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
A mandate is the instruction that tells the bank who may operate the company's account and how: a sole mandate lets one signatory act alone, a joint mandate needs all named signatories, and an 'any two' mandate needs any two of a named group. The mandate is set by board resolution when the account is opened, and changing it needs a fresh resolution, the bank's mandate or signature form, and full KYC for any new signatory.
What a mandate is
When a company opens an account, the board passes a resolution naming the people who can sign and the rule for combining their signatures. The bank records this on a mandate card or form with specimen signatures. Corporate-account checklists, such as the June 2026 WithinNigeria guide, list the board resolution, specimen signature card and ID and BVN for each signatory among the opening documents. From then on, the bank will act only on instructions that satisfy the mandate.
The common mandate types
| Mandate | Who must sign | Suits |
|---|---|---|
| Sole | One named signatory alone | One-person companies; low-risk accounts |
| Either to sign | Any one of two or more named signatories | Small teams that need speed |
| Joint (all to sign) | Every named signatory | Partnerships wanting full control; slow for daily use |
| Any two | Any two of a named group | Most growing companies |
| Class-based (A and B) | For example, one A signatory plus one B signatory | Owner keeps control while managers can co-sign |
Adding value limits
Mandates can combine type and amount. Example only: "any one signatory up to ₦1,000,000; above ₦1,000,000, one A signatory and one B signatory; above ₦20,000,000, both directors." This keeps daily payments moving while large ones get two pairs of eyes. Ask your bank whether its systems support the limits you want on every channel.
Choosing the right mandate
The right mandate depends on who owns the company, who runs it day to day, and how much risk one person's mistake or dishonesty could cause. A few practical rules:
- If the owner is not in the office every day, avoid a joint mandate that needs the owner on every payment; use limits instead.
- If there are several shareholders, a class-based mandate lets each side keep a say over large payments without blocking routine ones.
- Never make the accountant who prepares payments the sole signatory.
- Name at least one alternate in each class, so travel or illness does not freeze the account.
- Write the mandate into a board resolution in plain words the bank can apply without asking.
Review the mandate whenever directors, senior staff or ownership change, and at least once a year.
How mandates work on digital channels
On internet banking, the mandate becomes roles: initiators who prepare payments and authorisers who approve them. GTBank's GAPS page, for example, describes reviewers and approvers who can decline schedules, approvers who can cancel pending batches, and security tokens for access. A sensible set-up mirrors the paper mandate, so the person who keys a payment is never the only person who approves it.
Some channels are not open to multi-signatory accounts at all. FirstBank's FAQs say its *894# USSD service is for individual accounts and that joint, corporate and multi-signatory accounts are not eligible; Sterling's *822# page says corporate accounts are not eligible. Expect company money to move through internet banking or the app, not USSD.
Changing signatories
- Pass a board resolution removing or adding signatories and restating the full mandate, signed as the company's articles require.
- Complete the bank's mandate or signature change form. Access Bank's Account Management Request Form, for instance, lists Mandate and Signature among the requests it covers.
- Provide KYC for each new signatory: valid ID, BVN, passport photograph and proof of address.
- If directors have changed too, file the change at the CAC and give the bank the updated status report.
- For digital banking, ask the bank to update user roles and tokens at the same time; changes may need a separate letter or resolution.
- Confirm in writing when the new mandate takes effect, and remove departing staff from every channel that day.
Joint personal accounts are different
A joint account held by two people, rather than a company, also has a mandate, usually "either to sign" or "both to sign". It matters for deposit insurance: the NDIC's FAQ says a joint account with a valid mandate and withdrawal rights is insured separately from each owner's individual accounts.
What to check first
- Read your current mandate card or ask the bank for a copy.
- List everyone with access on each channel: branch, internet banking, app, tokens.
- Remove anyone who has left the company.
- Check that no one person can both create and approve a large payment.
For related reading, see how bulk payments work and KYC updates on a business account.
Where Pryme fits
On a Pryme Business Account the business sets an approval ceiling: the Chief of Staff and the Finance, Compliance, Sales and Customer Support agents prepare work, a person approves anything above that ceiling, and every action is recorded. Account access is protected by an authenticator app and a transaction PIN; see security. For separating budgets by team, see multiple accounts.
Questions people ask
What is an account mandate for a company?
The bank's record of who can operate the account and how, for example sole, joint or any two to sign, set by board resolution.
How do I change signatories on a company account in Nigeria?
Pass a board resolution, complete the bank's mandate change form and provide ID, BVN and address proof for new signatories. Update digital banking roles too.
What does 'any two to sign' mean?
Any two signatories from the named group must approve each instruction. It balances control and speed.
Can I use USSD on a corporate account?
Often not. FirstBank's *894# excludes joint, corporate and multi-signatory accounts, and Sterling's *822# excludes corporate accounts.
Sources
- WithinNigeria: How to open a corporate bank account in Nigeria after CAC registration (9 Jun 2026) · accessed Oct 2026
- GTBank: GAPS – Guaranty Trust Bank Automated Payment Systems · accessed Oct 2026
- Access Bank: Account Management Request Form (PDF) · accessed Oct 2026
- NDIC: Frequently asked questions on deposit insurance · accessed Oct 2026
- FirstBank Nigeria: FAQs · accessed Oct 2026
- Sterling Bank: *822# USSD banking · 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.