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 Nigeria you can let someone operate your bank account in three main ways: add them as a signatory by changing the account mandate, give the bank a limited written authority for specific transactions, or grant a formal power of attorney that the bank reviews and accepts. The bank decides whether to act on a power of attorney, and any authority to operate the account stops when the bank is notified of the account holder's death.
People look for a power of attorney when they are travelling for a long time, living abroad, unwell or caring for an elderly parent. The phrase gets used loosely. At a Nigerian bank there are several different tools, and choosing the right one saves weeks of back and forth with the branch.
The three options compared
| Option | What it does | Best for |
|---|---|---|
| Mandate change (add a signatory) | The other person signs on the account in their own right, under the rules you set on the mandate card | Long-term shared management, such as a spouse or business partner |
| Third-party authority letter | A signed instruction letting a named person do one thing, such as collect a cheque book or a statement | One-off tasks |
| Power of attorney (POA) | A formal document appointing an attorney to act for you within the powers it lists | When you cannot be present for months, or are abroad |
Option 1: change the mandate
The mandate is the instruction that tells the bank who can sign and how, for example "either to sign" or "both to sign". Adding a signatory usually means a mandate change form, the new signatory's own KYC documents (valid ID, BVN, passport photo, proof of address), and your signature. The new person becomes a signatory, not just an agent, so think carefully about how much control you are giving.
For a business account, mandate changes typically need a board resolution as well. Access Bank's published corporate account requirements, for example, list a board resolution, IDs and BVNs of signatories, and a power of attorney "where applicable", which shows that banks expect POAs in some situations and will ask for them.
Option 2: a limited authority letter
For small, specific tasks, many banks accept a signed letter naming the person, their ID and the exact task. It is quick, but the bank will compare your signature with the one on your mandate and will usually want to see the agent's ID. It does not let the person withdraw large sums or move money at will.
Option 3: a formal power of attorney
What a bank will look for
- Clear powers. The document should name the account (bank, account number) and say exactly what the attorney may do: withdraw, transfer, sign cheques, close the account, receive statements. A vague "to manage all my affairs" may be refused or sent to the bank's legal team.
- Proper execution. Banks commonly want the POA signed before a notary public or a commissioner for oaths. If you sign abroad, they may want it notarised there and, depending on the country, authenticated at a Nigerian mission. Ask your bank which form it accepts before you sign.
- Identity of both parties. Your ID and BVN on file, and the attorney's valid ID, BVN and photo.
- Your specimen signature. The bank will match the signature on the POA against your mandate.
- Legal review. Many banks pass POAs to their legal department. Expect a wait, and ask the branch for a timeline.
If the power of attorney also deals with land or property, it may need further registration under the relevant state's land law; that is a separate process from the bank's acceptance.
When the authority ends
A power of attorney can be revoked by you in writing; send the revocation to the bank and get an acknowledgement. Death also matters. TEMPLARS' November 2025 review of Nigerian case law notes that once a bank is notified of a customer's death it stops withdrawals, and only the legal representatives of the estate can deal with the account from then on. An attorney's authority does not survive to run the estate; see deceased account steps.
Steps to set it up
- Phone or visit your bank and ask which of the three routes it prefers for your situation, and whether it has its own POA template.
- Decide the scope: which account, which transactions, and for how long.
- Have a lawyer draft the POA, using the bank's template if it has one.
- Sign it in the required way (notary or commissioner for oaths; authenticated if signed abroad).
- Submit it with both parties' IDs and BVNs, and ask for written confirmation that the bank has accepted it and recorded it on the account.
- Keep copies and diarise the end date if the POA is time-limited.
Your rights if the bank is slow or refuses
The CBN Consumer Protection Regulations require banks to respond to enquiries within 5 working days (section 3.2.6) and to give equal access to eligible customers without regard to factors including physical ability and age (section 3.1.2). If a bank sits on your request, raise a written complaint and ask for a tracking number, which must be issued with acknowledgement within 24 hours (sections 6.2.2 and 6.3.2). Our guide to complaining to a bank or the CBN covers escalation.
Safer alternatives for everyday help
Sometimes you do not need to hand over account control at all. A relative can pay bills from their own account and be reimbursed, or you can set up standing orders before you travel. For elderly parents, our guide to setting up a parent's phone against scams covers protections that keep them in control. Never share your PIN, password or authenticator codes in place of a proper mandate: that gives someone full access with none of the legal record.
Where Pryme fits
Pryme Personal Accounts can be opened and run from any country, which can reduce the need for someone else to operate your account while you are away. See how Pryme works.
Questions people ask
Can someone use my bank account with a power of attorney in Nigeria?
Yes, if the bank accepts the power of attorney. It reviews the document, checks your signature and the attorney's ID and BVN, and acts only within the powers the document lists.
How do I give my wife or husband access to my bank account?
The usual route is a mandate change adding them as a signatory, or a joint account. A power of attorney is better suited to a temporary arrangement while you are away.
Does a power of attorney still work after the account holder dies?
No. Once the bank is notified of death it stops withdrawals, and only the estate's legal representatives can deal with the account.
Can I sign a power of attorney abroad for a Nigerian bank?
Usually, but banks commonly want it notarised where you sign and sometimes authenticated at a Nigerian mission. Confirm the exact form with your bank before you sign.
Sources
- Freezing Bank Accounts in Nigeria (TEMPLARS ThoughtLab, 19 Nov 2025) · accessed Oct 2026
- CBN Consumer Protection Regulations 2019 (RegAlert text) · accessed Oct 2026
- Access Bank Nigeria: Corporate Account requirements · 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.