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
In a small business, the person who prepares a payment should not be the person who releases it, at least above a set amount. Set a ceiling below which a trusted staff member can pay alone, require the owner or a second person to approve anything above it, and keep a record of who prepared and who approved each payment.
The one control that matters most
Most payment losses in small businesses are not clever hacks. They are a staff member paying a fake supplier, a manager paying themselves an 'advance' nobody agreed, or an owner approving a transfer on the phone in a hurry without checking the account name. The common thread is that one person did everything: created the payment, checked it and sent it.
Splitting those roles is often called maker-checker or dual control. The maker prepares the payment with supporting documents. The checker reviews it and releases it. Neither can complete a payment alone above the agreed amount. It is the single most effective control you can add, and it costs nothing but a few minutes.
Setting limits that fit your size
Limits have to be high enough that the business is not waiting on the owner for every small purchase, and low enough that a single bad payment cannot sink you. A sensible starting point is to look at your typical weekly spend and your cash buffer.
| Business (example) | Staff can pay alone up to | Owner or second approver needed | Owner plus a written reason |
|---|---|---|---|
| Small shop, 3 staff | ₦20,000 | ₦20,000 to ₦250,000 | Above ₦250,000 |
| Restaurant, 15 staff | ₦50,000 | ₦50,000 to ₦1,000,000 | Above ₦1,000,000 |
| Distributor, 40 staff, 2 branches | ₦150,000 per branch | ₦150,000 to ₦3,000,000 | Above ₦3,000,000, or any new supplier |
These figures are examples only. Adjust them to your margins and cash position, and review them every six months or when the business changes.
Rules that sit alongside the amount
- New payees always need approval, whatever the amount. Many frauds start with a small test payment to a new account.
- Changes to a supplier's bank details need approval and a call-back to a number already on file.
- No splitting. Breaking a ₦400,000 payment into four of ₦100,000 to stay under a limit is a disciplinary matter. Say so in writing.
- Payments to staff, other than normal payroll, always need a second person.
- Refunds to customers above a small amount need approval. See handling refunds.
What the approver should check
Approval is only useful if the approver looks. A ten-second checklist:
- Is there a document: invoice, purchase order, pay sheet or written request?
- Does the amount match the document?
- Does the account name the bank returns match the supplier or person on the document?
- Has this been paid before? Check for duplicates.
- Is the timing expected, or is there sudden urgency? Pressure to pay 'right now' is a warning sign.
When the owner is travelling or unwell
Many Nigerian owners run approvals from their phone, which works until they are on a flight, at a funeral in the village or in hospital. Plan for it:
- Name a deputy approver in writing, with a lower ceiling than the owner's.
- Agree what can wait and what cannot: salaries, rent and utilities with disconnection dates cannot; most supplier invoices can wait a few days.
- Protect approval devices. Use an authenticator app rather than SMS codes where your provider supports it, and never share PINs. Our guide to sharing your BVN safely covers related risks.
- Review the log of payments made in your absence as soon as you are back.
Worked example
Example: a bakery in Ibadan sets these rules: the shift supervisor can buy flour and diesel up to ₦60,000 per payment; the manager approves up to ₦600,000; the owner approves anything above that and every new supplier. One afternoon a caller claiming to be the flour supplier asks the supervisor to pay ₦480,000 to a new account because 'our bank is down'. The supervisor cannot send it alone. The manager calls the supplier on the saved number and learns there was no such request. The rule cost two minutes and saved ₦480,000.
Keep the record
For every payment above the ceiling, keep who prepared it, who approved it, when, and the supporting document. These records help when something goes wrong and when your accounts are reviewed: the Nigeria Tax Administration Act 2025 gives the tax authority powers to access books and records. The existing guide on finance decisions a person should make explains the same principle where AI tools are involved.
Look at the log once a month even when nothing has gone wrong. Patterns matter more than single payments: the same supplier paid just under the limit every week, approvals always given within seconds, or one staff member who prepares far more payments than their role needs. Each is worth a conversation.
Where Pryme fits
A Pryme Business Account comes with a Chief of Staff and Finance, Compliance, Sales and Customer Support agents. They prepare work such as payment runs and refunds; a person approves anything above the ceiling you set, and every action is recorded. Security uses an authenticator app rather than SMS codes, plus a transaction PIN; see security.
Questions people ask
What is maker-checker in payments?
It means one person prepares a payment and a different person reviews and releases it. Neither can complete a payment alone above an agreed amount.
What approval limit should a small business set?
There is no single figure. Start from your typical weekly spend and cash buffer, set a low solo limit for routine purchases, and require a second approver above it. Review every six months.
Should new suppliers need approval even for small amounts?
Yes. Fraud often starts with a small payment to a new account. Make every new payee and every change of bank details need approval.
How do I approve payments when I am travelling?
Name a deputy approver with a lower limit, agree what can wait, protect your devices with an authenticator app and PIN, and review the payment log when you return.
Sources
- Nigeria Tax Administration Act, 2025 (full text) · accessed Oct 2026
- CBN Consumer Protection Framework · 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.