PROSPA – Everything you need to know
Prospa is a technology company that provides financial services to small businesses and entrepreneurs in Africa. The company was founded in 2019 by Tim Condon and is headquartered in Lagos, Nigeria.
Thank you for reading this post, don't forget to subscribe!What services does Prospa offer?
Prospa is a financial technology company that offers a range of services to businesses in Nigeria. These services include:
- Business bank accounts: Prospa offers business bank accounts that can be opened online in minutes. These accounts come with a NUBAN account number in your business name, and you can use them to receive and make transfers to all Nigerian banks. You can also pay bills and make international transfers to Ghana and Kenya.
- Business management tools: Prospa offers a suite of business management tools to help you track your expenses, manage your invoices, and pay your bills. These tools can help you save time and money, and they can give you a better overview of your business finances.
- Loans: Prospa offers loans to businesses of all sizes. The loans are quick and easy to apply for, and they can be used for a variety of purposes, such as expanding your business, buying new equipment, or covering unexpected expenses.
In addition to these services, Prospa also offers a number of other features, such as:
- 24/7 customer support: Prospa has a team of experienced customer support representatives who are available to help you 24 hours a day, 7 days a week.
- Security: Prospa uses the latest security measures to protect your data and your money.
- Transparency: Prospa is transparent about its fees and terms, so you know exactly what you’re getting into.
Prospa is a great option for businesses that are looking for a convenient, affordable, and reliable way to manage their finances. If you’re a business owner in Nigeria, I encourage you to check out Prospa.
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Here are some additional details about each of the services that Prospa offers:
- Business bank accounts: Prospa’s business bank accounts are free to open and maintain. You can also get up to 7 free transfers per month. After that, transfers cost ₦100 each. Prospa’s business bank accounts are powered by WEMA Bank and Parkway Ready Cash Bank Plc.
- Business management tools: Prospa’s business management tools include expense tracking, invoice management, and bill payment. You can also use these tools to create reports on your business finances. Prospa’s business management tools are free to use.
- Loans: Prospa offers loans to businesses of all sizes. The loans are quick and easy to apply for, and they can be used for a variety of purposes, such as expanding your business, buying new equipment, or covering unexpected expenses. Prospa’s loans have interest rates starting at 18% APR. The repayment period is up to 36 months.
How can I open a business account and register my business with Prospa?
To open a business account and register your business with Prospa, you can follow these steps:
- Go to the Prospa website and click on the “Business Account” tab.
- Click on the “Open a Business Account” button.
- Enter your business name, ABN, and contact information.
- Upload a copy of your business registration certificate and your driver’s license.
- Answer a few questions about your business.
- Review and submit your application.
Prospa will review your application and contact you if they need any additional information. Once your application is approved, you will be able to open your business account and start using it immediately.
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Here are some additional things to keep in mind when opening a business account with Prospa:
- You must have a valid ABN to open a business account with Prospa.
- You must be the owner or director of the business to open an account.
- You must be a Nigerian citizen or permanent resident.
- There is no monthly or annual fee for a Prospa business account.
- You can make unlimited deposits and withdrawals from your account.
- You can transfer money to and from other banks for free.
- You can create sub-accounts for different purposes.
- You can set up bill payments and direct debits.
- You can get support from Prospa’s customer service team 24/7.
What are the requirements to open a business account with Prospa?
- A valid ABN.
- A valid driver’s licence for the account holder.
- A utility bill or bank statement for the business address.
- A passport photograph of the account holder.
- A scanned copy of the business registration certificate.
- A scanned copy of the Memorandum and Articles of Association (MAA).
- A scanned copy of the Tax Identification Number (TIN) certificate.
There is no minimum balance requirement to open a Prospa business account. However, you may be eligible for a loan after 30 days of using your account, depending on how much you use it.
Here are the steps on how to open a business account with Prospa:
- Go to the Prospa website and click on the “Open a Business Account” button.
- Enter your ABN and driver’s licence number.
- Upload a copy of your utility bill or bank statement for the business address.
- Upload a passport photograph of yourself.
- Upload a scanned copy of your business registration certificate.
- Upload a scanned copy of your MAA.
- Upload a scanned copy of your TIN certificate.
- Click on the “Submit” button.
Prospa will review your application and will contact you if you are approved. Once your account is approved, you will be able to log in to your Prospa account and start using it.
Is there an inflow limit for my Prospa account?
There is no inflow limit for your Prospa account. You can receive as many funds as possible into your business account. However, there is a monthly free inflow allowance of ₦100,000. Once you have exceeded this limit, you will be charged a maintenance fee of ₦3,000 for inflows up to ₦500,000, ₦5,000 for inflows up to ₦5 million, and ₦0.85 kobo per ₦1,000 over ₦5 million.
There is also a monthly free transfer allowance of ₦100,000. Once you have exceeded this limit, you will be charged a fee of ₦1 per ₦1,000 for outbound transfers.
Where can I download the Prospa app?
- Apple App Store: https://apps.apple.com/us/app/prospa-business-account/id1505367285
- Google Play Store: https://play.google.com/store/apps/details?id=com.prospa&hl=en&gl=US
Once you have downloaded the app, you can sign up for a Prospa account and start using it to manage your business finances. The Prospa app offers a variety of features to help you with your business, including:
- A free, easy-to-use everyday transaction account
- The ability to receive transfers from all Nigerian banks
- The ability to send transfers to all Nigerian banks
- The ability to create sub-accounts
- The ability to auto-split your funds across sub-accounts
- The ability to manage your customers
- The ability to send invoices
- The ability to pay bills
- The ability to buy airtime
- The ability to make international transfers to Ghana, Kenya, and the UK
- The ability to add team members
- The ability to download your statement
- The ability to add and manage additional businesses
- Extra tools and features to keep your business on autopilot
- The ability to integrate with existing software
- Transparent and easy-to-understand fees
If you are a small business owner in Nigeria, the Prospa app is a great tool to help you manage your finances and grow your business.
In Conclusion:
Prospa offers a comprehensive suite of features and tools that cater to the specific needs of small business owners in Nigeria. With the ability to make international transfers to Ghana, Kenya, and the UK, you can expand your business reach and tap into new markets. Additionally, the ability to add team members allows for seamless collaboration and delegation of tasks. The option to download your statement provides easy access to your financial records, while the ability to add and manage additional businesses allows for scalability and growth.
