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
Nigerian banks ask for the BVN of everyone who will sign on a business account, and many also ask for the BVN of directors or the proprietor; Access Bank's corporate account checklist, for example, lists the BVN of signatories and valid ID for each signatory. Beneficial owners above the CBN's ownership threshold must be identified too, so expect the bank to ask who owns and controls the company, not only who signs.
Why the BVN follows the people, not the company
A BVN belongs to a person. The CBN describes it as a number that gives a bank customer "a single identity in the banking system". A company has an RC number and a TIN instead. So when a business opens an account, the bank attaches BVNs to the people who will operate or control it. That way the bank can tell, through NIBSS, whether any of those people has been watch-listed: NIBSS says banks are prompted at account opening and credit checks if a customer has been blacklisted by any Nigerian bank.
Who is usually asked for a BVN
| Person | BVN usually needed? | Why |
|---|---|---|
| Account signatories | Yes, at all banks | They move money; their identity must be verified |
| Directors who are not signatories | Often | Banks check the people running the company |
| Sole proprietor of a business name | Yes | The proprietor is the account's controlling person |
| Beneficial owners above the threshold | Identity required; BVN where they bank in Nigeria | Customer due diligence on who owns the business |
| Company secretary | Sometimes | Varies by bank |
| Staff with view-only internet banking | Varies | Some banks register users with BVN |
Bank checklists confirm the core. Access Bank's corporate account page lists, among other documents, valid ID of each signatory, TIN, the BVN of signatories, and residence permits or powers of attorney where applicable. A Mondaq checklist for foreign-owned companies (February 2023) lists the BVN of a director or proprietor. Banks can and do ask for more than the minimum, so ask your chosen bank for its list before you collect documents.
Beneficial owners
Beyond signatories, banks must know who ultimately owns or controls the business. Youverify's March 2026 summary of the CBN's 2023 customer due diligence rules says corporates must disclose beneficial owners holding 5% or more and provide IDs of directors and signatories. That summary is a vendor's reading, so treat the threshold as one to confirm with your bank. In practice, expect a form listing each shareholder above the threshold, with ID, and expect the bank to compare it with your CAC records.
Foreign directors and signatories
A director who lives abroad and has never banked in Nigeria will not have a BVN. Mondaq's 2023 guide states that "all account holders with Nigerian banks must have a BVN, foreigners inclusive" and that a person abroad can ask the nearest Nigerian embassy about enrolment. Nigerians abroad have a separate route, the NRBVN; see NRBVN: the BVN for Nigerians abroad. Common approaches are:
- Make only Nigeria-resident directors signatories, and identify the foreign director as a non-signing owner with passport-based checks.
- Have the foreign director enrol for a BVN on a visit to Nigeria, with passport and residence permit where they hold one.
- Ask the bank whether it accepts a power of attorney for a local representative, which Access Bank's checklist mentions.
Common hold-ups and how to avoid them
Most delays on business accounts trace back to one person in the mandate rather than to the company documents. The ones that recur:
- A signatory's BVN name differs from their ID. The CBN's 2016 circular says a person's BVN name should be the same on all their accounts; banks will hold the file until it is corrected at a branch.
- A director's BVN is on the watch-list. NIBSS prompts banks at account opening when a customer has been blacklisted. Under the 2021 framework, as Mondaq summarises it, a watch-listed person cannot enter into a new relationship with a bank, so that person cannot be a signatory.
- CAC records and the bank's list disagree. If your CAC filing shows a director the bank has not been told about, expect questions. Update CAC first; see adding or removing a director at CAC.
- No NIN for a signatory. Since December 2023 the CBN expects both BVN and NIN for Tier 2 and Tier 3 individual relationships, and many banks apply the same expectation to signatories.
Sort these out before the branch visit and the account usually moves at the speed of the bank's own review.
Steps
- List everyone who will sign, approve or view the account, and every owner above the bank's threshold.
- Check each signatory's BVN is active and the name matches their ID; *565*1# shows the registered name for ₦20, according to NIBSS.
- Fix any mismatch first; banks will not link a BVN whose name differs from the ID presented.
- Collect CAC documents, TIN, board resolution and address proof alongside the BVNs.
- Submit, and ask the bank to confirm in writing which mandate (single or joint signing) has been set.
Where Pryme fits
A Pryme Business Account can be opened from any country and holds NGN, USD, GBP and EUR with local details for each; see business multicurrency. Its Compliance agent prepares work for a person to approve above a set ceiling, with actions recorded, which helps when several people operate one account.
Questions people ask
Do all directors need a BVN to open a company account?
All signatories do. Many banks also ask for the BVN of directors who do not sign. Ask your bank for its checklist, since requirements vary.
Can a foreigner be a signatory on a Nigerian business account?
Yes, but banks expect a BVN, which a foreigner obtains by enrolling at a Nigerian bank, usually with a passport and residence permit.
Does a business name need a BVN?
The proprietor's BVN is used. A business name has no BVN of its own.
Do shareholders need to give their BVN?
Beneficial owners above the CBN threshold must be identified. Whether the bank also asks for their BVN depends on its own policy.
Sources
- Central Bank of Nigeria: Bank Verification Number · accessed Oct 2026
- NIBSS: Bank Verification Number (BVN), page updated 5 Oct 2026 · accessed Oct 2026
- Access Bank: Corporate Account · accessed Oct 2026
- Mondaq: Requirements for opening a bank account as a foreigner in Nigeria (28 Feb 2023) · accessed Oct 2026
- Youverify: CBN KYC and AML requirements 2026 (28 Mar 2026) · accessed Oct 2026
- NIBSS: USSD Validation Service (*565), page updated 12 Nov 2025 · 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.