⚡Upgraded Sub-account Pack

When we created sub-accounts in v.1 of Prospa, no traditional banking or fintech platform provided sub-accounts. We knew it would be an important feature, what we didn’t anticipate was just how much our members would love sub-accounts and how widely they’d be introduced outside of Prospa, we think this is amazing and a win for consumers.

We know the impact sub-accounts have in helping entrepreneurs plan and manage their finances, and we’ve started rolling out some of the key elements, that make sub-accounts supercharged, obviously in glorious Prospa style.

What’s new in the sub-accounts pack:

• You’ll get an account number for every sub-account you open. So you can receive external payments directly into a sub-account.
• You can make outbound payments directly from a sub-account, you no longer have to move money to your current account first!
• You can set up automations for each sub-account.
• You can rename your sub-account.
• You can customise notifications.

The combination of sub-accounts and automation can not be overstated. Individually they’re great and combined they’re powerful and truly make running your business and personal finances simple and efficient.

Types of Sub-accounts

There are two main types of sub-accounts (standard account and personalised account), and below is a breakdown of how each of the works:

Standard sub-account

Can be used for savings, taxes and salaries. We’ll be adding a lot more customisation to standard sub-accounts soon. Keep your eyes peeled.

Personalised sub-account

Can be used for any other type of account that’s specific to your business needs, you’ll also be able to create a customised name.

How does it work?

Let’s take freelance photographer, Rebecca who is the founder of RedLance Photography, here’s how she uses sub-accounts.

Rebecca set up a savings sub-account, to save 5% of all the money she earns from photography gigs. She also created a salary sub-account to put aside 70% of everything she earns as monthly salary, the actual amount varies depending on how much she makes in the month. From her salary sub-account, Rebecca sends N20,000 to her Grandma every month for support.

Prior to being a Prospa member, this process would take days with the calculator app, brain calculations working out percentages and even trips to the bank. It was so tedious, Rebecca admits that she didn’t bother and only did it when she had the time, despite being super important.

This complex flow of business funds to personal takes roughly 1 minute for Rebecca, by combining Sub-accounts and Automations with her Prospa account, it’s done automatically and runs every month. Rebecca doesn’t have to think about the process; it just works.

How to create a Sub-account

Step 1: Open your Prospa app.

Step 2: Tap on the multicoloured Create Sub-accounts bar.

Step 3: Select the type of sub-account you want to create.

Step 4: Choose a rule or skip this step.

Once completed, the sub-account is created and ready to use.

Frequently Asked Questions

Will I be charged for creating a sub-account?

No, you will not be. You can create sub-accounts in line with your plan.

What will you be charging me for sending money with a sub-account?

Transfers between sub-accounts or to other Prospa accounts are free. Transfers from your Prospa to an external bank account are charged based on the transfer amount (as seen below)

0 > 5k — ₦10

5k > 50k — ₦25

50k > above — ₦50

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

🐦 Latest news and updates, follow us on twitter

🎥 Awesome content for growth, follow us on Instagram