Prospa Review: The FinTech App Transforming Business Banking in Nigeria

Are you a Nigerian entrepreneur on the lookout for tools and services that simplify operations and drive growth? Prospa, a FinTech app, offers a compelling solution by combining banking and business management into a single platform. Designed specifically for Nigerian business owners, freelancers, startups, and growing companies, Prospa aims to revolutionize the way businesses manage their finances and day-to-day operations.

What is Prospa?

Prospa is more than a traditional bank; it positions itself as a comprehensive business partner. With Prospa, users can open a fully operational business bank account in just five minutes. The app provides a wide range of features that help businesses automate their financial processes, manage expenses, accept payments, and much more — all from the convenience of a mobile device or computer.

From seamless account creation to tools that empower growth and expansion, Prospa aims to make running a business less cumbersome, focusing on innovation and customer-centric solutions.

Key Features of Prospa

1. Banking Features

• Current Account: Prospa provides users with a business bank account number, allowing them to receive transfers from all Nigerian banks and send transfers to them as well. The account also supports international transfers to Ghana, Kenya, and the UK.
• Sub-Accounts and Auto-Split Funds: Users can create sub-accounts and automatically distribute funds across them, which helps in budgeting and financial management.
• Card Management: Prospa allows businesses to instantly issue corporate debit cards for business expenses. Users can request, issue, freeze, link to accounts, and add team members with spending limits.
• POS Payments: Prospa offers a Point of Sale (POS) device that allows businesses to accept secure payments anywhere, with instant settlements directly to their Prospa accounts.
• Cash Deposits: While Prospa does not have a physical office, users can deposit cash at any Zenith Bank branch, which partners with Prospa for cash deposit services.

2. E-commerce and Invoicing Tools

• Webstore: Users can set up a no-code e-commerce website within minutes, enabling them to sell products online and accept payments seamlessly. The platform offers tools to promote the business, generate sales, and manage inventory and orders.
• Invoicing and Payments: Prospa simplifies invoicing by allowing users to send invoices directly from the app and receive payments through multiple channels, including bank transfers and card payments.

3. Loan Services

• Instant Loans: Prospa offers collateral-free business loans up to ₦1,000,000. Loan applications are processed within 24 hours, with instant funding to the user’s Prospa account. Loan amounts and interest rates can be optimized by improving one’s Prospa Credit Score (PCS), which is based on account activity, repayment history, and overall business performance.

4. Security and Compliance

• Bank-Grade Security: Prospa ensures all transactions and data are secure by implementing strong encryption, two-factor authentication, and HTTPS for all web traffic. All deposits are insured by the Nigerian Deposit Insurance Corporation (NDIC).

Pros of Using Prospa

• Quick and Easy Setup: The app provides a fast and straightforward onboarding process. Businesses can open an account in just five minutes.
• Comprehensive Financial Tools: Prospa integrates multiple tools into one platform, allowing users to manage their finances, payments, and customer relationships seamlessly.
• Access to Expert Community: Prospa members have access to a community of business experts who offer guidance and support in scaling businesses.
• Transparent Pricing: The app offers clear and easy-to-understand pricing without hidden fees, making it a cost-effective solution for many businesses.

Cons of Using Prospa

• No Physical Branches: Prospa operates entirely online, which may be a drawback for businesses that prefer face-to-face interactions or require physical branch services.
• Occasional Bugs: Users have reported bugs that sometimes prevent a smooth user experience, although these issues are generally resolved quickly through the app’s customer support.

Additional Features

Prospa Cards

Prospa offers smart debit cards tailored for business needs, which can be instantly issued and managed directly through the app. Users can set spending limits, control access, and link cards to different sub-accounts, ensuring effective expense management.

• Requesting and Using Cards: Businesses can request a card within the app after their account is approved and funded with at least ₦10,000. These cards can be used for both online and ATM transactions.

POS Services

Prospa provides a POS device for businesses to accept in-person payments securely. The POS system offers instant settlements, seamless integration with customer and product data, and is free to use for businesses banking with Prospa.

• Pricing and Payment Options: The POS device costs ₦50,000, with part payment options available to enable quick setup.

Loans and Financing

Prospa makes obtaining a business loan straightforward and hassle-free. With no collateral required, businesses can apply for loans up to ₦1,000,000 directly through the app.

• Flexible Loan Options: Loans are available with repayment periods of 30, 60, or 90 days, depending on the user’s Prospa Credit Score, which assesses the business’s creditworthiness and ability to repay loans successfully.

User Experience and Support

Prospa places a strong emphasis on customer support and user experience. The app provides world-class member support directly integrated into the platform, eliminating the need to leave the office for help.

• Community and Networking: Prospa connects its users with a community of experts, facilitating business growth through shared knowledge and collaboration.
• Instant Customer Support: Dedicated support is available 24/7 via email or chat, ensuring that users get timely assistance whenever needed.

How Prospa Compares to Traditional Banks

Unlike traditional banks, Prospa provides a more streamlined, user-friendly experience with a focus on automation and digital-first services. The absence of physical branches reduces overhead costs, allowing Prospa to offer more competitive pricing and services tailored specifically to the needs of entrepreneurs and SMEs.

• No Queues, No Paperwork: The digital nature of Prospa means users avoid long queues and paperwork typically associated with traditional banks.
• Enhanced Control: With real-time updates and access to all financial tools in one place, business owners have greater control over their finances.

Frequently Asked Questions (FAQs)

1. Is the Webstore Free to Set Up?
   Yes, Prospa’s Webstore is free to set up for approved accounts. It takes just a few minutes to create a profile and start adding products or services.
2. Can I Accept Payments Through the Webstore?
   Yes, customers can choose to pay via bank transfer or card. For card payments, a processing fee is charged.
3. How Safe is Prospa?
   Prospa prioritizes security, employing encryption, secure authentication, and compliance with NDIC regulations to protect users’ funds and data.
4. What are Prospa’s Loan Terms?
   Loans are available with flexible terms of 30, 60, or 90 days, with interest rates varying according to the Prospa Credit Score.

Conclusion: Is Prospa Right for Your Business?

For Nigerian entrepreneurs, freelancers, and SMEs, Prospa offers an innovative and comprehensive solution that combines banking with business management tools. Its robust feature set, ease of use, and customer-centric approach make it an attractive option for those looking to simplify their business operations and focus on growth. While the lack of physical branches may deter some, the app’s digital-first services and strong security protocols make it a compelling choice for modern business needs.

Ready to make the switch? Open a Prospa account today and take your business to the next level!