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
Selling phones and gadgets in Nigeria needs more capital per item than most retail, because each phone ties up hundreds of thousands of naira. In our labelled example, a small stall needs about ₦2.5 million and earns around 14 percent markup on UK-used phones before faults, while the main risks are stolen or faulty devices, counterfeits and fake payment alerts.
UK-used, new and refurbished
| Type | What it means | Watch for |
|---|---|---|
| New (boxed) | Sealed, with manufacturer warranty where the brand offers one locally | Grey imports without local warranty; fake boxes |
| UK-used (foreign-used) | Previously used abroad, imported and resold | Battery health, replaced screens, locked accounts, stolen devices |
| Nigerian-used | Bought from a local owner | Theft, hidden faults, network locks |
| Refurbished | Repaired and resold, sometimes with a seller warranty | Who did the repair and what the warranty covers |
UK-used is a trade label, not a standard grade. Two sellers can call phones of very different condition by the same name. Describe each device by what you checked: battery health, screen, cameras, ports, buttons and whether it is free of account and network locks.
Sourcing
Most resellers buy from importers, wholesalers and established dealers in gadget markets, including Computer Village in Ikeja, Lagos. See sourcing from Computer Village. Build relationships with two or three dealers who will take back a device with a hidden fault, and get that promise in writing on the receipt.
Accessories, such as chargers, cables, cases, screen guards, power banks and earbuds, cost less per item and carry wider margins; many phone sellers rely on them for daily cash. See phone accessories margins.
Capital and margins (example figures)
Example only. A small stall in a phone plaza.
| Item (example) | Amount |
|---|---|
| Five UK-used phones at ₦280,000 | ₦1,400,000 |
| Glass display case | ₦150,000 |
| Stall rent, one year | ₦900,000 |
| Testing tools, chargers and cables | ₦50,000 |
| CAC business name (₦1,000 + ₦20,000) | ₦21,000 |
| Total | ₦2,521,000 |
Selling the five phones at ₦320,000 each brings ₦1,600,000, a profit of ₦200,000 or a 14.3 percent markup. If one turns out to have a fault that costs ₦60,000 to fix before resale, profit falls to ₦140,000. A buyer who returns a phone under your warranty can wipe out the profit on two or three sales, which is why testing before you buy matters more than the margin.
Fraud and other risks
Stolen devices
Buying a stolen phone, even unknowingly, can bring the police to your stall and cost you the phone. Ask for the original box and a receipt from your supplier, compare the IMEI shown in the phone's settings with the box, and refuse devices still signed into someone's account.
Counterfeits
Fake phones, chargers and earbuds circulate widely. Marketplaces take this seriously: Jumia's vendor policy page lists a fine of USD 200 per seller for counterfeit products found among online listings, assessed weekly, and USD 200 per product found in returns, and says shops can be delisted after three counterfeit incidents.
Fake payment alerts
A buyer shows a screenshot or an SMS that looks like a credit alert. Never release a device until the money shows in your own banking app. SMS alerts can be faked; your app balance cannot.
Price swings
Gadget prices move with the naira and with new model launches. Hold less stock of a model just before its successor arrives, and avoid buying more than you can sell in a few weeks.
Warranty: what to offer
- State your warranty in writing on the receipt: how long, what it covers and what it excludes (water damage, broken screens).
- Test each device in front of the buyer and note its condition.
- For new phones, explain whether the manufacturer warranty applies in Nigeria.
Selling online
Many phone sellers list on Instagram, WhatsApp and classifieds. TechCabal reported in November 2024 that Jiji had over 6 million active listings and over 200,000 active sellers, so photos of the actual device and clear condition notes help you stand out. See selling on Jiji.
Steps to start
- Spend a few weeks in a gadget market learning prices, models that move fast and which dealers others trust.
- Start with accessories and one or two phone models you know well, rather than a wide range.
- Agree return terms for faulty devices with your suppliers, in writing on each receipt.
- Build a testing routine: battery health, screen, cameras, speakers, microphone, charging port, buttons, network signal and account locks.
- Write your own warranty terms and print them on your receipts.
- Keep a register of every device bought and sold, with the IMEI, supplier, buyer and date.
That register protects you if a device is later reported stolen, and shows which suppliers send the fewest faulty units. It is also the record you need for tax: a stall turning over millions of naira a year should keep sales and purchase records. See tax on side hustle income.
Where Pryme fits
High-value sales attract fake alerts, so confirm every payment in your account before handing over a device. A Pryme Business Account with authenticator-app security and a transaction PIN, plus bank-transfer checkout (0.5 percent, capped at ₦2,000), gives you a clear record of each sale.
Questions people ask
How much do I need to start a phone business in Nigeria?
In our labelled example, about ₦2.5 million for five UK-used phones, a display case, a year's stall rent, tools and CAC registration. Starting with accessories needs far less.
Is UK-used phone business profitable?
It can be, but margins per phone are modest; our example shows about 14 percent markup before faults. Testing each device carefully protects the profit.
How do I know if a phone is stolen?
Ask for the original box and a dealer receipt, check that the IMEI in the phone's settings matches the box, and refuse devices still signed into another person's account.
How do I avoid fake alerts when selling phones?
Only release the phone once the money appears in your own banking app. Do not rely on screenshots or SMS messages.
Sources
- Jumia VendorHub: shop and product performance policy (modified 28 Apr 2026) · accessed Oct 2026
- TechCabal: How Jiji became one of Nigeria's e-commerce leaders (21 Nov 2024) · accessed Oct 2026
- CAC New Schedule of Fees (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.