Nigerian fintech, Fincra has been authorised by the Central Bank of Nigeria (CBN) to operate as a payment service solution provider (PSSP).
"We are thrilled to have received this licence from the CBN. This licence is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us," Wole Ayodele, co-founder and CEO of Fincra, said.
PSSPs are fintech companies that act as fund collectors on behalf of their customers, they serve mostly the interest of merchants by enabling payment through the web.
"We take compliance seriously as an organisation, the licence will help us to deepen access to products that we are offering," he added. In October 2022, the fintech company was granted Approval in Principle (AIP) Fincra to operate as a PSSP in Nigeria, this means that Fincra was allowed to deliver its payment offerings subject to a six months review by the CBN.
With this licence and its Payment Card Industry Data Security Standard (PCI DSS) certification—a set of security standards formed in 2004 by Visa, MasterCard, Discover Financial Services, JCB International and American Express—, Fincra will now be able to offer its range of payment services, giving businesses access to the most secured local offline and online payment channels to scale their businesses.
Launched in 2021, Fincra is a payments infrastructure for fintechs, platforms, and global businesses. The company provides online and offline payment solutions that allow businesses who have been onboarded to accept payments seamlessly, make local and international payouts and transfers in multiple currencies at a low cost with no hidden fees, and expand their business across borders.
"We saw a problem in the African payment infrastructure and we believe that to enable the continent's prosperity we need to enable seamless transfer of money and value with the continent and across the world," Ayodele told Benjamindada.com.
Since its launch, the company has crossed the billion dollars mark in transactions processed with operational presence in Nigeria, Ghana, Kenya, South Africa, Uganda, Zambia, Canada, and Lithuania. Fincra currently supports payouts and transfers to over 30 different currencies across 150 countries.
Last year, the global payment infrastructure company expanded into the UK. "We have been looking at entering the UK, and this investment will make it easier for us to enter that market. They will be able to help us with hiring and setting up offices and connections with trade commissions in the UK and Canada. The primary goal is the market entry of high-growth businesses into the UK," Fincra's CEO told Benjamindada.com during a call after the expansion.
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