Prospa is an app that helps to simplify your day-to-day banking—featuring instant payments, mobile budgeting, expense tracking, and spending analysis.
It’s the perfect way to keep track of your money in one convenient place on your phone. But how does Prospa work? Who are the founders of this app? And what are the best features of this new banking app? Read on to find out everything you need to know about Prospa!
What is Prospa?
Prospa is a fully-fledged bank that is linked to your Business.
It helps you manage your money and gives you access to many banking services. Everything from transferring money between businesses to paying employees and suppliers can be done through Prospa.
It was founded in 2012 by Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole as a startup company to compete against commercial banks.
Prospa has changed how some people do business. It has not only made life easier, but it has also brought peace of mind to many new entrepreneurs.
Here are just a few of its Key Features
- Easy sign-up – Simply download the app from your Apple or Google Play store, and you can start using Prospa immediately.
- Multiple accounts – Have multiple bank accounts? No problem! With Prospa, you can manage all of them in one place.
- Dedicated customer service – If there’s ever an issue with your account, simply call customer service, and they will help sort out any problems as quickly as possible.
- Business management – A great feature for freelancers who need to keep track of their earnings and expenses while on assignment.
- Card payment support – Paying by card is now easier than ever before. Just scan your card at checkout, and you’re done!
- Instant notifications – Stay up to date with what’s happening in your account by getting instant messages about payments, purchases, and more.
- Security – Your data is safe with Prospa. They use advanced encryption technology to protect your information and have put additional security measures to ensure that no unauthorized users can access your details.
- 24/7 support – Get in touch with Prospa whenever you want to get things sorted. Their team is available 24 hours a day, seven days a week.
Does Prospa Has A Physical Branch
According to the Prospa Faq page, they do not have a physical branch. However, you can reach out to their office in Lagos at no 20 Layi Yusuf Crescent, Lekki Phase, Lagos, Nigeria.
Who is the founder of the Prospa App
Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole are the founders of prospa apps.
What Can You Do With the Prospa App
Prospa can be referred to as a complete business toolkit, as it allows you to manage budgeting, banking, invoicing, and making payments, all at a go.
However, the Account is meant for three categories of people.
- Those Who Have a CAC Registered Business: If you have a registered CAC business, you will get the following.
- Tools for managing your business
- Send and receive transfers from all Nigerian banks
- And also, get an account in your business name.
- Freelancers: Also, prospa is meant for freelancers who work in the comfort of their homes. As a freelancer, you will get the following:
- An account that matches your name
- Tools you can use to manage all your business
- And also an account you can use to send and receive cash across all Nigerian banks.
- Those Who Have a Business, But it’s Not Yet Registered With CAC: If you have a business that is not yet registered with CAC and you will like to use prospa to manage your business, you will get the following:
- You will get a tax identification number
- You will get a registered business name with CAC and a certificate
- And you will be automatically given an account in your business name.
However, before you can successfully use any of the accounts listed above offered by prospa, you must be able to provide supporting documents, such as,
- Recognizable ID card in Nigeria (National ID card, Voters card, Drivers license, etc.)
- BVN
- Proof of ownership of your business
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How Safe Is Prospa?
Before using any financial platform, it’s worth considering whether the platform is safe for your business or not.
- Prospa uses HTTPS on all of their pages, which shows your connection is secure.
- They also make use of HSTS. This is to ensure all users connect under a secure connection.
- The platform makes sure none of your transactional data or password is stored in plain text.
- You can also use two-factor authentication to tighten the security of your account.
With these, you can get to know prospa is well safe for your personal or business purpose.
How Long Does It Take To Open An Account With Prospa
The registration process is simple. It takes less than 10 minutes for you to have your account up and running.
Prospa Contact Details
It’s normal for you to experience some difficulties on your account, and you might need the help of the customer services, and that’s why the customer services are readily available for you at all times.
For any problems that users are experiencing with their Prospa application, there is a 24/7 helpline that you can contact.
The number is (234) 188 878 81, and it will put you through to one of their helpful advisors.
It’s quick, easy, and everything is dealt with under complete confidentiality – which in itself gives Prospa some brownie points.
You can also reach out to them via [email protected].
What bank does Prospa use?
Prospa operates on a white-label banking platform that allows it to connect users to either Wema bank or Readycash, depending on which is most appropriate for their needs.
Wema bank is an alternative financial institution, so it follows local regulations regarding interest rates and loan duration.
Ready cash is different—it’s an online lender (sometimes called peer-to-peer) that enables Prospa to provide loans even in places where banks can’t.
Is Prospa a Fintech?
