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 Ghanaian business has three main formal routes: an international bank transfer (usually in US dollars), PAPSS, which links connected banks in Ghana and Nigeria and settles in cedis at your end and naira at the supplier's, and a letter of credit for larger or first-time orders. Whichever you use, expect your bank to want the supplier's invoice, and your Nigerian supplier to need a Form NXP for the export.
Paying a Lagos or Aba supplier from Accra used to mean cash carried across Seme or an informal dealer. Formal routes cost more paperwork but give you a record that customs, your bank and your auditor can follow. This guide compares the main routes for a business payment, not a family remittance.
The three routes compared
| Route | How it settles | Best for | Main paperwork |
|---|---|---|---|
| International bank transfer | Usually USD via correspondent banks; the supplier receives into a Nigerian domiciliary account | Repeat suppliers you trust | Invoice; your bank's own import or payment documentation |
| PAPSS | Through connected banks; local currency at each end | Regular Ghana-Nigeria trade where both banks are connected | Invoice; your bank's requirements |
| Letter of credit | Bank-to-bank, against shipping documents under UCP 600 | Large or first orders where you want documents before paying | LC application, contract, then the documents the LC names |
Bank transfer
A dollar transfer is the default for cross-border trade. Your Ghanaian bank debits your account and sends the payment through correspondent banks to the supplier's bank in Nigeria. On the Nigerian side, the CBN expects non-oil export proceeds in the exporter's domiciliary account within 90 days (CBN Foreign Exchange Manual 2026, effective 1 June 2026, summarised on Mondaq). Ask the supplier for its domiciliary account details and the Form NXP reference, and quote both in the payment narrative.
Costs come in layers: your bank's charge, any correspondent bank deductions, and the exchange margin when you buy dollars with cedis. Ask your bank for all three before you send.
PAPSS
The Pan-African Payment and Settlement System says it is live in Ghana and Nigeria, among other countries, works only through connected banks, settles in local currency at each end, and processes payments "within a maximum of 120 seconds". Its page lists 17 connected banks in Ghana and 11 in Nigeria, but no fees or limits. Both your bank and your supplier's must be on the list. See settling a Nigerian invoice through PAPSS for the business detail.
Letter of credit
With a letter of credit, your bank promises to pay the supplier when it presents documents that match the LC exactly. Under UCP 600, as summarised by Razorpay, the bank has up to five banking days after presentation to examine documents, documents are normally presented within 21 days after shipment, and any refusal must list every discrepancy in a single notice. LCs suit large orders but add bank fees and need the supplier's bank to be comfortable with the route. See trade finance and LCs between Ghana and Nigeria.
Documents both sides will ask for
Your side, in Ghana
- The supplier's proforma or commercial invoice, with your business name as buyer.
- For goods you will import, the papers GRA's import procedure needs anyway: the Import Declaration Form from the Ministry of Trade, waybill, attested invoice and packing list.
- Any extra documents your bank sets for foreign payments; ask, since these are bank-specific.
Supplier's side, in Nigeria
- Form NXP processed by its bank for the export, which needs a valid Tax ID.
- A domiciliary account to receive foreign currency proceeds.
- Export permits for the goods through the Nigeria Single Window.
Pay the business, not a person
Pay into an account in the supplier's registered business name, the same name that appears on the invoice and on its Form NXP. Paying a staff member's or relative's personal account breaks the link between the goods and the money, leaves the supplier unable to show repatriation, and gives you no record that matches your import papers. If a supplier asks you to change account details by message, confirm by phone with someone you already know before paying.
A worked comparison
Example only. An Accra importer orders ₦18,000,000 of fabric. Paying by dollar transfer, the importer buys dollars with cedis at its bank's rate and the supplier converts them in Nigeria, so two exchange margins apply. Through PAPSS the importer pays cedis and the supplier receives naira, with one conversion inside the system. With an LC, the importer pays the bank's LC fees but releases money only against matching shipping documents. The cheapest route depends on the margins and fees each bank quotes that day; compare the total cost in cedis, not the headline fee.
What to check first
- Is the supplier a registered business that will file Form NXP?
- Do the invoice name, account name and NXP exporter name all match?
- Are both banks connected to PAPSS, if you want that route?
- Have you checked the supplier before paying a deposit? See checking a Nigerian supplier from Ghana.
Where Pryme fits
A Pryme Business Account can be opened from Ghana and holds naira, dollars, pounds and euros, so you can pay Nigerian suppliers in naira from a balance you funded earlier; the app shows the rate and the fee before you approve. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
Can I pay a Nigerian supplier in cedis?
Through PAPSS, if both banks are connected: you pay in cedis and the supplier receives naira. A standard international transfer is usually in dollars.
What documents does a Nigerian supplier need to receive export payment?
A Form NXP for the export, processed by its bank, and a domiciliary account for foreign currency proceeds.
Is a letter of credit worth it for a first order from Nigeria?
For a large first order it can be: the bank pays only against documents that match the LC, under UCP 600 rules.
How fast is a PAPSS payment from Ghana to Nigeria?
PAPSS says payments are processed within a maximum of 120 seconds, once your bank submits them.
Sources
- PAPSS: Send and receive money (connected countries and banks) · accessed Oct 2026
- Razorpay: UCP 600 articles explained (updated 15 Jun 2026) · accessed Oct 2026
- Mondaq (Stren & Blan): CBN suspension of time extension for repatriation of export proceeds (7 Feb 2025) · accessed Oct 2026
- Ghana Revenue Authority: Customs Import Procedures · accessed Oct 2026
- Mondaq (Deloitte): Central Bank of Nigeria automates the export process with e-Form NXP (14 Nov 2019) · accessed Oct 2026
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · 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.