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
No. In Nigeria, the next of kin named on a bank account form does not inherit the money in it. The next of kin is a contact person; the balance belongs to the deceased's estate and is paid only to executors (with probate, where there is a will) or administrators (with letters of administration, where there is not), who then distribute it to the people entitled under the will or intestacy law.
Almost every Nigerian account opening form asks for a next of kin, and many families believe that person will receive the money if the customer dies. It is one of the most common and costly misunderstandings in Nigerian banking. Daily Trust's December 2023 explainer put it plainly: next of kin is not automatically entitled to inherit an estate.
What next of kin actually means
A next of kin is the person most closely related to you, by blood or marriage, whom the bank can contact in an emergency. On a bank form, the field is part of your customer record. Some fintechs treat it as part of identity checks: Moniepoint, for example, lists next-of-kin details among the requirements for its Level 2 account. None of this gives the named person any ownership of your money or authority to operate your account.
Next of kin, beneficiary and heir compared
| Term | Who it is | Right to the money? |
|---|---|---|
| Next of kin | A contact person on the bank form | No |
| Joint account holder | A co-holder who signed the account mandate | Depends on the mandate and the bank's terms |
| Beneficiary under a will | Someone the will gives property to | Yes, through the executor after probate |
| Heir on intestacy | Someone entitled under state law when there is no will | Yes, through the administrators after letters of administration |
| Executor or administrator | The person the court authorises to collect the estate | Collects it, then distributes it; not necessarily a beneficiary |
Why the confusion persists
The form usually sits next to questions about your address and employer, and banks contact the next of kin first when a customer dies. To a grieving family, a phone call from the bank to the named person can look like recognition of a right. It is not. The bank calls because it needs someone to tell; the money still waits for a court grant.
Why banks will not pay the next of kin
A senior banker told Daily Trust that no framework in Nigeria recognises a "payable on death" instruction, and that there is no document giving a deceased customer's estate automatic access without probate. The bank therefore pays only against a grant: probate where there was a will, letters of administration where there was not. Paying a relative without one would expose the bank to claims from the true heirs, who may include a spouse and children the next of kin has no right to exclude.
An example of how this plays out
Example only. Chidi names his younger brother as next of kin when he opens an account. Chidi later marries and has two children, but never updates the form. He dies without a will, leaving ₦3,000,000. His brother cannot collect it. Under the Lagos Administration of Estates Law, as summarised by Tope Adebayo LP (Mondaq, May 2024), Chidi's spouse and children come first in priority to apply for letters of administration. They apply, the bank endorses the balance on the registry's bank certificate, and the grant allows the administrators to collect and distribute it.
Who actually receives the money
- With a will: the people named in the will, through the executor.
- Without a will: the people entitled under the intestacy law of the relevant state, or customary or Islamic law where it applies, through the administrators.
- If no relative exists: the Mondaq summary notes the estate vests in the state government.
Step-by-step detail is in how to claim a deceased person's bank account and how to get letters of administration.
Fintech and wallet accounts
The same principle applies to money in apps. Fintechs and wallet providers publish their own processes for deceased customers; PiggyVest's FAQ, for example, directs deceased-user requests from next of kin to its finance team by email. Being able to start that conversation is not the same as being entitled to the balance; expect the provider to ask for the same court grant as a bank.
What you can do now
- Make a will, so your executor and beneficiaries are clear. Speak to a lawyer about the formalities in your state.
- Keep your next of kin current on every account, since the bank will contact that person first.
- Keep a private list of your accounts, apps and wallets where your executor can find it.
- Consider whether a joint account suits your situation, and read what happens to a joint account on death before relying on one.
- Keep recent statements with your papers so the estate can prove balances (see bank-stamped vs verifiable statements).
Where Pryme fits
Any Pryme customer can generate a verifiable statement through our partnership with VerifyDoc.ai; anyone can confirm it is genuine and unaltered, which helps an executor show what an account held. See receipts and statements.
Questions people ask
Can next of kin withdraw money from a deceased account in Nigeria?
No. Banks pay only executors or administrators holding probate or letters of administration.
What is the difference between next of kin and beneficiary?
A next of kin is a contact on a form. A beneficiary is someone a will gives property to, and receives it through the executor.
Who inherits a bank account if there is no will in Nigeria?
The people entitled under the state's intestacy law, or customary or Islamic law where it applies, through court-appointed administrators. In Lagos the spouse and children come first.
Should I change my next of kin after marriage?
Yes, keep it current so the bank contacts the right person, but remember it does not decide who inherits. Only a will or the intestacy rules do.
Sources
- Daily Trust: Explainer: why next of kin cannot access deceased's inheritance (10 Dec 2023) · accessed Oct 2026
- Mondaq (Tope Adebayo LP): Issuance of letters of administration in Nigeria, a practical approach (29 May 2024) · accessed Oct 2026
- Moniepoint Support: KYC levels and limits · accessed Oct 2026
- PiggyVest: FAQ · 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.