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
Ask your bank for a cheque book on the company current account using its request form, the app or the branch; the CBN Guide to Charges lets banks recover only the cost of the book. Paper cheques for clearing are capped at ₦10 million face value under the clearing rules effective 1 September 2018, and a cleared cheque is treated as paid by 10pm the next working day (T+1) unless returned.
Getting the cheque book
Cheque books are issued on current accounts. For a company, the request must come from the mandated signatories, either through a signed request form, the bank's corporate internet banking or the app, depending on the bank. When the book arrives, check the account name and number printed on every leaf, count the leaves against the serial range, and store it under lock.
Cost: the CBN's Guide to Charges, effective 1 January 2020, treats cheque books as cost recovery, meaning the bank may charge what the book costs to produce, and sets counter cheques at ₦50 per leaf. Banks set their own price per book size. Some business accounts include the first book free; GTBank's GT Business Account page, for example, lists a free corporate card and cheque book on first issue. Ask your bank for the current price.
The ₦10 million cap and next-day clearing
Two rules shape how useful a cheque is for a business.
- Maximum face value
- Under the Nigerian Bankers' Clearing System rules effective 1 September 2018, as reported by BusinessDay, paper instruments presented for clearing are capped at ₦10 million, or as the CBN may review.
- Clearing time
- The same rules treat a paper instrument as paid by 10pm on the next working day (T+1) unless it is returned, under special caution or given a value-date extension.
The CBN's cheque truncation guidelines describe the image-based process behind this: cheques are scanned and exchanged as images, and the presenting bank is liable for alterations visible under ultraviolet light. Under the Revised Nigerian Cheque Standard, as reported by Nairametrics in September 2018, only conforming cheques were accepted in automated clearing from 1 August 2020, so an old-format book should be replaced.
Worked example: a payment above the cap
Example only. A school buys a bus for ₦24,500,000 and the dealer asks for a cheque.
- One cheque for ₦24,500,000 exceeds the ₦10,000,000 clearing cap, so it cannot go through clearing as a single paper instrument.
- Splitting into three cheques (₦10,000,000 + ₦10,000,000 + ₦4,500,000 = ₦24,500,000) is the kind of workaround the cap is meant to discourage, and your bank may query it.
- A bank transfer is the practical route. Corporate instant transfers can go up to the CBN ceiling of ₦250 million under the July 2026 instant payments rules, subject to your bank's cap.
For most supplier payments, transfers are now faster than cheques. Cheques still appear for rent, deposits, tenders that ask for a cheque, and payees who want a paper record.
Cashing cheques over the counter
If a payee tries to cash your company's cheque over the counter rather than paying it into an account, a lower limit applies. From 1 January 2026, as reported by Channels TV, third-party cheque encashment over the counter is capped at ₦100,000 and counts toward the payee's weekly cash withdrawal limit. Anything bigger has to be lodged into an account and cleared.
Post-dated, stale and stopped cheques
A post-dated cheque carries a future date and should not be paid before it. The CBN truncation guidelines treat a post-dated or stale cheque that is wrongly paid as a case where liability is shared between the presenting and paying banks, which is why banks check dates closely. A stale cheque is one presented too long after its date; banks commonly refuse old cheques, but we could not find a CBN document fixing the period, so ask your bank for its rule rather than relying on a figure you have heard.
To stop a cheque, the mandated signatories should write to the bank quoting the serial number, amount, date and payee, and ask for confirmation. A stop only works if it reaches the bank before the cheque is paid, so act on the same day you learn of a problem.
Using cheques safely
- Write the payee's name in full and cross the cheque so it can only be paid into an account.
- Fill amounts in words and figures that match, starting at the far left so nothing can be added. The truncation guidelines treat a cheque whose words and figures differ as a shared-liability case between banks.
- Never sign a blank cheque, including for staff who will fill it in later.
- Keep a register of every leaf: date, payee, amount, who signed.
- Confirm large cheques: many banks will call a signatory before paying a high-value cheque. Make sure the phone numbers on the mandate are current.
- Report a lost book or leaf in writing to the bank at once and ask for a stop on the serial numbers.
Where Pryme fits
Pryme does not issue cheque books. For payments a cheque would cover, a Pryme Business Account can send transfers with an approver above a set ceiling, raise invoices, and give the payee a verifiable receipt through VerifyDoc.ai (see receipts). For bank tariffs in general, see business account charges under the CBN guide.
Questions people ask
What is the maximum amount I can write on a cheque in Nigeria?
For clearing between banks, paper instruments are capped at ₦10 million face value under the clearing rules effective 1 September 2018, unless the CBN reviews it. Use a transfer for larger amounts.
How long does a cheque take to clear in Nigeria?
The clearing rules treat a paper cheque as paid by 10pm on the next working day (T+1) unless it is returned or held.
How much is a cheque book for a business account?
The CBN Guide to Charges lets banks charge only the cost of the book. The price varies by bank and number of leaves, and some accounts include the first book free. Ask your bank.
Can someone cash my company's cheque over the counter?
Only up to ₦100,000 for a third-party cheque from 1 January 2026, as reported by Channels TV, and it counts toward their weekly cash limit.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- BusinessDay: CBN gives September 1 for revised clearing rules (2018) · accessed Oct 2026
- CBN: Guidelines for Cheque Truncation in Nigeria (exposure draft, Oct 2011) · accessed Oct 2026
- GTBank: GT Business Account · accessed Oct 2026
- Channels TV: CBN revises cash withdrawal rules effective January 2026 (3 Dec 2025) · accessed Oct 2026
- Nairametrics: New cheque standard policy (25 Sep 2018) · 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.