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
A next-of-kin record tells your bank whom to contact, but it does not give that person a right to your money: in Nigeria, funds of a deceased customer are released to the estate after probate or letters of administration. Updating it from abroad is usually a signed customer information update form with ID, sent through the bank's official channel.
What the record actually does
Most Nigerian account opening forms ask for a next of kin. Many people believe that person will inherit the account. That is a common misunderstanding.
Daily Trust's explainer of 10 December 2023 sets out the position: a next of kin is not automatically entitled to inherit; a tier-one banker it quoted said no Nigerian framework recognises a "payable on death" instruction; and before funds are released, the estate needs probate (where there is a will) or letters of administration (where there is none). The record is a contact, not a beneficiary designation.
- Next of kin
- The person the bank may contact in an emergency or on your death. No automatic right to the money.
- Beneficiary under a will
- The person your will names. Receives money only after probate.
- Administrator
- The person a court appoints under letters of administration when there is no will. Distributes the estate under the applicable law.
- Joint account holder
- A co-owner of the account, with rights set by the account mandate. Daily Trust notes joint accounts sit outside its explanation.
Why it still matters when you live abroad
- Someone must be able to tell the bank. If you die or are seriously ill abroad, a current next of kin with accurate contact details is how the bank learns of it and whom it talks to.
- Old records point to the wrong person. A form filled in at 19 may name a parent who has since died, or an ex-partner.
- Other institutions ask too. The NIS passport renewal application, for example, asks for next of kin. Keeping the same person, with the same details, across your records avoids confusion when someone has to act for you.
How to update it from abroad
Banks treat next of kin as part of your customer information. FirstBank's download page, for example, lists Customer Information Update (Individual) forms. The steps are usually:
- Download the bank's customer information update form from its official website, or ask its contact centre for it.
- Fill in the next of kin's full name, relationship, address and phone number. Use a phone number that works.
- Sign it to match the signature the bank holds.
- Attach a copy of your passport data page, and any other ID the bank asks for; some banks want notarised copies from customers abroad.
- Send it through the channel the bank names on its website and keep the reference.
- Ask for written confirmation that the record has changed.
When the account holder has died
If you are the family member abroad dealing with a relative's Nigerian account, expect the bank to deal with whoever holds a grant of probate or letters of administration, not with the person named as next of kin. In practice the family usually needs to:
- Tell the bank of the death in writing and ask what it needs.
- Obtain a death certificate; our guide to getting a death certificate from abroad covers this.
- Apply for probate if there is a will, or letters of administration if not.
- Present the grant to the bank so it can release the balance to the estate.
Being the named next of kin can make the first conversation with the bank easier. It does not shorten the court process.
What actually protects your family
If the goal is that your family can reach your money if something happens to you, the next-of-kin field is the least important piece. More useful steps:
- A will that covers Nigerian assets, so your family can apply for probate rather than letters of administration.
- A simple asset list: banks, account numbers, pension administrator, property documents, kept somewhere your family can find it.
- Fewer, better-run accounts, so there is less to trace.
- Clear records of money you hold for others, such as funds you look after for a sibling.
For what the process looks like when an estate is handled from abroad, see letters of administration from abroad.
A worked example
Example: Ngozi in Rome opened her account in 2012 naming her late father. She updates it to her husband, tells him which banks she uses, and writes a will. If she dies, her husband is the bank's contact; the money is released to her estate on probate, and her will decides who receives it.
Where Pryme fits
Pryme keeps naira, pound, dollar and euro balances in one account, which makes the asset list shorter. Statements can be generated as verifiable documents through VerifyDoc.ai, which helps an executor show what was held. The Personal Assistant can remind you to review records like these once a year; it prepares, and nothing changes without your approval.
Questions people ask
Does my next of kin get my money if I die?
Not automatically. In Nigeria, a deceased customer's funds are released to the estate after probate or letters of administration, as Daily Trust's explainer sets out.
Can I change next of kin on my bank account online?
Some banks allow it in the app; many use a signed customer information update form. Ask your bank which it accepts from abroad.
Who should I name as next of kin?
Someone reachable who knows your affairs. Many people choose a spouse or adult sibling. It is a contact, not an inheritance.
Is there payable-on-death in Nigeria?
Daily Trust reported a tier-one banker saying no Nigerian framework recognises payable on death for bank accounts.
Sources
- Daily Trust: Explainer, why next of kin cannot access a deceased's inheritance (10 Dec 2023) · accessed Oct 2026
- FirstBank: Download forms · accessed Oct 2026
- NIS: Renewal of passport · 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.