Since their inception, fintech companies have increasingly been seen as disruptors in a number of financial services industries, including traditional banks.
Prospa is a great example of such a company; by eliminating high fees and removing everything that can cause issues in your finances (losing your card, not being able to check your balance on your phone, etc.), it’s certainly shaping up to be one of Africa’s most innovative brands for business owners.
How Can You Delete Your Prospa account?
Contact them at [email protected] with a deleted account in your subject line.
They will respond within 48 hours. Once they receive your request, you may delete your account on Prospa by clicking on Log Out on any page and entering your email address as prompted.
This will log you out of all devices connected to your account. When logged out, click Delete Account to confirm the deletion of your profile.
Your data will be deleted from their servers immediately after confirmation of deletion is received from you.
Tips for Getting Started with your Business Savings Account and Managing it Effectively 0n Prospa
When it comes to saving, entrepreneurs have a different set of priorities than their salaried counterparts.
After all, they need to create space in their monthly budgets for months without clients and years without profits.
Often, they also have multiple savings goals to address—their emergency fund, their retirement fund, etc.—and can’t afford to have them linked together.
This is where a business bank account comes in.
If you run your own business, you should consider opening one with Prospa. Here are some tips on how to get started with your new Prospa Business Savings Account and manage it effectively.
- Create an Emergency Fund – Most people don’t think about creating an emergency fund until they face a crisis, but when it happens (and trust me, it will), you won’t be able to take care of yourself or your family if you don’t have an appropriate amount of money set aside for any eventuality.
- Set Up Direct Deposit – One way to make sure that you stick to your budget every month is by setting up a direct deposit.
It makes managing your finances easier because you never have to worry about writing checks or dealing with cash; make sure that everything gets paid on time, and there’s no chance of overspending.
- Make Time For Budgeting – With so many things going on at once, it’s easy to forget your financial responsibilities. But if you want to keep things under control, you need to find a few hours each week to dedicate solely to budgeting.
That way, you’ll know precisely what resources are available in any day-to-day finances. Hiring a financial advisor could be helpful if you ever decide to start investing. They are given a moment and will always be prepared for whatever life throws.
- Consider Hiring A Financial Advisor – While you may not need professional help. They can help you determine which investment plans are right for your business and guide you through processes.
Is Prospa App Safe For Your Business?
The Prospa App offers a suite of business management services for small businesses and entrepreneurs.
In fact, the Prospa FAQ page states that with their app, users can manage all their business finances in one place and get paid faster by friends, family, or customers using Apple Pay.
The idea of a single application to manage all your financial affairs might sound appealing – but is it safe? And should you sign up for it?
Yes, Prospa is trusted by millions of users, and it’s safe for your business.
When Was Prospa founded?
Prospa was founded in 2012 by a group of entrepreneurs frustrated with trying to manage their businesses while juggling full-time jobs.
Prospa was built to solve these challenges and provide fellow business owners with hassle-free banking and financial management at affordable rates.
How Do I Get Started with Prospa?
Getting started with Prospa is easy and quick. Simply download the iOS or Android apps, register, and complete your profile.
Having done this, you will need to select the type of account you want and will like to proceed with.
Businesses must provide some information about their business before being able to connect their bank account to manage invoices, deposits, and payment transfers.
Once you’ve created your profile, you’ll need to follow some simple steps to accept payments from customers through your Prospa account.
Follow these steps to get started with Prospa.
- Download from Apple Store
- Open up application
- Select Sign Up
- Fill out the form (Username, Password, Email)
- Agree to terms and conditions
- Click Submit
- Congratulations! Your account has been created!
What’s Next? Now that your account is set up, you can start using Prospa immediately. The first thing you should do is add a bank or business you already have access to.
If you don’t have any yet, no worries—you can register for a new one in just a few clicks. Here’s how it works:
1. Login into your dashboard
2. Select Add Bank/Business
3. Choose which type of bank/business you want to add
4. Enter details about your bank/business
5. Save changes
Just log in and select My Accounts from your dashboard menu to see everything you need. That’s it!
What Is The Cost Of Using Prospa
Prospa does not charge you for opening an account, nor do they make it compulsory to maintain any minimum balance. Nevertheless, they charge for some of the services, such as
- Transaction fees: If you are sending out an amount within #100-5000, you will have to pay #10 transaction fees. For the amount between #5000-#50,000, you will have to pay #25 transaction fees, and lastly, for an amount greater than #50,000, you will have to pay #50 transaction fees.
Account Upgrades
For additional features on your getprospa account, you will need to upgrade your prospa account to access more features. Some of the account upgrades include.
