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PROSPA – Everything you need to know

PROSPA – Everything you need to know
PROSPA – Everything you need to know

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Prospa is a technology company building a mobile operating system for African entrepreneurs and businesses. The company was founded in 2012 by Beau Bertoli and Greg Moshal in Australia, and it later expanded to Nigeria in 2019. Prospa’s mission is to help African businesses grow and succeed by providing them with access to financial services and tools.

What services does Prospa offer?

Prospa offers business accounts, loans, and business management tools to help African business owners start, run, and grow their businesses.

What are the requirements to open a business account with Prospa?

  • A valid business entity: This means that your business must be registered with the relevant government authority. In Australia, this is the Australian Securities and Investments Commission (ASIC).
  • A business bank account: You will need to have a business bank account in order to open a Prospa business account.
  • A minimum of $10,000 in annual revenue: Prospa requires businesses to have a minimum of $10,000 in annual revenue in order to qualify for a business account.
  • A credit score of at least 600: Prospa will also assess your business’s credit score when you apply for a business account. A credit score of at least 600 is required.

In addition to these requirements, Prospa may also request additional information from you, such as:

  • Your business’s financial statements
  • A copy of your business’s lease agreement
  • A list of your business’s suppliers and customers

You can find more information about the requirements to open a business account with Prospa on their website:

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Here are some other documents you may need to open a business account:

  • Business tax identification number (TIN): This is a unique number assigned to your business by the government.
  • Business registration certificate: This is a document that proves that your business is registered with the government.
  • Business owner’s identification (ID): This could be a driver’s license, passport, or other government-issued ID.
  • Business address: This is the physical address of your business.
  • Business phone number: This is the phone number of your business.

It is important to note that the requirements to open a business account may vary depending on the bank or financial institution you choose. It is always best to contact the bank or financial institution directly to inquire about their specific requirements.

Is there an inflow limit for my Prospa account?

Yes, there is an inflow limit for your Prospa account. You are entitled to ₦100,000 free inflow per month. If you exceed this limit, you will be charged a 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.

Where can I download the Prospa app?

You can download the Prospa app on the App Store or Google Play.

In Conclusion:

Prospa offers a convenient and user-friendly way to manage your finances on the go. With its easy-to-use interface and powerful features, you can track your expenses, create budgets, and even send and receive payments with just a few taps. Whether you’re a small business owner looking to streamline your financial operations or an individual wanting to take control of your personal finances, Prospa has you covered. So why wait? Download the Prospa app today and start taking control of your financial future.

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