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
Report the wrong transfer to your own bank immediately, in writing, with the session ID: the sending bank is the one that asks the receiving bank to act. Under a 2018 CBN regulation as reported by ThisDay, a written reversal request made within 14 working days should be acted on within one business day if the funds are still there; in practice many banks still seek the recipient's consent, and where that fails your remaining routes are a CBN complaint, a police report and a court order to freeze and return the money.
A wrong transfer usually happens in seconds: one digit off, the wrong saved beneficiary, or a name that looked close enough on a busy day. Getting it back takes longer, and speed in the first hours makes the biggest difference, because the recipient can spend or move the money at any time.
Step 1: report to your own bank, in writing, at once
Your bank is the sending institution, and only it can formally ask the receiving bank to hold or return the money. Call, but follow up in writing (email, in-app complaint or a letter at the branch) so there is a dated record. Include:
- Your name, account number and phone number.
- The amount, date and time, and the 30-digit session ID.
- The account number and name you sent to, and the account you meant to send to.
- A clear request: that the bank contacts the receiving bank to place a hold and reverse the transfer.
- The debit alert or receipt. Never your PIN, password or one-time codes.
Step 2: what the receiving bank is meant to do
The CBN's regulation on instant inter-bank electronic funds transfer services, effective 2 October 2018, set out a process for erroneous transfers, as reported by ThisDay:
- The sending institution requests a reversal in writing within 14 working days.
- If the funds are available, the receiving institution should comply within one business day, without needing the beneficiary's consent, and the sending institution is indemnified.
- If the funds are not there, the receiving institution must tell its customer the account was wrongly credited and give the sending bank proof of that notice.
- The customer is told that failing to fund the account within 24 hours can lead to watch-listing in the banking industry, credit bureau reporting and referral to law enforcement; watch-listing follows if the money is not returned within seven days.
- Where the beneficiary is known to the sender, the sending bank should encourage an amicable settlement.
This is why the 14 working days matter: report well inside that window. We have not been able to confirm from a CBN page how strictly every bank applies this process today. A legal commentary published on LawPavilion states that banks generally cannot reverse a transfer to a wrong beneficiary without the recipient's consent or a court order, except for technical glitches. Expect your bank to try the formal request first and to seek consent if the funds have moved.
Step 3: the recipient's consent
Many cases end here. The receiving bank contacts its customer, who agrees to the reversal. If you know the recipient, or the bank gives you a way to reach them, a calm, factual message helps: the amount, the date, and that the banks are already involved. Do not threaten. Do not share more of your own details than needed.
Be alert to the reverse scam, where someone claims they sent you money by mistake and pressures you to send it back to a different account. Our guide someone sent money to your account by mistake covers that.
Step 4: escalate within the banking system
If your bank does not act, or tells you nothing, use the formal complaint route. The CBN's complaint guide (January 2022) says the bank should acknowledge with a tracking number within three days, and that you should allow two weeks before escalating. After that, write to the CBN Consumer Protection Department with proof that you complained to the bank first. See how to complain to the CBN and how many days a bank has.
Step 5: the police
If the recipient refuses to return money they know is not theirs, or has moved it, you can report to the police with your bank's correspondence and the transfer evidence. If you were tricked into sending the money, it is a fraud case rather than a mistake, and a different set of rules applies; see reporting fraud to the police and EFCC. A police report also strengthens a later court application.
If you were deceived into paying
In November 2025 the CBN published draft guidelines on authorised push payment fraud, as reported by TechCabal. The draft asks victims to report within 72 hours, sets a 24-hour acknowledgement and a 14-working-day investigation, and provides for reimbursement within 16 working days in some cases. It was a draft open for comment; check its current status with your bank.
Step 6: a court order
Where the amount justifies it, a lawyer can apply to court for an order directing the receiving bank to trace, freeze and, potentially, return the funds. The LawPavilion commentary describes two routes: an application without notice (ex parte) where there is urgency or a risk the money will be moved, and an application on notice where the other side must be heard. Evidence normally includes statements and alerts and an affidavit explaining what happened. The same commentary reports that some courts charge filing or judgment fees of up to 10% of the sum in dispute, excluding legal fees, and that some Chief Judges have restricted routine grants of such orders. This is general information, not legal advice; speak to a lawyer about your case.
What to check first
- Have you reported to your own bank in writing, with the session ID? This starts every other step.
- Is it still inside 14 working days of the transfer?
- Do you have the recipient's account name as shown at the time of transfer?
- Were you deceived? If so, treat it as fraud and report it as such.
Where Pryme fits
Clear records shorten every one of these steps. Pryme customers can generate a verifiable statement or receipt with VerifyDoc.ai, which a bank, police officer or court can check is genuine and unaltered (receipts and statements).
Questions people ask
Can a bank reverse a wrong transfer without the receiver's permission?
A 2018 CBN regulation, as reported by ThisDay, allowed reversal within one business day of a written request made within 14 working days if funds were available. A LawPavilion commentary says banks generally need consent or a court order. Report quickly and ask your bank which process it follows.
How long does it take to recover money sent to a wrong account?
If the funds are still there and the bank acts, it can take days. If the recipient refuses or has spent it, it can take weeks or need a court order.
What if the person I sent money to by mistake refuses to return it?
Ask your bank to escalate with the receiving bank, complain to the CBN after two weeks, report to the police, and consider a court application with a lawyer.
Will the receiver be blacklisted if they don't refund?
Under the 2018 regulation as reported, a customer who does not return wrongly credited funds within seven days could be watch-listed in the banking industry and reported to credit bureaus.
Sources
- ThisDay: CBN announces fines for failed transaction reversals (instant inter-bank transfer regulation, 18 September 2018) · accessed Oct 2026
- LawPavilion: Erroneous bank transfers in Nigeria, the costly mistakes, fraud risks and legal remedies · accessed Oct 2026
- Central Bank of Nigeria: How to Lodge a Complaint (CPD/GEN/GUIDE/03, 24 January 2022) · accessed Oct 2026
- Central Bank of Nigeria: Complaints Management (Consumer Protection Department) · accessed Oct 2026
- TechCabal: Nigerian banks must refund fraud victims within 16 working days under new CBN framework (draft APP fraud guidelines, 26 November 2025) · 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.