Frequently Asked Questions

Find answers to our most frequently asked questions. Can’t find the answer you're looking for? Email our member support team help@getprospa.com

General questions:

What is Prospa?

Prospa is more than a bank, it’s your business partner. Providing all the tools you need to start, grow and scale your business, to prosperity and beyond. Open a business bank account in 5 minutes and discover an incredibly fast and easy way to manage your business finances.

Thousands of Nigerian business owners, freelancers, startups and growing companies use Prospa. Packed with features to put your finance operations on autopilot and give you time to focus on growing and succeeding.

Your account comes with:

Bank account number in your business name
Corporate debit cards
Access to instant loans
Point of sale
Receive transfers from all Nigerian banks
Send transfers to all Nigerian banks
Create sub-accounts
Auto-Split your funds across sub-accounts
Manage your customers
Send invoices
Pay bills
Buy airtime
Add team members
Download your statement
Add and manage additional businesses
Extra tools & features to keep your business on autopilot
Integrate with existing software
Transparent and easy to understand fees

Do you have a physical branch?

No. We do not have a physical branch, however, if you’re interested in becoming a member and want to confirm, you can visit our office address 65 Queens Street, Alagomeji, Yaba, Lagos

How safe is Propsa?

The safety and security of your Prospa account is our highest priority and here are some of the steps we take to ensure accounts are safe.

Requiring HTTPS on all pages, and use HSTS to ensure browsers only ever connect to us over a secure connection. We never store or log your password and transactional PIN data in plaintext. Allowing all members to enable Time-based, One Time Passwords, for two-factor authentication on their account. We never send authentication codes via insecure channels like SMS. Encrypting our database and all uploaded images. We employ additional encryption for sensitive data, like transactional PIN.

Is my account insured?

Yes, your account is insured up to the NDIC limit. Prospa works with NDIC-insured banks to store your deposits, namely Good News Microfinance Bank.

Can I open an account?

Most Nigerian company registered with the Corporate Affairs Commission can open an account with Prospa. Charities and NGOs can open an account too. Please note, However, there are a number of high risk industries that we can’t take on, we will not be offering current accounts to businesses in the following industries:

Third-party funds

The holding, managing an/or controlling of a third party’s (client’s/customer’s) funds in Prospa accounts. This includes using the funds on behalf of other individuals

Insurance companies (incl. insurance brokers)

Trading of cryptocurrencies

Money services (such as foreign exchange, loan providers, money transfers)

Casinos, prize draws and other betting or gambling activities

Sale of unlicensed pharmaceuticals

Trading of weapons, explosives or armaments

Unlicensed trading and processing of scrap metal

Escort services and other services in the adult industry

How long does it take to open an account?

It takes 5 minutes to sign up providing you have all required documents immidiately available. On average it takes 20 minutes for your account to be approved once you’ve submitted your application, however it can take up to 48 hours if we need more information from you.

Can I apply from outside of Nigeria?

Yes. As long as you have a BVN (Bank Verification Number), a registered Nigerian company and all the required KYC information, you can apply from anywhere in the world. If you are in the UK or US with the required documents and need additional assistance please email us help@getprospa.com

How much does it cost to use Prospa?

It is totally free to open a Prospa account. We do not charge an account opening fee and we do not require you to maintain a monthly minimum balance. What we do charge you can find below. Please refer to the pricing and billing page for more info on charges

What are the transfer fees?

Amount sending Cost of transfer

₦5,000.00 - ₦10.00

₦5,000.01 - ₦50,000.00

₦25.00 ₦50,000.01 ₦50.00

What if my business does more than ₦5,000,000.00 ?

If your business transaction volume is more than ₦50,000,000.00 monthly we’d love to introduce you to “Flourish” our concierge service, with custom features and benefits. Please apply for an account and contact our team directly on 0188 878 81 or email priority@getprospa.com

KYC:

What documents do I need?

Certificate of incorporation

CAC registration forms

Valid government issued ID for directors (International Passport, Drivers licence, Voters card, National I.D card)

TIN number (We can help with this)

Proof of address (Utility bill)

Board resolution (you can generate from your Prospa dashboard)

2 References (You’ll have extended time to provide this)

Why do you need my BVN?

We use your BVN to verify your identity. When you enter your BVN, the only data we are able to retrieve is your name, date of birth and the mobile phone number attached to your BVN. We do not have access to any of your bank accounts, transaction history or other sensitive financial data.

The last 4 digits of my BVN says not matching?

If you are sure you are entering the correct 4 digits, you will need to go to the bank branch where you registered your BVN and ask for assistance as we have no control over the data returned from your BVN.

I don’t know the phone number connected to my BVN?

If you have forgotten the number connected to your BVN, you will need to go to the bank branch where you registered your BVN and ask for assistance as we do not have the authority to assist.

I’ve been asked for more information about my business?

As part of our KYC, we need to know as much detail as possible about your business and the products and services you offer. Once we can confirm these details, your account opening application should be approved.