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
Pay a new supplier in stages: a part payment to start, the balance after you have received and checked the goods. Before paying anything, check the business on the CAC public search, confirm the account name matches the business through name enquiry, and verify by phone on a number you found yourself. For a first order, start small and increase only once the supplier has delivered.
Why first orders are risky
With a supplier you have used for years, you know who you are dealing with. With a new one, you are trusting a phone number, an Instagram page or a recommendation. The common losses are a supplier who takes full payment and never delivers, goods that arrive short or substandard, and a fraudster who pretends to be a real supplier. Each is reduced by not paying everything up front and by checking who you are paying.
Check the supplier before you pay
- CAC search. If the supplier says it is a registered business, search the name on the CAC public search (search.cac.gov.ng). It is free and shows the registered name, the RC number (companies) or BN number (business names), registration date and status.
- Account name. When you enter the account number, your bank runs a name enquiry through the NIBSS Instant Payment system and shows the account name. It should match the business name, or a named owner you have verified. A different individual's name is a stop sign.
- Phone verification. Call the supplier on a number from its official website, its shop signage or a trusted referral, not only the number in a WhatsApp chat.
- Visit if you can. A warehouse or shop you can see is worth more than any document.
- Ask around. Other traders in your line often know who delivers and who does not.
Escrow-style part payments
Formal escrow services exist but are not always practical for small orders. You can get much of the same protection by structuring payments yourself:
| Stage | What you pay | What you get first |
|---|---|---|
| Order | A deposit, for example 30% to 50% | A written order or invoice with items, quantities, price and delivery date |
| Dispatch | Nothing more, or a small further part | Photos or video of your packed goods, waybill or driver details |
| Delivery | The balance | Goods counted and checked against the invoice |
The exact split is a matter of negotiation, and a supplier taking a risk on you may want more up front. What matters is that the balance is paid after you have checked the goods, so the supplier has a reason to deliver properly.
Delivery before the balance
- Count and inspect the goods before paying the balance. Open sealed cartons at random.
- Sign a delivery note only for what you actually received.
- If something is short or damaged, note it on the delivery note and agree the adjustment before paying.
- Pay the balance to the same verified account as the deposit. If the supplier suddenly gives a new account, call them on the number you verified before paying.
Worked example
Example only. Fatima orders 60 cartons of noodles from a new distributor at ₦14,500 a carton, ₦870,000 in total. She checks the business on the CAC search, confirms the account name matches, and pays a 40% deposit of ₦348,000. On delivery she counts 58 cartons and two damaged ones. She and the supplier agree to deduct the two damaged cartons (₦29,000) and two missing ones (₦29,000). The balance due is ₦870,000 - ₦348,000 - ₦58,000 = ₦464,000, which she pays after signing the delivery note for 56 good cartons. Had she paid ₦870,000 up front, she would have had to chase ₦58,000.
Red flags
- Prices well below the market for the same goods.
- Pressure to pay in full today "before the price goes up".
- An account in an individual's name that does not match the business.
- Refusal to let you see the goods or premises.
- A change of account number by message just before payment. See invoice fraud with a changed account.
Paying a supplier in another city
When the supplier is in Onitsha, Kano or Aba and you are elsewhere, you cannot inspect goods before they leave. Ask for a video of your goods being packed with your name on the cartons, the waybill and the transport company's details, and pay the balance only after the goods reach you and are counted. Some traders use a trusted agent in the supplier's market to inspect and witness loading for a fee. Keep every message and payment record together for the order.
Put the terms in writing
Before the deposit, send a short message or invoice that both sides agree to: items, quantities, unit price, total, deposit, balance, delivery date and what happens if goods are short or late. A WhatsApp message the supplier confirms is better than nothing. It becomes your evidence if you later need to complain or go to court.
Where Pryme fits
From a Pryme Business Account you can send the deposit and balance as separate transfers, each with its own record, and generate a verifiable receipt through VerifyDoc.ai that the supplier can check. Payments above a set ceiling need a person's approval, and the Finance agent can prepare the payment for you to approve. See also proof of payment to suppliers.
Questions people ask
How do I know a supplier in Nigeria is real?
Search the business on the CAC public search, check the account name matches through name enquiry, call on a number you found yourself, and visit if you can. Use all the checks together.
How much deposit should I pay a new supplier?
There is no fixed rule. Many traders pay 30% to 50% on order and the balance after delivery and inspection. Agree it in writing.
How do I check a business on CAC?
Use the free CAC public search at search.cac.gov.ng to see the registered name, RC or BN number, registration date and status.
Should I pay a supplier whose account name is different from the business name?
Not without checking. Call the supplier on a verified number and ask why. Payments to a personal account that does not match are a common route for fraud.
Sources
- Legit.ng: How to verify a CAC certificate online (11 Sep 2026) · accessed Oct 2026
- NIBSS: NIBSS Instant Payment (NIP), updated 17 Apr 2026 · accessed Oct 2026
- Nacha: Business Email Compromise Action Plan (2024) · 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.