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
You can borrow in Nigeria without a salary account, but you will need other proof that money comes in regularly. Microfinance banks, loan apps that read your bank statements, some bank products such as Sterling's Specta Xtreme (no Sterling account needed, per the bank's page), and cooperatives all lend to people paid in cash or irregularly. Six months of steady inflows into one account is the strongest substitute for a payslip.
Why lenders like salary accounts
A salary account shows a lender a predictable sum arriving on a predictable date, and some banks repay themselves from it the moment salary lands. FirstBank's FirstAdvance page, for example, says repayment is taken immediately salary is received. Without that, the lender has to judge income from other evidence and usually starts with a smaller limit or a shorter term.
Who lends without a salary account
| Lender type | What it uses instead of salary | Typical asks |
|---|---|---|
| Microfinance banks | Bank statements, business evidence, guarantors | ID, BVN, six months' statements, proof of address |
| Loan apps | Statement analysis, phone data allowed by policy, repayment history | BVN, bank account, ID |
| Bank products open to non-customers | Credit report and income evidence | For example, Sterling Specta Xtreme lists ₦50,000 to ₦2m, 40% to 44% a year, 12 months |
| Cooperatives | Your savings and membership | Membership period, guarantors |
| Development finance institutions | Business records, lien deposits | For example, BOA micro loans ask for a 20% lien deposit and two guarantors |
Many loan apps start new customers on small amounts and raise limits as you repay on time. Before you share data with any app, check it is on the FCCPC's register of approved digital lenders; see how to check a loan app.
Evidence that replaces a payslip
- Bank statements: six to twelve months from the account your income goes into. Consistency matters more than size.
- Business records: a simple sales book, invoices to customers, receipts from suppliers.
- Business registration: a CAC business name or company certificate shows you trade formally.
- Contracts or retainers: for freelancers, signed agreements with clients and payment history.
- Rent or lease of your shop: shows a fixed place of business.
- Credit report: a clean history with a licensed credit bureau. Under the Credit Reporting Act 2017 you can get one free report a year from each bureau.
Our guide to a bank statement for a loan application explains what lenders read in the lines.
How lenders read irregular income
Lenders look at what you keep, not what passes through. A trader may receive large sums that go straight out to suppliers. Example only: a trader's statement shows average credits of ₦900,000 a month, but ₦650,000 goes to suppliers each month, leaving about ₦250,000. A lender that wants repayments below a third of spare income would aim for an instalment around ₦83,000, not one based on ₦900,000.
You can strengthen your case:
- Pay all takings into one account rather than several.
- Pay yourself a fixed amount each month into a personal account; it starts to look like a salary.
- Avoid moving money between your own accounts repeatedly, which inflates inflows and confuses analysis.
- Repay small loans on time to build a record before asking for a large one.
A six-month plan if you are refused
If a lender turns you down, ask why. Under the Credit Reporting Act 2017, if you are declined on the basis of a credit report you are entitled to be told the reason and to a free copy of the report. Then use the next six months to build the record lenders want:
- Month 1: open or choose one account for all income and get your free credit report; dispute any error.
- Months 1 to 6: pay every sale, client payment or cash takings into that account, ideally weekly.
- Months 1 to 6: pay yourself a fixed monthly amount and pay recurring bills from the account.
- Month 3: join a cooperative or ajo group in your trade or estate, if one is trusted, and save regularly.
- Month 6: apply again with six months of clean statements, your business registration and a short note explaining your income.
Small, repaid loans along the way help, but only if you would have borrowed anyway. Borrowing simply to build a record costs money and can backfire if a repayment slips.
Costs and cautions
Without a salary account, offers are often shorter and dearer. Ask how interest is charged (per day, per month or per year, flat or reducing) and for the total naira cost. The FCCPC's 2025 regulations require digital lenders to disclose interest, repayment terms and fees before a transaction. Avoid stacking several app loans to cover one need; the repayments arrive close together and the costs add up. For freelancers and traders, see loans for the self-employed.
Where Pryme fits
A Pryme account shows your inflows in one place, and you can generate a verifiable statement through VerifyDoc.ai that a lender can check is genuine and unaltered (receipts and statements). Loans on Spaces limits are offered based on how your account is run, not on a payslip, and can only be spent with Spaces merchants.
Questions people ask
Can I get a loan without a salary account in Nigeria?
Yes. Microfinance banks, loan apps that read bank statements, cooperatives and some bank products open to non-customers lend to people without a salary account. Expect to show steady income in your statements.
What can I use instead of a payslip for a loan?
Six to twelve months of bank statements, business records, CAC registration, client contracts and a clean credit report are the usual substitutes.
Which bank gives loan without salary account?
Sterling's Specta Xtreme page says no Sterling account is needed, listing ₦50,000 to ₦2 million over 12 months at 40% to 44% a year as at October 2026. Microfinance banks also lend to non-salary earners.
Can traders get loans without payslip?
Yes. MFBs, cooperatives and the Bank of Agriculture lend on statements, business records, lien deposits and guarantors. Paying all takings into one account helps.
Sources
- Sterling Bank: Loans · accessed Oct 2026
- FirstBank: FirstAdvance · accessed Oct 2026
- Bank of Agriculture: BOA Loan Requirement · accessed Oct 2026
- Credit Reporting Act 2017 (PLAC copy) · accessed Oct 2026
- FCCPC: Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025 · accessed Oct 2026
- FCCPC: Approvals of Digital Money Lenders (register, updated Mar 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.