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
Take a deposit before starting and tie every further payment to a written milestone, so you are never more than one stage of work ahead of the money. In the agreement, fix the invoice currency, who bears bank charges, when a payment counts as made, the exact beneficiary details and the documents the client's Nigerian bank will need.
Why deposits matter more on this route
Getting paid by a Nigerian client from South Africa has more moving parts than a local job. The client may have to pay in naira and buy foreign currency, or pay from a domiciliary account. Their bank may ask for a Form A and supporting papers before releasing foreign currency for a service. Your South African bank will ask what the money is for. Each step adds time, and time is where non-payment hides. A deposit taken before work starts tests all of those steps early, on a smaller amount.
Common structures
| Structure | How it works | Suits |
|---|---|---|
| Deposit and balance | A fixed share before work, the rest on delivery | Short, well-defined jobs |
| Milestones | Payment per agreed stage, each released before the next starts | Projects over a few weeks |
| Retainer | A monthly fee paid in advance for a set amount of work | Ongoing support or content |
| Pay before release | Final files or access handed over only once the last payment clears | Design, software, documents |
The percentage is a commercial choice. What matters is that the first payment covers your real exposure: the time you will spend before the next payment is due.
A worked example
Example only. A Johannesburg-based developer quotes a Lagos company $4,000 for a website.
| Stage | Trigger | Amount | Running total |
|---|---|---|---|
| Deposit | Signed agreement | $1,200 (30%) | $1,200 |
| Milestone 1 | Design approved in writing | $1,200 (30%) | $2,400 |
| Milestone 2 | Site on staging server | $1,000 (25%) | $3,400 |
| Final | Before go-live and handover of access | $600 (15%) | $4,000 |
The developer is never more than one stage of work ahead of the money. If the client stalls at milestone 2, the developer has been paid $2,400 and still holds the staging site.
Write the payment mechanics into the agreement
Most disputes on this route are about how and when money moves rather than whether it is owed. Put these in writing:
- Currency of the invoice: dollars, rand or naira. If you invoice in naira, say who bears the cost of conversion and at what point.
- Who pays bank charges: on a SWIFT payment, intermediary and receiving bank fees can be deducted before the money reaches you. Capitec says processing banks deduct their fees from the amount received unless the payment instruction says otherwise. State that the invoice is to be received in full.
- When a payment counts as made: when it is credited to your account, not when the client initiates it.
- Exact beneficiary details: name as on your account, account number, SWIFT code, bank address. A wrong name can send a payment back.
- Documents the client's bank may need: Stanbic IBTC's approved-documents list for contract service fees includes Form A, the service agreement, a confirmation of the service fee, a demand note or invoice and evidence of tax paid. Agree that the client will prepare these at the deposit stage.
- What happens if a stage is late: work pauses after an agreed number of days.
The Nigerian side: what the client faces
Under the CBN Foreign Exchange Manual 2026, which took effect on 1 June 2026 according to Mondaq's summary, Form A is no longer required for outward remittances from self-funded domiciliary accounts, with direct transfers up to $10,000 a day. A client paying from naira for a service still goes through its bank's documentation. Ask early which route the client will use; if they say they need to "get the Form A done", expect days, not hours. Our Nigeria library explains Form A and Form M.
Nigerian companies may also have to withhold tax on fees paid to non-residents. If your client deducts it, the net amount is not underpayment, so agree in advance whether your fee is gross or net and ask for the receipt. See Nigerian withholding tax for non-residents.
Steps
- Send a short written agreement with stages, amounts, currency and payment details before any work.
- Invoice the deposit with a number the client puts in the payment reference.
- Start only when the deposit is credited, not on a screenshot of a transfer.
- Tell your SA bank that regular payments from Nigeria will arrive and ask about a standing BoP instruction.
- Hold back final files until the last payment clears.
If a South African bank questions repeated credits, the same agreement and invoices answer it; see what to show an SA bank.
Where Pryme fits
A Nigerian client may find it easier to pay a deposit in naira to a Nigerian account than to arrange foreign currency. A Pryme Business account has local naira details plus USD, GBP and EUR, and you send invoices from the app. See invoicing and multicurrency business accounts.
Questions people ask
How much deposit should I charge a Nigerian client?
Enough to cover your work until the next payment is due. Many freelancers use a first payment plus milestones; the split is a commercial choice.
Who pays the bank charges on an international payment?
Agree it in the contract. Capitec says processing banks deduct their fees from the amount received unless the instruction says otherwise.
Does my Nigerian client need Form A to pay me?
Usually when buying foreign currency for a service. The CBN FX Manual 2026 removed Form A for outward remittances from self-funded domiciliary accounts.
Should I start work when the client sends a transfer screenshot?
Wait until the money is credited to your account. A screenshot shows an instruction, not a completed payment.
Sources
- Capitec: Foreign exchange services (receiving international payments) · accessed Oct 2026
- Stanbic IBTC: Approved documents for invisible FX transactions · accessed Oct 2026
- Mondaq: Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · 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.