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
Keep one supplier list that only a named person can edit, record each supplier's registered name, CAC number, Tax ID and verified bank account, and require a documented call-back to a known number before any bank detail is added or changed. Pay only suppliers on the list, and review changes and dormant suppliers every month.
Two frauds account for much of the money lost through supplier payments: a fake supplier added to the list by someone inside the business, and a real supplier's bank details changed by someone outside it, often through a spoofed email or WhatsApp message. Both work because the list of who you pay, and where, is held loosely. A supplier master file, the single controlled record of every vendor you pay, is the cheapest defence there is.
What each record should hold
| Field | Why |
|---|---|
| Registered name exactly as on the CAC register | Matches invoices and the bank account name |
| CAC RC or BN number | Confirms the business exists |
| Tax ID | Needed on transaction documents and for withholding tax |
| Bank name and 10-digit account number | Where you pay; verified, not typed from an invoice |
| Account name returned by name enquiry | Should match the registered name |
| Contact name and a phone number verified independently | For call-back checks |
| Date added, who added it, who approved | Audit trail |
| Category and usual payment range | Spots unusual payments |
Section 8 of the Nigeria Tax Administration Act 2025 requires a Tax ID to be stated on documents for transactions, and PwC's withholding tax summary explains when you must deduct tax from supplier payments, so collecting the Tax ID at onboarding saves chasing it later. Check the registered name on the CAC public search before adding a business; see checking a supplier on the CAC register.
Who can do what
- Request: any buyer or manager can ask for a new supplier, with documents.
- Verify and add: one named person (not the person who pays) checks documents and creates the record.
- Approve: a second person, or you, approves the new record before the first payment.
- Pay: payments go only to suppliers on the approved list; no "one-off" payees outside it.
This split means no single person can both invent a supplier and pay it. In a small Nigerian office the roles may be you, the manager and an external accountant; that is enough.
Bank detail changes: the highest-risk moment
Treat every request to change a supplier's bank account as suspicious until proven otherwise, however familiar the sender. The steps:
- Do not use any phone number or link in the change request.
- Call the supplier on the number already in the master file and confirm with someone you know.
- Run name enquiry on the new account before the first payment. NIBSS says name enquiry lets the sending bank check beneficiary details by account number before money moves.
- Have a second person approve the change and record who called whom, when.
- Make a small first payment and confirm receipt before releasing the full amount.
A new account in a personal name, rather than the company's, is a red flag that needs a written explanation; see when a supplier wants payment to a personal account and supplier bank details changed by email.
Re-verify long-standing suppliers too. Once a year, send each active supplier a short form asking it to confirm its registered name, Tax ID, bank account and contacts, and check the answers against the file rather than simply overwriting it. Any difference is handled as a change, with a call-back and second approval. Keep the documents behind each record, such as the CAC search result and a letter or invoice showing the bank account on the supplier's letterhead, with the record itself.
Watch the edits themselves. Ask your accounting or banking system for a report of every change to supplier records, showing the field changed, the old and new values, who made the change and when. A change made late at night, or just before a payment run, deserves a closer look.
Monthly review
- List every supplier added or changed during the month and check each has an approval and call-back record.
- Look for suppliers sharing a bank account, phone number or address with each other or with staff.
- Mark suppliers unused for 12 months as dormant; reactivation needs the same checks as a new supplier.
- Compare payments against each supplier's usual range.
Example only. A monthly review of 46 active suppliers finds three changes: two new suppliers, both approved with documents, and one bank change for a packaging supplier with no call-back note. The payment run for that supplier is held, the supplier is called on the number in the file, and it confirms it never changed its account. The ₦1,250,000 payment goes to the original account.
Where Pryme fits
In a Pryme Business Account, the Compliance agent can hold supplier records and flag new or changed bank details, and the Finance agent prepares payment runs only to approved suppliers; a person approves above the ceiling you set, and every change is recorded.
Questions people ask
How do I stop fake suppliers in my company?
Keep one approved supplier list, separate the person who adds suppliers from the person who pays them, and require documents and a second approval before the first payment.
What should I do if a supplier says their bank account has changed?
Call them on the number already in your records, run name enquiry on the new account, get a second approval and make a small test payment first.
What documents should I collect from a Nigerian supplier?
CAC registration details, Tax ID, bank account details in the business name, and verified contacts.
Why does the supplier's Tax ID matter?
The Nigeria Tax Administration Act 2025 requires it on transaction documents, and you may need it for withholding tax on payments.
Sources
- Nigeria Tax Administration Act 2025 (gazette text) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria withholding taxes (reviewed 29 May 2026) · accessed Oct 2026
- NIBSS: NIBSS Instant Payment (NIP) (modified 17 Apr 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.