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
A real bank guarantee from a Nigerian bank reaches you through the banking system, normally as an authenticated SWIFT message from the issuing bank to your own UK bank, which can confirm it is genuine. A scanned PDF, an email attachment or a courier envelope from the buyer is not proof: ask your bank to authenticate the guarantee with the issuing bank before you ship anything or pay any fee.
Exporters offered a large first order from Nigeria are sometimes sent an impressive guarantee: crest, signatures, reference numbers, a Lagos head office address. Some are real. Some are forgeries, and some are issued by a real bank to a different beneficiary for a different amount, then altered. The good news is that the test is simple and does not depend on judging the paper. It depends on who sent it and how.
How a genuine guarantee reaches you
Banks issue guarantees to each other over authenticated channels, chiefly SWIFT. A Nigerian buyer asks its bank to issue a guarantee in your favour. That bank sends it to your bank (or to a bank you nominate), which checks the message is authenticated and then advises it to you. Your bank's advice is what tells you the guarantee exists. Many demand guarantees also state that they are subject to the ICC's uniform rules for demand guarantees; read what the text says about how and where you make a claim.
| What you receive | What it proves |
|---|---|
| Advice from your own UK bank that it has received an authenticated guarantee | That the issuing bank sent it, subject to your bank's checks |
| PDF or photo from the buyer | Nothing on its own |
| Email "from the bank" sent to you directly | Nothing on its own; email addresses are easy to fake |
| Printed copy of a SWIFT message | Nothing on its own; printed message formats are easy to reproduce |
| Phone call to a number on the document | Nothing; the number may belong to the fraudster |
The checks, in order
- Ask for the guarantee to be issued through your bank. Give the buyer your bank's name and SWIFT code and ask for the issuing bank to send it there. A buyer with a real guarantee has no reason to refuse.
- Ask your bank to authenticate it. If you were sent a document directly, give a copy to your trade finance or international team and ask them to confirm with the issuing bank, bank to bank. Expect a fee; ask in advance.
- Check the issuing bank is licensed. The Central Bank of Nigeria publishes its list of supervised institutions, covering deposit money banks, microfinance banks and others. A guarantee from an institution that does not appear there is a stop sign.
- Contact the issuing bank yourself. Use contact details from the bank's own website, found independently, not from the document or the buyer's email.
- Read the terms. Check the beneficiary name is exactly your company, the amount and currency, the expiry date, and what you must present to claim. A guarantee you cannot claim on is worth little even if genuine.
Red flags that point to fraud
- You are asked to pay a fee to "activate", "release" or "register" the guarantee.
- The buyer insists the guarantee can only be sent to you directly, never through your bank.
- Offers to "lease" a bank instrument, or a guarantee worth far more than the deal.
- The bank's email domain differs from its website, or the document uses a free email address.
- Pressure to ship before your bank has confirmed anything.
Falsifying foreign-exchange documents is a serious offence in Nigeria. TheCable's summary of the CBN Foreign Exchange Manual 2026 (3 June 2026) reports penalties for falsified FX documents of up to five years' imprisonment or five times the value for individuals, and ten times the value for companies.
Genuine guarantee, wrong protection
Even an authentic guarantee may not protect you the way you expect. A performance guarantee, for example, protects the buyer if you fail to deliver; it does nothing for you if the buyer fails to pay. A payment guarantee issued in your favour is what covers non-payment. Read the operative wording: who the guarantor is, who the beneficiary is, what event triggers a claim, which documents you must present, where you must present them and by what date. If the guarantee says it may only be claimed at a branch in Nigeria, or expires before your payment falls due, ask for it to be amended before you ship. Your bank's trade team can review the text, usually for a fee agreed in advance.
A guarantee also depends on the issuing bank being able to pay in the currency stated. If the guarantee is in US dollars or sterling, ask your bank whether it sees any obstacle to the issuing bank meeting a claim in that currency, and consider whether a confirmation by a UK bank is worth its cost for a large deal.
If you think a guarantee is fake
- Do not ship and do not pay any fee.
- Tell your bank, which may want to notify the issuing bank.
- In England, Wales and Northern Ireland, report it to Report Fraud, which replaced Action Fraud in December 2025 (reportfraud.police.uk, 0300 123 2040). In Scotland, contact Police Scotland on 101.
- Keep every email, document and phone number.
Related checks: fake proof of payment from a Nigerian buyer and supplier fraud checks before paying.
Where Pryme fits
Pryme does not issue bank guarantees. What it can do is help you keep a clear record of a deal: a Pryme Business Account receives GBP, USD and EUR on local details, and the Compliance agent can prepare counterparty checks for a person to review before anything is approved.
Questions people ask
How do I know a Nigerian bank guarantee is real?
Have it sent to, or authenticated by, your own UK bank through the banking system. Your bank confirms with the issuing bank. Documents sent to you directly by the buyer prove nothing on their own.
Can I verify a bank guarantee by calling the bank?
Only using contact details you found yourself on the bank's official website. Never use numbers or emails printed on the document or supplied by the buyer.
Is it normal to pay a fee to receive a bank guarantee?
No. A request for you to pay to activate or release a guarantee is a common sign of fraud. Your own bank may charge you for advising or authenticating, which you agree with your bank directly.
Where do I report a fake bank guarantee in the UK?
To Report Fraud in England, Wales and Northern Ireland (reportfraud.police.uk, 0300 123 2040) and to Police Scotland on 101 in Scotland. Tell your bank too.
Sources
- Central Bank of Nigeria: Supervised financial institutions · accessed Oct 2026
- City of London Police: Report Fraud service goes live (4 Dec 2025) · accessed Oct 2026
- TheCable: CBN FX Manual 2026 explained (3 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.