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
If you paid more than R100,000 in advance for imported goods, your bank must see the SARS Customs Declaration bearing the MRN within four months of the payment date, under section B.1 of the SARB's Currency and Exchanges Manual. If the goods have not been shipped in that time, you must tell the bank in writing within 14 days after the four months end, and the bank reports it to the Financial Surveillance Department.
South African importers buying from Nigeria often pay a deposit or the full amount before the goods leave Lagos. That is allowed, but it starts a clock. The bank that made the payment has to confirm that the goods actually arrived, and it does that by seeing the customs paperwork. This article explains what is asked for, when, and what to do if the shipment is late. It is based on section B.1 of the SARB Currency and Exchanges Manual for Authorised Dealers dated 8 October 2026.
The rule in plain terms
- Who it applies to
- Advance payments for permissible imports, other than capital goods, made through an authorised dealer (your bank).
- Threshold
- Payments above R100,000.
- What the bank must see
- The prescribed SARS Customs Declaration bearing the MRN (the movement reference number SARS assigns).
- Deadline
- Within four months of the date of payment.
- If not shipped in time
- Tell the bank in writing within 14 days after the four months end; the bank reports to the Financial Surveillance Department.
- Bank follow-up
- Banks must pursue outstanding verifications monthly and report unresolved cases no later than ten months from the payment date.
The manual does not use the old form names traders still mention, such as SAD500. It refers to the SARS Customs Declaration with an MRN. Your clearing agent can give you a copy once the goods are released.
Capital goods follow different limits
If you are buying machinery or equipment from Nigeria, B.1 sets separate advance-payment limits: up to 100% of the ex-factory cost for payments up to R10 million, and above R10 million no more than 50% of the ex-factory cost, with the client confirming the order would otherwise be refused and that such payment is normal in the trade.
What counts as proof
- The consignee's copy of the SARS Customs Declaration showing the MRN, matched to the payment.
- For payments after shipment, the bank also views the commercial invoice and a transport document (or a freight forwarder's certificate of receipt or transport); arrival notifications from shipping companies can be accepted in place of the transport document.
- For cash-on-delivery air consignments, the invoice and declaration must be viewed within 14 days.
The match matters. If you paid three suppliers in one transfer, or one supplier for two shipments, the bank needs to tie each declaration back to the right payment. One payment per invoice, with the invoice number in the payment reference, saves a great deal of correspondence.
When the shipment is late, lost or resold
Nigerian shipments do get delayed: production runs late, a Form NXP is slow, or the container misses a vessel. If the goods have not been consigned within four months of payment, write to the bank within 14 days after that period ends, explaining the reason and the expected shipment date. The manual says non-compliance will be "viewed in a serious light" but does not set a specific penalty in B.1. If the goods are lost or resold before reaching South Africa, the bank must account for the proceeds under exchange control regulation 6 and update the import verification system, so tell it early.
Example timeline
- 1 March: advance payment of R250,000 to a Lagos supplier (example).
- 1 July: four-month deadline to show the SARS Customs Declaration with MRN.
- 15 July: last day to tell the bank in writing if the goods have not been consigned.
- By 1 January the following year: the bank must have reported any unresolved case (ten months from payment).
The Nigerian supplier has a clock too
Your supplier works to a parallel deadline on the other side. Under the Central Bank of Nigeria's Foreign Exchange Manual 2026, effective 1 June 2026, as summarised by Pavestones Legal on Mondaq, non-oil export proceeds are to be repatriated within 90 days and credited to the exporter's domiciliary account. A supplier who has taken your deposit but not shipped is not yet on that clock, because nothing has been exported. That is one reason a long-delayed order is a risk for you: nothing on the Nigerian side forces the shipment. Agreeing a ship-by date in the contract, and staging the deposit, protects you more than either country's rules do. The Nigerian side is explained in CBN rules on export proceeds.
A practical habit: when you pay, send the supplier the four-month date along with the payment confirmation, and ask for the bill of lading number as soon as the goods are loaded. If the supplier knows your bank will chase you, it is more likely to share shipping details quickly.
What to check first
- Did each payment reference the supplier's invoice number?
- Has your clearing agent agreed to send you the declaration as soon as goods are released?
- Is someone in your business tracking the four-month date for every advance payment?
- If you pay suppliers before shipping, see paying a Nigerian supplier from an SA business account for the payment-side documents.
Where Pryme fits
The Finance agent and Compliance agent on a Pryme Business Account can prepare a list of open advance payments and the documents still needed, for a person to review and approve; actions are recorded. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
How long do I have to give my bank proof of import?
Four months from the payment date for advance payments above R100,000, under SARB manual section B.1.
What document proves import to an SA bank?
The SARS Customs Declaration bearing the MRN. Your clearing agent can supply the consignee's copy.
What if my goods from Nigeria are delayed?
Tell the bank in writing within 14 days after the four months end. The bank reports the case to the Financial Surveillance Department.
Is SAD500 still the proof of import?
The current SARB manual refers to the SARS Customs Declaration with an MRN rather than naming the SAD500.
Sources
- SARB: Currency and Exchanges Manual for Authorised Dealers, section B.1 (8 Oct 2026) · accessed Oct 2026
- Mondaq (Stren & Blan): CBN suspension of time extension for repatriation of export proceeds (7 Feb 2025) · accessed Oct 2026
- Mondaq (Pavestones Legal): 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.