AI agents for business finance: what they can and can't do
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The short answer
To raise a UK business account's limit for payments to Nigeria, ask the bank which limit you are hitting (per payment, per day, or a channel limit such as online banking versus branch), then give it what the Money Laundering Regulations require it to understand: the purpose and intended nature of the payments, who the payees are, expected amounts and frequency, and where the money comes from. Banks set their own limits and do not publish one rule, so expect questions and plan for the Nigerian side, where instant NIP transfers run up to ₦100m per transaction.
A business that starts paying Nigerian suppliers, staff or a subsidiary at scale often hits a wall: a payment rejected, a daily cap, or a request held for review. Raising the limit is usually possible, but it is a conversation with the bank, not a setting. This article explains what sits behind the limit and how to prepare.
Which limit are you hitting?
Ask before you argue. Banks and payment providers commonly apply several different caps, and the fix differs for each.
| Type of limit | What it usually means | Typical fix |
|---|---|---|
| Per-payment or daily online limit | A cap on what one user can send through online banking or the app | Raise via the bank's process, or use a higher-limit channel |
| User or role limit | A cap you or an administrator set for a particular user | Change it in your own admin settings, with dual approval |
| Risk review | A payment held because it looks unusual for your account | Answer the bank's questions with evidence |
| Provider tier limit | A remittance or payment app's cap based on your verification level | Complete further verification with that provider |
This article does not quote any bank's limit figures; they vary and change. Ask your bank for the current figures in writing.
What the bank needs to know, and why
UK banks must apply customer due diligence under the Money Laundering Regulations 2017. Regulation 28 requires them to assess, and where appropriate obtain information on, the purpose and intended nature of the business relationship, and to monitor it on an ongoing basis, including scrutinising the source of funds where necessary. A large rise in payments to one country changes the picture the bank holds of your business, so it will want to update it.
Nigeria's own status has moved: AAT Comment reported Nigeria's removal from the FATF grey list at the October 2025 plenary. The regulations link mandatory enhanced due diligence for high-risk third countries to the FATF lists, so questions you face now are more likely to come from the bank's own risk assessment than from a country rule. That does not make them optional.
Prepare a short limit request
- What the payments are: supplier purchases, payroll for Lagos staff, funding a subsidiary, contractor fees.
- Who receives them: payee names, whether companies (with CAC RC numbers) or individuals, and your relationship to each.
- How much and how often: typical and largest single payment, monthly total, expected growth.
- Where the money comes from: customer receipts, investment, a loan, with recent statements.
- Evidence: a few invoices or contracts, payroll summary, intercompany agreement.
- Controls: who approves payments, and that dual authorisation is in place.
A one-page summary with attachments is faster than answering questions one at a time. The full document list is in business bank asking about Nigerian payees: what to send.
The Nigerian side of the payment
Limits apply at the receiving end too. Verto's Nigeria payment system overview (8 September 2026) describes NIP instant transfers running 24/7 up to ₦100m per transaction, NEFT batch payments settling within one working day for amounts above that, and RTGS for same-day settlement if submitted before 12pm. If you pay into a naira account and then pay out locally, large supplier payments may need to be split or sent through a different channel. Check your Nigerian bank's own limits for each channel.
If the bank says no
Ask the bank to explain what would change its answer, for example a longer trading history at the new level, more evidence about payees, or a different channel for large payments. If you think the refusal was handled unfairly, complain to the bank first. Meanwhile, keep payments within the existing limit rather than splitting a large payment into many small ones to get round it; splitting is a pattern banks are trained to notice.
Worked example
Example only. A UK company has paid Nigerian suppliers about £8,000 a month. A new contract will take this to £40,000 a month, including single payments of £15,000. The finance lead asks the bank which limit blocked a £15,000 payment, is told it is the online daily limit, and sends a one-page request: purpose (raw materials for the new contract), payees (three Lagos companies with RC numbers), expected monthly total (£40,000), source (customer receipts under the new contract, with the contract attached) and controls (two approvers for all international payments). The bank raises the limit after review; the company also arranges for its Nigerian payee to receive one large payment by NEFT rather than splitting.
Where Pryme fits
A Pryme Business Account can be opened from any country and holds NGN, GBP, USD and EUR with local details for each. The app shows the rate and the fee before you approve a Swap, and naira can be paid out locally, including through bulk payouts. Any limits that apply are shown in the app.
Questions people ask
Why won't my bank let me send more to Nigeria?
Usually a per-payment or daily channel limit, or a risk review of an unusual payment. Ask which, then provide the purpose, payees, amounts and source of funds.
Is Nigeria still on the FATF grey list?
AAT Comment reported its removal at the October 2025 FATF plenary. Banks may still ask questions under their own risk assessment.
What documents help a limit increase?
Invoices or contracts, payee details, expected volumes, recent statements showing where the money comes from, and a note of your approval controls.
What is the NIP limit in Nigeria?
Verto's overview (September 2026) gives up to ₦100m per transaction for NIP, with NEFT and RTGS for larger amounts.
Sources
- legislation.gov.uk: Money Laundering Regulations 2017, regulation 28 · accessed Oct 2026
- AAT Comment: High-risk and monitored jurisdictions as of October 2025 (20 Nov 2025) · accessed Oct 2026
- Verto Help: Nigeria payment system overview (8 Sep 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.