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
First Bank's FAQ lists CAC registration documents, a board resolution, a TIN and two valid references for corporate accounts opened through its diaspora desk. For a limited company, expect the certificate of incorporation, memorandum and articles, CAC status report, board resolution, TIN, and the ID and BVN of each director and signatory; a business name needs its certificate of registration, TIN and the owner's ID and BVN. Confirm the current checklist with your branch, as First Bank does not publish a full one online.
What First Bank itself publishes
First Bank's own pages say less about business account documents than most people expect. As at October 2026, its FAQ page:
- describes the FirstSME Current account as 'meant for Small & Medium Scale Enterprise Customers';
- lists, for corporate accounts opened through its diaspora banking desk, CAC registration documents, a board resolution, a TIN (tax identification number) and two valid references, plus two Nigerian bank references;
- mentions FirstCurrent Business, with a commission on turnover charged above a prescribed debit turnover limit (the FAQ is undated, so confirm current terms).
For a full, current checklist for a domestic business account, ask the branch where you plan to open it, or FirstContact on 02-014485500 or firstcontact@firstbanknigeria.com. The lists below are what Nigerian banks generally ask for, so you can gather papers before you go.
Limited company (Ltd): the usual checklist
A June 2026 guide on opening corporate accounts after CAC registration, and a March 2026 summary of CBN KYC rules by a verification provider, give broadly the same list:
| Document | Why the bank wants it |
|---|---|
| Certificate of incorporation | Proves the company exists |
| Memorandum and articles of association (MEMART) | Shows what the company may do and how it is run |
| CAC status report | Shows current directors, shareholders and registered address |
| Board resolution to open the account | Authorises the account and names the signatories |
| TIN | Tax identification of the company |
| Valid ID and BVN of each director and signatory | Customer due diligence on the people behind the company |
| Details of beneficial owners | CBN rules focus on anyone owning 5% or more, per the Youverify summary |
| Utility bill (usually within 3 months) | Proof of business address |
| Account opening form, signature card, passport photographs | The bank's own records |
Business name (enterprise): the usual checklist
- Certificate of registration of the business name
- CAC status report
- TIN
- Valid ID, BVN and passport photographs of the proprietor or each partner
- Utility bill for the business address
- Account opening form
If you have not yet decided between the two structures, see business name or limited company, and for the company route, registering a private limited company.
References and SCUML
References are where most applications stall. First Bank's FAQ asks diaspora corporate applicants for two valid references; the June 2026 guide says some tier-one banks want two references from their own corporate customers. A reference is normally a signed form from an existing account holder confirming they know the business, and the referee's bank may need to confirm it. Ask the branch which form to use and whether references from other banks are accepted.
Businesses in designated sectors may also need a SCUML certificate (registration with the Special Control Unit against Money Laundering). Fidelity Bank's FAQ, for example, lists SCUML 'if applicable' among its documents for SME accounts. Ask First Bank whether your sector is covered.
Opening from outside Nigeria
If the directors live abroad, First Bank's diaspora banking desk is the route its FAQ describes for corporate accounts. The FAQ lists regional email addresses at firstbanknigeria.com: Diasporabankingeurope@ for Europe, Diasporabankingamericas@ for the Americas and Diasporabankingaaa@ for Africa, Asia, Australia and New Zealand, along with diaspora phone lines +23419051349, +23419052743 and +23419052700. For individual diaspora accounts the same FAQ asks for a foreign proof of address and an attestation, so expect directors abroad to be asked for similar evidence. Send copies only through those official addresses, and never email card details or PINs.
Avoiding a restricted new account
Banks often open the account number first and complete documentation later. Fidelity Bank's FAQ, for instance, says SME accounts generated on its online portal start on Post No Debit until documents are completed at a branch. If any document is missing when you open with First Bank, ask directly whether the account will be restricted and what will lift the restriction.
- Bring originals and copies of every CAC document.
- Make sure every director and signatory has a BVN and NIN, and that names match across CAC records, IDs and BVN.
- Use a utility bill that matches the address on your CAC status report.
- Collect references before your visit, not after.
If an account is already restricted, our guide to First Bank PND covers the next steps.
Where Pryme fits
A Pryme Business Account can be opened from any country and holds NGN, USD, GBP and EUR with local account details for each; see business multicurrency. It comes with Finance, Compliance, Sales and Customer Support agents and a Chief of Staff, which prepare work for a person to approve above a set ceiling; see the Compliance agent.
Questions people ask
What documents do I need to open a corporate account with First Bank?
First Bank's FAQ lists CAC registration documents, a board resolution, a TIN and two valid references for diaspora corporate accounts. Expect also directors' and signatories' IDs and BVNs and proof of address; confirm the full list with your branch.
Can I open a First Bank business account with a business name?
First Bank offers accounts for small businesses such as FirstSME. Bring your business name certificate, CAC status report, TIN, the owner's ID and BVN, and a utility bill, and confirm with the branch.
Do I need references to open a business account in Nigeria?
Many banks ask for two. First Bank's FAQ asks for two valid references for diaspora corporate accounts; ask your branch what it needs.
What is SCUML and do I need it?
It is registration with the Special Control Unit against Money Laundering, needed for businesses in designated sectors. Your bank will tell you if it applies.
Sources
- FirstBank: Frequently asked questions · accessed Oct 2026
- WithinNigeria: How to open a corporate bank account in Nigeria after CAC registration (9 Jun 2026) · accessed Oct 2026
- Youverify: CBN KYC and AML requirements 2026 (28 Mar 2026) · accessed Oct 2026
- Fidelity Bank: Help and support FAQs · 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.