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
When you enter an account number and bank in any Nigerian banking app or USSD menu, the sending bank runs a name enquiry through NIBSS and shows the name the receiving bank holds for that account, before any money moves. Read it carefully: it proves the account exists and whose name it is in, but not that the person is honest, that the goods exist, or that the account belongs to the business you think you are paying.
What name enquiry is
Most transfers between Nigerian banks and fintechs run on the NIBSS Instant Payment (NIP) system. NIBSS describes NIP as an account-number-based, real-time transfer service, and says its name enquiry function lets the sending institution check the beneficiary's details by account number before sending. In practice, that is the name that appears on your screen after you type the account number and choose the bank, and before you enter your PIN.
The name comes from the receiving bank's records. It is the name the account was opened in, as the receiving bank records it.
How to use it properly
- Get the account number and bank from a source you trust: an invoice, the company's website, or the person directly. Not from a forwarded message.
- Type the number and choose the bank, then stop and read the name before going further.
- Compare it with who you expect to pay. For a business, does the name match its registered name? For a person, does it match their full name, not just a nickname?
- If the name is different, even slightly, do not send. Ask why. A "cousin's account" or "my manager's account" is a common scam explanation.
- Only then enter the amount and approve.
What it proves, and what it does not
| Name enquiry proves | Name enquiry does not prove |
|---|---|
| The account number is valid at that bank | That the person you are chatting with owns the account |
| The name the bank holds for it | That the seller has the goods or will deliver |
| Money sent will go to that named account | That a business is registered or licensed |
| That the name was not chosen to look like a real business |
Scammers know people check names. Some open accounts in names that resemble a real company, such as a trading name plus "Ventures". Others use the real names of people who have sold or rented them their accounts. A matching name is necessary but not sufficient.
On USSD and at the bank counter
The same principle applies when you transfer by USSD. Most bank USSD menus show the recipient's name and ask you to confirm before the transfer goes through; read it on the small screen as carefully as you would in an app, because the short display makes truncated or similar names easy to miss. At a bank counter or a POS agent, ask the agent to read the returned name to you, or show you the screen, before you hand over cash. A POS agent who will not show the name is a reason to go elsewhere.
For businesses receiving money
Name enquiry also protects the receiver. When you give customers your account details, put the exact account name on the invoice so they can compare. And when a customer says they have paid, check your own account for the credit rather than trusting a screenshot; our guide to confirming a transfer before releasing goods explains why.
Other checks that help
- For a business: look up the name on the CAC public search; see verifying a Nigerian company.
- For a supplier whose details have "changed": call them on a number you already had, never the one in the email; see supplier bank details fraud.
- For a professional: check them with their regulator first, for example verifying a lawyer.
- For a BVN someone gives you: NIBSS's *565*1# service validates a BVN and shows the registered name, for ₦20 per its USSD page, but only use it with the BVN holder's consent.
If you send to the wrong account
Act at once. Call your bank and report the transfer with the date, amount and recipient details. NIBSS's USSD page lists *565*5# as a tracker for NIP transfers in the last 48 hours, dialled from the phone tied to the sending account, at ₦20. NIBSS also lists a Transaction Status Query service banks use to check what happened to a transfer. Recovery from a wrong account depends on the receiving bank and the recipient, which is why the name check before sending matters so much. Our guide to the first hour after fraud covers the steps.
Example
Example only: Ifeoma is paying ₦350,000 to a furniture maker she found on Instagram. The page is called "Royal Woodcraft". Name enquiry returns an individual's name with no link to the business. She asks; the seller says it is "my brother's account". She declines to pay until she can visit the workshop and pay into an account in the business name. The workshop address turns out not to exist.
Where Pryme fits
Before approving any transfer on Pryme, as on any app, read the name returned. Pryme's approvals use a transaction PIN and an authenticator app rather than SMS codes; see security.
Questions people ask
How do I confirm an account name before transfer?
Enter the account number and bank in your banking app or USSD menu and read the name shown before you enter your PIN. That name comes from a NIBSS name enquiry to the receiving bank.
Does the account name prove the person is genuine?
No. It proves the account exists and whose name it is in. It does not prove the seller is honest or that the goods exist.
Can I check an account name without sending money?
Yes. Your app shows the name after you enter the account number and choose the bank. You can stop there without sending.
What do I do if I sent money to the wrong account?
Call your bank immediately with the details. NIBSS lists *565*5# for tracking NIP transfers from the last 48 hours, dialled from the phone linked to the sending account.
Sources
- NIBSS Instant Payment (NIP) · accessed Oct 2026
- NIBSS USSD Validation Services · 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.