to stop the takeovers that lead to many claims in the first place. See security.
Questions people ask
Do banks in Nigeria refund scammed money?
Sometimes. Refunds depend on the investigation, how fast you reported and whether anyone was at fault. The CBN's draft APP fraud rules set out when victims should be refunded.
How long does a bank have to refund fraud in Nigeria?
Under the CBN's draft APP fraud guidelines, banks would investigate within 14 working days and refund within 48 hours of closing the case. Check whether the final rules are in force.
I gave the fraudster my OTP. Can I still get a refund?
It is harder, because sharing a code may be treated as negligence. Report immediately and explain exactly what happened.
What if my bank refuses to refund me?
Escalate to the CBN's Consumer Protection Department with your bank complaint reference and evidence.
Sources
- CBN: Exposure draft of the Guidelines for Handling Authorised Push Payment Fraud · accessed Oct 2026
- TechCabal: Nigerian banks must refund fraud victims under new CBN framework · accessed Oct 2026
- CBN: Consumer Protection, how to lodge a complaint · accessed Oct 2026
- TheCable: CBN asks bank customers to report unauthorised debits · 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.