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 Nigerian school or agent that refunds you in naira can pay instantly to a Nigerian naira account, but sending the refund to Canada means someone has to buy and transfer foreign currency, which needs a bank, an eligible purpose and documents. That is why naira refunds stall. The routes that work are a naira refund into your own Nigerian account, a dollar refund from a domiciliary account, or a reversal to the card you paid with.
The situations vary: a Lagos school that took a term's fees before the family moved to Canada, a travel or education agent who did not deliver, a deposit on a flat that fell through. The refund has been agreed. Then weeks pass. Usually nobody is lying; the money is in naira, you are in Canada, and the payer cannot easily turn one into the other.
Why a naira refund stalls
- Naira moves easily only inside Nigeria. NIBSS Instant Payment credits Nigerian accounts in real time and lets the sender check the beneficiary's name before paying (NIBSS page, modified 17 April 2026). A Canadian account is outside that system.
- Buying foreign currency needs a purpose. Banks sell dollars against eligible, documented purposes. A refund to a non-resident is not one the payer's bank will always accept, and an agent's business account may not be set up for it.
- Domiciliary money is easier, but only if they have it. Under the CBN's FX Manual 2026, self-funded domiciliary holders can send up to USD 10,000 a day without Form A (Pavestones Legal on Mondaq, 24 June 2026). Many schools and agents hold only naira.
- Original payment route matters. If you paid by card from Canada, a refund to that card is usually simpler than a new transfer.
Routes that work
| Route | When it fits | What to watch |
|---|---|---|
| Naira refund to your Nigerian account | You or a trusted family member holds a naira account in Nigeria | Fastest and simplest; you then decide when to convert. The account must be in your name or a person you authorise in writing. |
| Dollar refund from the payer's domiciliary account | The school or agent charged or holds dollars | Needs your Canadian bank details and SWIFT code; intermediary fees may be deducted. |
| Reversal to your card | You paid by Canadian card | The merchant refunds through its card processor; the Canadian dollar amount can differ from what you paid because of exchange rates. |
| Refund to the overseas institution | Fees were paid to a foreign school through Form A | TheCable's summary of the FX Manual (3 June 2026) says tuition is paid directly to the institution; a refund of that payment is a matter for that institution and the paying bank. |
Get the refund agreed in writing
Most stalled refunds were never pinned down. Ask for a short letter or email on the payer's letterhead stating:
- The amount and the currency of the refund.
- The exchange rate basis, if a naira payment is being refunded in dollars, or the other way round.
- Who bears transfer charges.
- The account it will be paid into, with your name exactly as the bank holds it.
- A date for payment.
If the original payment was in naira and the refund is agreed in naira, the naira amount is fixed and the Canadian dollar value will move with the exchange rate. That is not the payer's fault, so agree on it before arguing about it.
If the payer says it cannot send abroad
Offer the naira route. If you have no Nigerian account, opening one from Canada is possible: see opening a naira account while living in Canada. Avoid letting the refund be paid to a third party who promises to "send it on" in dollars, unless that person is someone you trust and you have their agreement in writing.
When the agent goes quiet
Keep every message, receipt and the agreement. If the agent is a registered business, write to its registered address as well as the person you dealt with. A card payment may also be disputable with your Canadian card issuer under its own rules and time limits; call the issuer early.
Worked example
Funmi paid a Lagos school ₦1,500,000 for a term before her daughter moved to Toronto. The school agrees a refund of ₦1,200,000 after its stated deduction. It pays the naira into Funmi's Nigerian account by instant transfer the same day. Funmi converts when she chooses. Had she insisted on Canadian dollars, the school would have had to buy them, and the wait might have run to weeks.
Checking the account before money moves
Ask the payer to use the beneficiary name check that Nigerian instant transfers support: NIBSS says its name enquiry lets the sending institution check the beneficiary's details by account number before sending. If the name returned does not match yours, stop and correct it before the refund is paid. A refund sent to the wrong account is far harder to recover than one delayed by a day.
Where Pryme fits
A Pryme Personal Account gives you naira account details as well as US dollars, pounds and euros, so a Nigerian school or agent can refund you by an ordinary naira transfer, and you can convert with Swap when you choose, seeing the rate and fee first. Any payment can produce a regular or a verifiable receipt through Pryme's partnership with VerifyDoc.ai. Open an account.
Questions people ask
Why is my Nigerian school refund taking so long to reach Canada?
Usually because the money is in naira. Sending it abroad means buying foreign currency through a bank, which needs a purpose and documents. A naira refund to a Nigerian account is much faster.
Can a Nigerian agent refund me in Canadian dollars?
Only if it can buy or already holds foreign currency. From a self-funded domiciliary account it can send up to USD 10,000 a day without Form A under the FX Manual 2026.
Who pays the exchange rate difference on a refund?
Agree it in writing. A naira refund fixes the naira amount, so the Canadian dollar value moves with the rate.
I paid by Canadian credit card. How do I get my refund?
Ask the merchant to refund the card. If it will not, contact your card issuer about a dispute under its rules and time limits.
Sources
- NIBSS: NIBSS Instant Payment (modified 17 Apr 2026) · accessed Oct 2026
- Mondaq (Pavestones Legal): Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- TheCable: 7 things to know about the CBN's new FX manual (3 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.