- Prospa thrive: This is one of the premium accounts that give you access to more services such as.
- Unlimited team members
- Unlimited sub-accounts
- Seven free transfers per month
- Access to legal support
- Priority support
- Unlimited additional businesses
- Access to accounting support
How much does this premium account cost? It cost just #2000-#3,700, depending on what purpose you need it for.
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KYC Account
KYC account gives you access to more features and increases your account limit. If you would like to upgrade your account to a KYC account, you must provide the following document.
- BVN
- Valid government-W ID for directors
- CAC registration forms
- TIN (They can help with this)
- Proof of address (Utility bill)
- 2 References (You will be given enough time to provide these)
- Board resolution (You can generate from your Prospa dashboard)
What Can You Do If You Have Lost The Number Associated With Your BVN
If you have lost the number associated with your BVN and you would like to create your getprospa account, you will need to go to your bank for further assistance. Your bank would be able to assist you in changing the associated number linked to your present BVN, which will enable you to proceed to create your getprospa account.
Does Prospa Offer Loan Services?
Yes. Prospa does offer loan services.
If you need funding for your business, you can Instantly get a loan of up to #150k from Prospa to fund your business.
Here’s what you need to do. Register for an account and verify your identity by uploading identification documents (such as a passport or driver’s license).
Select how much money you want to borrow (from #1,000 up to #100,000) and how long you want it (up to 12 months).
There are a few factors you’ll need to prepare before getting a loan from Prospa.
Use these three steps as your guide for getting a loan from getprospa.
First, you’ll have to register and set up an account on Prospa.
- Fill out some vital information about yourself and your business.
- Next, you’ll have to select one or more loans that fit your needs and apply for them by submitting documents that verify your identity and financial history.
Finally, once your application has been approved, you will receive money in your bank account within 24 hours! Then all that’s left is for you to use that money wisely—and start building a better future for yourself.
Does Prospa Offer Physical Card
Prospa does not offer physical cards such as ATMs. However, there is a tendency that they might provide such a service very soon.
Does Prospa Offer POS
No! Prospa does not offer POS. However, they announced that they are rolling the service out shortly. If you would like to join the pilot, contact them at help[@]getprospa.com
Can You Receive International Payment With Your Prospa Account?
No! You can not receive international payment with your propspa account.
The account can only receive payment in Naira. If you want to receive international payment, you must consider alternatives such as flutterwave, paystack, etc.
Can You Deposit Cash
Like your commercial banks, where you can walk into their branch and deposit cash, the same is not so with the Prospa account. You can only make and receive payments on your prospa account via transfer.
Why Is Your BVN Needed For Your Prospa Account
Your bvn is needed to verify your identity. This does not give them access to your secret details and other banks associated with your BVN.
With Your BVN, they will only be able to collect details such as name, date, name, age, etc.
Is There A Limit On Your Prospa Account
No! There is no limit on your getprospa account. You can receive as much as you want.
Can You Get a Prospa Account If You Are Outside Nigeria
You can apply for a getprospa account from any part of the world once you have all the required details to validate your account, such as BVN, business details, etc.
Which Devices Are Compatible With Prospa
You can use getprospa on every of your android and IOS devices. Simply go to the play store, and search for getpropspa. There you go! Once you are done downloading the app, you can proceed to create your account!
Also, if you cannot download the getprospa app, you can simply make use of the web version to create your account and instantly make use of it to manage all your business transactions.
Can You Use Prospa As A Substitute For Commercial Bank
No! You can not use getprospa as a substitute for your commercial banks, as they do not offer all features your bank offers, such as ATM services, having physical branches, etc.
Only make use of getprospa to manage your business transactions, receive payments, and to as well take advantage of the features listed above!
Is Prospa legit?
Before you download Prospa, it’s worth thinking about whether it’s legit. If you’re an entrepreneur looking for a business management solution, Prospa is worth considering, and millions of users trust them.
However, if you want to use your bank account with Prospa, consider some things.
Firstly, don’t think of Prospa as a replacement for your bank account – it isn’t.
Think of it as a way to organize and manage your finances in one place; that way, you can better track how much money you have and how much money is going out each month.
Social Media Pages
If you want to connect with prospa, you can simply connect with them via the above social media channels.
Conclusion
Prospa is a fully-fledged bank that is linked to your business.
It helps you manage your money and gives you access to a wealth of banking services. Everything from transferring money between businesses to paying employees and suppliers can be done through Prospa.
Are there more things, which you would like to know more about getprospa? Get in touch with them at help[@]getprospa.com and they will respond to you within a few hours.
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