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
Two-person approval, also called maker-checker, means one person prepares a payment and a different person approves it before money moves. Nigerian banks set it up through the account mandate and corporate internet banking: you name initiators and approvers, set how many approvals each payment needs and set per-user and daily limits. Approvers must be authorised signatories or be authorised by a board resolution.
What maker-checker protects against
Most payment losses in small businesses are not sophisticated hacks. They are a wrong account number typed by a tired clerk, an invoice from a "supplier" whose bank details changed by email, or a staff member who can both create and send a payment. Splitting the job between two people stops all three, because the second person sees the payment with fresh eyes before it leaves.
- Maker (initiator)
- Enters the payment: beneficiary, amount, narration, supporting invoice.
- Checker (approver)
- Reviews and approves or rejects. Cannot be the same person as the maker for that payment.
- Viewer
- Sees balances and statements but cannot initiate or approve. Useful for accountants and auditors.
How banks set it up
There are two layers: the mandate on the account and the user set-up on internet banking.
1. The mandate
The mandate is in the board resolution (for a company) or the partners' instruction (for a partnership or business name). It names the signatories and the signing rule, for example "any two to sign" or "one signature up to an agreed amount, two above". Our guides to corporate account documents and partnership accounts cover the resolution itself.
2. Internet banking roles and limits
A business internet banking application form downloadable from Stanbic IBTC's site shows how banks capture the rest. It defines three roles: an Initiator, who "initiates and submits all transactions"; an Approver, who "approves transactions on accounts" and "must be an authorised signatory to the account or the company shall provide a board resolution"; and a Viewer. It provides up to five approver slots and asks, for each user, "the number of approver above each user required for transaction", with the example "Approver 1 & 2". It also asks for a company daily transaction limit and a maximum transaction limit for each user.
| Setting | Example rule (illustrative) |
|---|---|
| Initiators | Accounts officer and operations manager |
| Approvers | Two directors |
| Approvals needed | One approver up to ₦500,000; two approvers above |
| Per-user limit | Accounts officer can initiate up to ₦2,000,000 per payment |
| Company daily limit | ₦10,000,000 |
These figures are examples to show the structure. Choose limits from your own payment history: set the single-approver threshold just above your routine supplier payments, so unusual payments always get the second look.
Matching the set-up to the size of the business
- Owner plus one staff member. The staff member initiates; the owner approves everything. Simple, and the owner sees every payment.
- Small team with an accountant. The accountant initiates, one director approves routine payments up to a threshold, and two directors approve anything above it.
- Several branches. Branch managers initiate from branch accounts within a per-user limit; head office approves; transfers between accounts follow a fixed sweep rule.
Whatever the size, keep at least two approvers on the list, so a payment does not wait when one is travelling or ill. Our guide to sub-accounts for branches covers separating branch money.
Channels that may bypass your rule
A two-signature mandate on paper does not help if a channel lets one person move money. Banks handle this by excluding multi-signatory accounts from some single-user channels. GTBank's 737 FAQ says 737 transfers are not available on corporate or joint accounts; FirstBank's FAQ says *894# is for individual accounts and that joint, corporate and multi-signatory accounts are not eligible; Jaiz Bank's FAQ says only sole-signatory corporate accounts can enrol on JaizMobile Plus.
Check every channel attached to your account (USSD, mobile app, cards, cheques) and ask the bank in writing whether each respects the mandate. Business debit cards issued to one person are a common gap.
Steps
- Agree the rule internally: who prepares, who approves, and the threshold for a second approver.
- Pass a board or partners' resolution naming approvers and the signing rule.
- Complete the bank's internet banking form with roles, approvals per user and limits.
- Issue each person their own login and authentication device. Never share a token or PIN.
- Test with a small payment that needs two approvals.
- Review the user list every quarter and remove leavers the day they go.
What to check first
- Does the same person ever both initiate and approve? If yes, fix the roles.
- Are any channels or cards outside the approval rule?
- Do approvers see the invoice or only the amount?
- Is the single-approver threshold low enough that large payments always get two looks?
Where Pryme fits
In a Pryme Business Account, the Chief of Staff, Finance, Compliance, Sales and Customer Support agents built by Pryme Intelligence prepare work, and a person approves anything above a ceiling you set. Every action is recorded. Payments are protected by an authenticator app (no SMS codes) and a transaction PIN; see what AI agents can and cannot do and security.
Questions people ask
What is maker-checker in banking?
A control where one person (the maker or initiator) prepares a payment and another (the checker or approver) approves it before it is sent.
Can I use USSD on a two-signatory business account?
Often not. GTBank says 737 transfers are not available on corporate or joint accounts, and FirstBank says *894# is not for multi-signatory accounts. Ask your bank about each channel.
Who can be an approver on corporate internet banking?
Banks typically require approvers to be authorised signatories on the account or to be authorised by a board resolution.
How do I add a second approver on my business account?
Pass a resolution naming the approver and the rule, then submit the bank's internet banking or mandate change form with the person's ID and BVN.
Sources
- Business Internet Banking Application Form (Stanbic IBTC download) · accessed Oct 2026
- GTBank: 737 FAQs · accessed Oct 2026
- FirstBank: FAQs · accessed Oct 2026
- Jaiz Bank: FAQ · 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.