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
To close a company account, pass a board resolution authorising closure, settle any loans, let outstanding cheques clear, cancel standing orders and cards, move the balance, and submit the bank's closure form with the signatories' IDs. Ask for a final statement and a closure or non-indebtedness letter. The CBN Guide to Charges effective 1 January 2020 lists account closure as a waived charge.
Before you start: is closing the right move?
Businesses close accounts when they switch banks, wind up, restructure, or simply have too many accounts to reconcile. Closing is final: the account number stops working, and any payment sent to it later will bounce or sit in suspense. If the account still receives payments from customers, tenants or government agencies, give yourself a few months to redirect them first. If you are trimming accounts, our guide on whether a business needs more than one account helps decide which to keep.
What the rules say about closing
- No closure fee. The CBN Guide to Charges effective 1 January 2020 lists account closure among charges that are waived.
- No unreasonable barriers. The CBN's Consumer Protection Regulations, as reported by ThisDay in December 2019, say customers should be able to close or switch accounts without unreasonable barriers, and that requests should be answered within 5 working days.
- Statements. Monthly statements are free under the 2020 guide; special printed statements can be charged up to ₦20 per page.
Steps to close a company account
- Board resolution. Record the decision to close, the account number, the reason, and where the balance should go. Have it signed according to your Articles and the account mandate.
- Settle borrowings. Any overdraft, loan, guarantee or letter of credit linked to the account has to be cleared or moved first. The bank will not close an account that secures a facility.
- Wait for cheques to clear. List every cheque issued that has not yet been presented. Paper cheques clear by 10pm the next working day (T+1) once presented, under the clearing rules effective 1 September 2018, but a payee may hold one for weeks. Either wait, or stop the unpresented ones in writing and pay those payees another way.
- Cancel standing orders and direct debits. Tell the people you pay by direct debit (insurers, pension administrators, subscriptions) to move to the new account.
- Return or cancel cards, tokens and unused cheque leaves. Write down the serial numbers of the leaves you hand back.
- Move the balance. Transfer it to the new account, leaving only what the bank says it needs for final charges.
- Submit the closure request. Banks have their own forms. Access Bank's Account Management Request Form, for example, includes an Account Closure request that asks for the reason and a valid ID, and a separate request for a Letter of Non-Indebtedness.
- Get it in writing. Ask for a final statement showing a zero balance and a letter confirming closure.
Expect the bank to check every signatory's identity again at closure. If a signatory has left the company, update the mandate first, or the closure request will not be accepted.
Documents to bring
| Document | Notes |
|---|---|
| Board resolution to close | On letterhead, signed per the mandate; a sole proprietor can usually give a signed letter instead |
| Bank's closure form | Signed by the mandated signatories |
| Valid ID of each signatory | International passport, driver's licence, NIN slip or voter's card |
| Unused cheque leaves, cards and tokens | Returned for cancellation |
| Details of the receiving account | Name and number for the final balance |
Worked example: timing the final balance
Example only. A consultancy decides on 1 March to close an account holding ₦3,450,000. It has two unpresented cheques: ₦250,000 to a landlord and ₦120,000 to a printer.
- Amount to keep back for the cheques: ₦250,000 + ₦120,000 = ₦370,000.
- Amount it can move at once: ₦3,450,000 − ₦370,000 = ₦3,080,000.
- Once both cheques have cleared, it moves whatever remains after final charges and submits the closure form.
If the printer never presents the cheque, the consultancy writes to stop it and pays by transfer, so the account can close on time.
If the company itself is closing
Closing the bank account is one step in shutting a company down, not the whole job. A company that stops trading still exists at CAC until it is struck off or wound up, and it keeps its filing duties until then. CAC's New Schedule of Fees (29 May 2025) lists voluntary striking off at ₦25,000 for a small company, ₦50,000 for other private companies and companies limited by guarantee, and ₦100,000 for public companies. Keep the bank account open until the last creditors, taxes and filing fees have been paid, then close it as the final financial step. A lawyer or accountant can advise on the right route for your company; this is information, not advice.
After the account is closed
- Update your letterhead, invoices, website and payment pages with the new account details.
- Tell the tax authority, pension administrators and regulators that hold your bank details.
- Keep the final statement and closure letter with your accounting records.
- If money arrives later, ask the old bank how it handles inflows to closed accounts.
Where Pryme fits
If you are moving accounts, a Pryme Business Account can be opened from any country and holds naira, dollars, pounds and euros with local details for each (business multicurrency). Invoices carry the new details, and a verifiable statement through VerifyDoc.ai can be produced when a client or lender asks (receipts and statements). You can open an account here.
Questions people ask
Do banks charge to close an account in Nigeria?
The CBN Guide to Charges effective 1 January 2020 lists account closure among waived charges. Ask your bank to confirm before you start.
How do I write a letter to close a company account?
Put it on letterhead, state the company name, account number, the reason and where the balance should go, attach the board resolution, and have the mandated signatories sign.
Can I close an account with an unpaid overdraft?
No. Overdrafts, loans and facilities tied to the account must be cleared or moved first.
What happens to cheques after I close the account?
Cheques presented after closure will be returned unpaid. Wait for issued cheques to clear, or stop them and pay another way.
Sources
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- ThisDay: Respond to customers' enquiries within five days, CBN tells banks (24 Dec 2019) · accessed Oct 2026
- BusinessDay: CBN gives September 1 for revised clearing rules (2018) · accessed Oct 2026
- Access Bank: Account Management Request Form · accessed Oct 2026
- CAC: New Schedule of Fees (Gazette No. 92 Vol. 112, 29 May 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.