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
Logistics and dispatch firms in Nigeria usually finance bikes and vans through bank asset finance (you put in 10% to 30% of the price and the vehicle secures the loan) or dealer hire purchase, and fund fuel, salaries and receivables gaps with short unsecured business loans or invoice finance. Banks will want CAC documents, a year or more of business account statements, and accounts for larger facilities.
Two different needs
A dispatch or logistics business borrows for two separate reasons, and mixing them up is a common and expensive mistake. Vehicles are long-lived assets: a van or a fleet of bikes earns for years, so it should be financed over years. Working capital, such as fuel, rider pay, maintenance and the gap between delivering for a client and being paid, turns over every month and should be financed short or, better, from the business's own cash. Financing vehicles with a 30-day loan, or paying salaries with asset finance, puts the business under strain.
Financing bikes and vans
Bank vehicle and asset finance
Banks publish asset finance terms more often than most loan terms. As at Oct 2026:
| Bank | Equity | Tenor and other terms listed |
|---|---|---|
| Stanbic IBTC | 10% | Vehicles up to 5 years; used vehicles over 20 years old or over 120,000 km not financed |
| Sterling Bank | 20% new, 30% used | 39% a year, 1% management fee, insurance 5% of vehicle value; 48 months new, 36 used |
| Access Bank | As low as 10% | Up to 60 months; pre-liquidation without penalty |
For a business borrower, Access Bank's vehicle finance page lists two years of audited or management accounts (audited where turnover exceeds ₦100 million), one year of statements from other banks, CAC documents, a board resolution and a personal guarantee from a director with a notarised statement of net worth. The lender can register its interest in the vehicles on the National Collateral Registry.
Dealer hire purchase
For bikes in particular, many dispatch businesses buy on hire purchase from dealers or fleet financiers. You keep the bikes on the road while the financier keeps title until the last payment. Under the Hire Purchase Act, as described in a 2025 study, once three-fifths of the hire-purchase price is paid the owner can recover the goods only through court. Get the hire-purchase price, not just the instalment, in writing. Our keke and okada guide compares the two routes with numbers.
Financing working capital
- Unsecured business loans. Sterling's business support facility, for example, lists up to ₦5 million without collateral for businesses at least three years old with turnover of at least ₦2 million a month, with 2% management and 2.5% insurance fees upfront (Oct 2026).
- Invoice finance. If corporate clients pay you 30 to 90 days after delivery, a lender can advance part of the invoice. See invoice discounting.
- Overdrafts from your main bank, priced on the amount used.
- Supplier credit for fuel or parts, where a supplier lets you pay at month end; see supplier payment terms.
Worked example: a delivery van
An example using Sterling's published vehicle terms as at Oct 2026, for a new van priced at ₦25,000,000.
- Equity (20%)
- ₦5,000,000
- Loan
- ₦20,000,000 over 48 months at 39% a year, reducing balance
- Monthly repayment
- about ₦828,464
- Total interest over 48 months
- about ₦19,766,275
- Management fee (1%)
- ₦200,000
- Insurance (5% of vehicle value; ask whether yearly)
- ₦1,250,000
The van must earn well over ₦828,464 a month after fuel, driver and maintenance before it pays for itself. Over four years, interest almost equals the amount borrowed, which is why some firms prefer to lease, buy used, or grow the fleet one vehicle at a time from profits.
Riders owning their bikes: a hybrid model
Some dispatch firms finance bikes and then hand them to riders on a work-and-own arrangement: the rider repays the bike from earnings over a set period and then owns it. It can improve rider retention and spread the cost, but it turns the firm into a small hire-purchase financier with all the record-keeping that implies. If you run this model, write a proper agreement with each rider stating the hire-purchase price, instalments, maintenance responsibility and what happens if the rider leaves, and keep a ledger of every payment. Disputes over who owns a half-paid bike are among the most common problems in the sector.
How much debt can the fleet carry?
A simple test before borrowing: take the average monthly net income one vehicle earns after fuel, rider pay, maintenance and levies, and compare it with that vehicle's monthly repayment. If repayment takes more than about half of the vehicle's net earnings (an example threshold, not a bank rule), one bad month or a breakdown will push you into arrears. Interest rates also matter: the CBN reported an average maximum lending rate of 29.20% a year for August 2026, and many published vehicle and business loan rates sit above that.
Documents to prepare
- CAC certificate and status report, and a board resolution for companies.
- Twelve months of business account statements.
- Management or audited accounts.
- Client contracts or purchase orders showing recurring work.
- Pro forma invoices for the vehicles.
- Rider and vehicle records: licences, insurance, maintenance logs.
Where Pryme fits
Pryme does not finance vehicles. A logistics business with a Pryme Business Account gets Finance and Chief of Staff agents that prepare payments and reconciliations, with a person approving above a set ceiling (Finance agent). Transport businesses in a supported sector can also join Spaces.
Questions people ask
Can I get a loan to buy dispatch bikes in Nigeria?
Yes, through bank asset finance, a microfinance bank, or dealer hire purchase. Expect to put in part of the price yourself.
What documents do banks need for a logistics business loan?
Usually CAC documents, a board resolution, business statements, accounts and pro forma invoices. Access Bank, for example, also asks for a director's personal guarantee for business vehicle finance.
Is hire purchase better than a bank loan for bikes?
It depends on the total cost and the weekly payment. Compare the full hire-purchase price with the loan's total repayments and fees.
How can a logistics company get working capital?
Unsecured business loans, overdrafts, invoice finance for slow-paying clients, and supplier credit for fuel and parts are the usual options.
Sources
- Stanbic IBTC: Vehicle and Asset Finance · accessed Oct 2026
- Sterling Bank: Loans (payroll, vehicle, Specta, business support) · accessed Oct 2026
- Access Bank: Vehicle Finance · accessed Oct 2026
- Chukwu, 'Balancing Owner's Right and Hirer's Protection: Section 14 of the Hire Purchase Act', NAU.JCPL 12(5), 2025 · accessed Oct 2026
- National Collateral Registry Nigeria: home and how-to pages · accessed Oct 2026
- CBN: Money Market Indicators (prime and maximum lending rates, August 2026 data) · 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.