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 business collects by USSD through a bank's merchant code, a payment gateway or NIBSS e-BillsPay: the customer dials a code that includes your merchant or reference number and the amount, confirms with their USSD PIN, and the payment is credited to your account. Costs and limits come from the customer's bank and network, and NIBSS says billers on e-BillsPay receive value instantly through NIP.
Three ways to accept USSD payments
| Route | What the customer dials | Who sets it up |
|---|---|---|
| Bank merchant code | The bank's USSD prefix plus your merchant code and amount, e.g. Sterling's published format *822*28*AMOUNT*MERCHANTCODE# | Your bank, when you register as a USSD merchant |
| Payment gateway USSD | A code generated for the specific order, e.g. Paystack's documented example *737*33*4*18791# | Your gateway, through its checkout or API |
| NIBSS e-BillsPay | *565*6*BillerCode# | Your bank onboards you as a biller on e-BillsPay |
Some bank apps can also complete a USSD-style merchant payment. Kuda's help centre, for example, says a customer can pay a merchant's USSD checkout inside the Kuda app by entering the last four digits of the code the merchant generated.
How the customer pays
- You show the code: printed at the till, on an invoice, or generated at online checkout.
- The customer dials from the phone number linked to their bank account.
- Their bank's USSD menu shows the payee name and amount.
- They confirm with their USSD PIN.
- Both sides receive confirmation; for gateways, your system is notified (Paystack's documentation describes a charge.success webhook).
Paystack's documentation states its USSD channel is for Nigerian customers and, in its supported table, lists Guaranty Trust Bank's 737 only, noting it has integrated with "some" banks. So the customer's bank decides whether this route works for them; keep a transfer option alongside.
What it costs, and who pays
- The customer's network charge. TechCabal reported in June 2025 that, under a model proposed by the NCC, USSD sessions would be charged at ₦6.98 per 120-second session, deducted from airtime by telcos.
- The customer's bank charge. Most banks apply their transfer charges to USSD payments; the CBN Guide to Charges (2020) says current NIP charges apply to USSD.
- e-BillsPay fees. NIBSS's e-BillsPay FAQ lists USSD fees of a fixed ₦75 or 1.5%, and says the biller may absorb the fee or pass it on.
- Gateway or bank fee to you. Set in your merchant agreement; ask before you sign.
Limits that cap what customers can pay
USSD transfer limits are set by each bank and are lower than app limits. As at October 2026, GTBank's 737 FAQ lists a daily cumulative transfer limit of ₦200,000 and airtime of ₦10,000 a day, and says 737 transfers are not available on corporate or joint accounts. Other banks publish their own, often lower, per-transaction limits. A customer paying a ₦250,000 invoice may not be able to complete it by USSD in one go, so offer transfer or card for large amounts.
When USSD is the right channel
USSD works on any phone without data, which makes it useful for customers with basic handsets, places with weak mobile internet, and quick payments such as school levies, utility-style bills, event tickets and small subscriptions. It is less suited to large invoices, because of bank limits, or to customers whose banks your route does not support.
Example: a private school collects ₦45,000 levies from 400 parents through e-BillsPay and decides to absorb a fixed ₦75 fee on each. Its cost is 400 × ₦75 = ₦30,000 for the term. Parents pay only their network session charge. Compare that with asking every parent to transfer and quote a reference, which costs the school nothing in fees but much more in matching payments to pupils.
Settlement
Timing depends on the route. NIBSS's e-BillsPay FAQ says billers get value instantly via NIP, with interbank settlement at 8am and 2pm, and that onboarding takes about 7 working days for simple billers and about a month for complex ones. For bank merchant codes and gateways, check the merchant agreement: some credit the account straight away, others pay in a daily batch.
If a customer is debited but you are not credited, the customer complains to their bank first. NIBSS says failed-but-debited e-BillsPay payments go from the customer's bank to NIBSS, with disputes handled on its dispute system within 72 hours.
What to check first
Before you print a code on invoices or signage, run one live test payment from a customer-style phone on each major network, and confirm the credit, the payee name the customer sees and the notification you receive. Then check:
- Which banks' customers can use your code.
- Who pays each fee, and whether you can absorb it.
- How the payment reference ties to the order or invoice.
- When money reaches your account, and how you are notified.
For other collection routes, see how to get paid in Nigeria and POS vs transfer costs.
Where Pryme fits
Pryme does not offer merchant USSD codes. Businesses can collect by transfer into a Pryme Business Account or online through bank-transfer checkout, free of charge.
Questions people ask
How do I get a USSD code for my business?
Ask your bank about registering as a USSD merchant, use a payment gateway that offers USSD, or have your bank onboard you as a biller on NIBSS e-BillsPay (*565*6*BillerCode#).
Who pays the USSD charge?
The network session charge comes from the customer's airtime. Bank and e-BillsPay fees depend on the route; NIBSS says billers can absorb or pass on its fee.
Is there a limit on USSD payments?
Yes, set by the customer's bank. GTBank lists ₦200,000 a day for 737 transfers, as at October 2026; other banks set their own limits.
How fast do USSD payments settle?
NIBSS says e-BillsPay billers receive value instantly via NIP. Bank and gateway routes set their own timing in the merchant agreement.
Sources
- Sterling Bank: *822# USSD banking · accessed Oct 2026
- Paystack Docs: Payment channels · accessed Oct 2026
- NIBSS Helpdesk: e-BillsPay FAQs · accessed Oct 2026
- TechCabal: Why telcos will now deduct USSD charges from your airtime (10 June 2025) · accessed Oct 2026
- GTBank: 737 FAQs · accessed Oct 2026
- CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 January 2020) · 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.