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
Use PAPSS. The Nigerian buyer pays naira through a connected Nigerian bank and your Ghana bank receives cedis. PAPSS says payments are processed within a maximum of 120 seconds and lists 11 Nigerian and 17 Ghanaian banks as connected (October 2026). PAPSS publishes no fee or limit, so the buyer should ask their bank for both, and the buyer still needs a Form M for imported goods.
Short answer: the most direct route for a Nigerian buyer to pay a Ghanaian firm in cedis is PAPSS, the Pan-African Payment and Settlement System. The buyer pays in naira at a connected Nigerian bank and your Ghana bank receives cedis. The catch is that both banks must be connected to PAPSS, and PAPSS does not publish fees or limits. The other routes usually involve a dollar invoice and a conversion at one end.
Route 1: PAPSS, naira in and cedis out
PAPSS's send and receive page (October 2026) says payments go only through connected banks. Depending on the bank, that means a branch, the bank's app or online banking. The payment uses the local currency at each end and is "processed within a maximum of 120 seconds". The page lists Ghana and Nigeria among the live countries, along with Sierra Leone, Liberia, The Gambia and Guinea.
| Side | Banks the PAPSS page listed as connected (Oct 2026) |
|---|---|
| Ghana (17) | Absa, Access, BOA, CAL, CBG, Ecobank, FBNBank, Fidelity, First Atlantic, GCB, GTBank, OmniBSIC, Prudential, Stanbic, UBA, UMB, Zenith |
| Nigeria (11) | Access, First Bank, Keystone, Lotus, Polaris, Providus, Stanbic IBTC, Sterling, UBA, Union, Wema |
Connection lists change, and a connected bank may not offer PAPSS on every channel or for business accounts. Before you put PAPSS on an invoice, check two things: that your own Ghana bank will receive PAPSS payments into your business account, and that your buyer's Nigerian bank will send them. Access Bank's Nigerian money transfer menu, for example, lists PAPSS next to its other transfer services.
PAPSS does not publish a fee or a limit. The buyer's bank sets its charge and the naira-to-cedi conversion, so the buyer should ask for both before sending. For a wider explainer, see PAPSS explained, and for the business invoice side, paying a Ghana-Nigeria invoice through PAPSS.
Route 2: invoice in dollars, convert in Ghana
Many cross-border invoices between Nigeria and Ghana are priced in US dollars. The Nigerian buyer pays from a domiciliary account, the dollars arrive in your Ghana foreign currency account, and you convert to cedis with your bank when you choose. You get cedis in the end, but you carry two costs: the buyer's bank's outward transfer charge, and the margin your Ghana bank builds into its dollar-to-cedi rate compared with the mid-market rate.
Route 3: the buyer converts naira to cedis elsewhere
Some buyers ask an informal agent to take naira in Lagos and pay cedis in Accra. It is fast and often cheap-looking. It leaves you with no bank record that the payment relates to your invoice, which matters when your bank, GRA or an auditor asks where the money came from. If you accept it, issue a receipt that ties the cedi deposit to the invoice number.
The Nigerian buyer's paperwork
Paying for imported goods from Nigeria is not just a transfer. Sterling Bank's Form M guide describes Form M as the declaration of intention to import physical goods. It is mandatory whatever the value or payment method, is filed electronically on the Single Window and is validated by the bank, with Nigeria Customs completing registration. It needs a proforma invoice valid for at most 90 days and an electronic insurance certificate for 110% of the invoice value. Sterling describes a Form M as "Valid for FX" when the buyer will source foreign exchange through the official market and "Not Valid for FX" when the buyer uses its own funds, such as a domiciliary account. Goods should ship only after Customs registers the Form M.
In practice, your proforma invoice needs to be clear about currency, amount, Incoterm and your bank details, because the buyer's bank will copy it into the Form M.
Comparing the routes
| Route | What you receive | Who converts | What to confirm |
|---|---|---|---|
| PAPSS | Cedis | PAPSS settlement via the banks | Both banks connected; buyer's bank fee and rate |
| Dollar invoice | Dollars, then cedis | Your Ghana bank | Your bank's conversion margin and charges |
| Informal agent | Cedis | The agent | A paper trail linking cash to invoice |
What to check first
- Ask your Ghana bank whether it receives PAPSS payments into business accounts, and what it needs on the payment reference.
- Ask the buyer which Nigerian bank they will pay from, and confirm that bank is on the PAPSS list.
- Put the currency and amount on the proforma invoice exactly as you want to be paid.
- Agree who bears the transfer charges.
- Keep the Form M number on your file for every shipment.
Where Pryme fits
Pryme accounts do not hold cedis. A Ghana firm with a Pryme Business Account can receive naira from a Nigerian buyer to local naira details, or dollars, and keep the money in the currency it arrived in until it chooses to Swap. The invoicing tools let you send the buyer an invoice that matches their Form M. The app shows the rate and the fee before you approve.
Questions people ask
Can a Nigerian pay me in cedis directly?
Yes, through PAPSS, if both your Ghana bank and their Nigerian bank are connected and offer it on business accounts.
How much does PAPSS cost?
PAPSS does not publish fees. The sending bank sets its charge and the naira-to-cedi rate, so ask before paying.
Which Ghana banks receive PAPSS payments?
PAPSS listed 17 in October 2026, including GCB, Ecobank, Stanbic, Absa and Zenith. Confirm with your branch.
Does the Nigerian buyer need Form M to pay me?
For imported physical goods, yes. Form M is mandatory whatever the value or payment method.
Sources
- PAPSS: Send and receive money · accessed Oct 2026
- Sterling Bank: Form M frequently asked questions · accessed Oct 2026
- Access Bank: money transfer services menu · 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.