Understanding Prospa Accounts

Written by Osasogie Omoigui

Owning a business account helps business owners manage their business finances Having a business account gives you an overview of the inflow, outflow of profit and business liabilities. Your business bank account should be separate from your personal account so you can easily track your money and make more informed decisions about your business.

At Prospa, entrepreneurs with a registered business; and freelancers who are yet to register their business can open a business bank account. There are two types of accounts available to entrepreneurs on Prospa. 

Entrepreneurs signed up on Prospa can either own – 

  • Registered Business Account
  • Freelancer Account

The Difference: Business Account & Freelancer Account.

Registered Business Account: 

If you have already registered your business with CAC then you can open a registered business account. There is no account opening fee and sign up takes 5 minutes or less. 

With a Prospa registered business bank account you can:

  • Send and receive transfers from all Nigerian banks.
  • Complimentary TIN (Tax Identification Number) processing 
Homescreen of a business account.

Freelancer Account:

If you are a freelancer, self-employed or work on projects but are yet to formalise your business with CAC then a Prospa freelancer account is for you. The main difference between a freelancer account and a registered business account is that your business account is open in your name.  

With a Prospa Freelancer account, you can: 

  • A freelance account is opened in your personal name as opposed to a legally registered business name.
  • Send and receive transfers from all Nigerian banks.
  • A daily outflow of N200,000.
  • Freelancers can register their business name via Prospa.
Homescreen of a freelancer account.

How to get started

Here’s a step by step guide on how to open a Business or Freelancer Account. 

Business Account:

This account is for business owners with a CAC registered company or who would like to get their business registered. 

  • Step 1 – Download Prospa on your iOS or Android device.
  • Step 2 – Click on the ‘Create an account’ button
  • Step 3 – Fill in your personal information and tap ‘continue’
  • Step 4 – Enter your email address, create a password and click continue
  • Step 5 – Create and confirm pin

For CAC Registered Businesses

  • Step 6 – Select ‘I have a CAC registered company’ and click continue

  • Step 7 – Register business: ‘Enter correct information about your registered business’
  • This image has an empty alt attribute; its file name is Artboard-2-copy-4@2x-1024x843.png

  • Step 8 – Tell us more about your business address
  • This image has an empty alt attribute; its file name is Artboard-2-copy-4@2x-1-1024x843.png

  • Step 9 – Select preffered bank
  • Verify your business account –

    • Business Owner Details –
    • Business Details –
    • Bvn Verification –
    • TIN Documents –
    • Proof Of Address –

    For Unregistered Businesses with an interest in being registered by Prospa

    • Step 6 – Select ‘My business is not yet registered, I would like to register’ and click continue.
    • Step 7 – Register business: To register your business, you need to submit these necessary documents.
    • Proprietor information:
    • Business information
    • BVN Verification
    • Billing

    Once your business registration is successfully completed, your account will be automatically opened usually within 1 hour. 

    Freelance Account –

    A step by step guide on how to open your freelance account with Prospa. 

    • Step 1 – Download Prospa on your iOS or Android device.
    • Step 2 – Click on the ‘Create an account’ button.
    • Step 3 – Fill in your personal information and tap ‘continue’.
    • Step 4 – Enter your email address, create a password and click continue.
    • Step 5 – Create and confirm your pin.
    • Step 6 – Create a business account – select ‘I’m a freelancer’.
    • Step 7 – Fill in your business details; account name, business category, description and turnover. Click continue
    • Step 8 – Fill in your business address and click continue.
    • Step 9 – Select bank, click continue then proceed

    Verify Your Business

    • Business owner details
    This image has an empty alt attribute; its file name is Artboard-2@2x-4-1024x843.png
    • BVN verification
    This image has an empty alt attribute; its file name is Artboard-2@2x-3-1-1024x843.png
    • Proof of address
    This image has an empty alt attribute; its file name is Artboard-1-copy-2@2x-6-1024x843.png

    Freelancers can now increase their daily outflow. Simply upgrade your account by registering your business name via Prospa. 

    Use Case Scenario

    Business Account:

    Mrs Kehinde is a business owner that deals with clothes. She imports clothes, shoes, pieces of jewellery from Holland then sells them to wholesalers and retailers.

    Her daughter introduces her to Prospa where she opens a registered business account. She uploaded her documents correctly and had her account approved in five minutes. Mrs Kehinde enjoys seamless transactions with Prospa  

    With a monthly turnover exceeding 10million Naira, she upgraded her account to the scale plan where she can access 100 free international transfers, 1,000 free local transfers, N1.5m International transfers daily limit, dedicated business manager, bookkeeper among other benefits.

    Freelance Account:

    Emmanuel is a content specialist who creates social media content for chefs and restaurants. He has built a dedicated customer base within the food industry, his chosen niche. Emmanuel’s services are sought after and he gets paid well. However, because he uses his personal account to receive payments, he’s unable to account for his spending at the end of every month. He can’t open a business account with brick-to-mortar banks because his business is unregistered, so he opens a Prospa account. 

    Emmanuel signs up as a freelancer and gets a pre-approved account. He immediately uploads his document and can now experience the tools he needs to manage his business. However, Emmanuel realizes that with this account he is limited to a daily outflow of N200,000. He works with a team and spends as high as N500,000 on some days when he needs to buy props for work. Emmanuel then gets his business name registered with CAC in the Prospa APP and is not limited to any outflow. 

    Payments are made directly to his Prospa account and it is easier to track financial transactions. 

    Do you have any questions?

    If you have any questions or suggestions, I am more than happy to hear from you. Simply send me an email at hello@getprospa.com

    — — — ———————-

    Manage your business and banking in one place. Open a business bank account in 5 minutes on iOS & Android. Made for entrepreneurs, with 💜

    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.

    📲 Prospa mobile app on iOS and Android

    💭 Keep the conversation going on WhatsApp

    🎥 Awesome content for growth, follow us on Instagram

    Leave a Reply

    Your email address will not be published. Required fields are marked *