Fincra, a Nigerian fintech startup, has received the payment service solution provider (PSSP) licence from the Central Bank of Nigeria (CBN). The approval for the PSSP licence comes six months after the four-year-old startup received an approval-in-principal from Nigeria’s apex bank.
In a statement on the startup’s website, Wole Ayodele, Fincra founder and CEO, shared that the licence opens up new opportunities for the startup and its customers.
“We are thrilled to have received this licence from the Central Bank. 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.”
Payment service providers connect businesses and individuals in a system to send and receive money. For example, when making payments using a debit card issued by your bank, you are not communicating directly with the bank or the card issuer. Instead, payment service providers like Fincra facilitate communication between all the necessary parties.
A PSSP licence allows Fincra to offer payment services to merchants and businesses in the country. The startup, which was founded by Ayodele, provides payment solutions for businesses in the country, enabling them to receive payments through various options.
Currently, businesses can use Fincra to receive payments from outside the continent with its virtual accounts, while Fincra also provides an API that businesses can integrate to process payments. Additionally, these businesses can also issue virtual accounts to their customers.