The Central Bank of Nigeria (CBN) has granted an Approval in Principle (AIP) to fintech platform Fincra to operate as a Payment Solution Service Provider (PSSP) across the country.
In its commitment to promote strong and credible payment systems, CBN, in December 2020, approved new licence categorisations in line with the new and existing market participants following the significant evolution and innovation in the Nigerian payments system.
Complying with CBN's regulations, Fincra applied for the PSSP licence with complete documentation, which Nigeria's apex bank deemed satisfactory before issuing an Approval in Principle (AIP).
With this AIP, CBN has given Fincra the go-ahead to deliver its payment offerings to enable businesses across Nigeria with payment solutions to send and receive payments seamlessly in a test environment.
With the PSSP licence still in AIP, Fincra has six months to prove to the CBN that it can comply with the requirements of the apex bank. CBN will review Fincra after this period to determine if it should be awarded a commercial licence.
After getting the nod from CBN, Fincra has permission to deliver its financial payments services to help businesses across the country. Fincra will comply with all regulations coupled with ISO standards on Business Continuity Management System & Information Security Management Systems viz-a-viz PCI DSS requirements, just to mention a few.
Businesses looking to expand across borders often have to use different platforms to receive, transfer and settle payments. Country-specific requirements have also hampered seamless payments, with transactions channelled through intermediary banks taking days to complete with unexpected hidden fees. This has posed challenges for businesses with operations across Africa, preventing them from scaling.
Fincra is solving this by providing easy to integrate payment APIs, and a seamless digital payment platform that allows businesses across Africa to process payments through different channels seamlessly.
With a single API integration and merchant portal, registered businesses on Fincra can;
Receive Payments. Fincra enables businesses to receive payments from customers through different payment channels. Customers can pay merchants on Fincra through different methods like cards, bank transfer and virtual accounts in available local currency, and merchants can settle payment into their Fincra Wallet seamlessly with no hidden charges.
Send Payments. With Fincra, onboarded merchants can make payouts / transfers to their partners, suppliers and contractors in available local currency easily with no delays.