The news:
- Fincra, an African payment infrastructure provider, has received a Third Party Payment Provider (TPPP) licence in South Africa, allowing the company to extend its payment solutions to businesses in the country.
- This new regulatory approval marks a significant step in Fincra’s mission to make sending and receiving value across Africa and beyond as seamless as sending a text message.
Wole Ayodele, Fincra’s Chief Executive Officer (CEO) and Co-Founder, expressed enthusiasm about the development, noting that South Africa represents a prime market for the company’s growth.
"We have long recognised South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions," Ayodele said.
The decision to enter South Africa is consistent with fintech's overall strategy of expanding in key African markets.
According to the International Monetary Fund (IMF), South Africa boasts the largest economy in Africa, with a gross domestic product (GDP) of $373 billion.
South Africa's diverse economy, supported by sectors, such as manufacturing, mining, agriculture, and tourism, provides numerous opportunities for Fincra's payment solutions to help businesses process transactions efficiently.
Fincra’s entry into South Africa is part of the company's vision to build a continent-wide payment infrastructure, ensuring full compliance with local regulations while enabling seamless, secure transactions for businesses.
Fincra can now offer its services to South African businesses thanks to the TPPP licence, which allows them to access a wider range of payment methods and facilitates smoother cross-border transactions.
What this means for South African businesses
Fincra's TPPP licence allows it to offer its payment services to legitimate, registered, and pre-approved South African businesses. These services include Pay-In and Pay-Out solutions, with customers able to pay using card payments.
The platform, according to the company, is designed to be user-friendly, enabling businesses to quickly set up accounts, comply with Know Your Customer (KYC) requirements, and begin processing payments within minutes.
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Fincra also claims it offers transparent pricing, charging a percentage of each transaction for both inbound and outbound payments. In January 2023, the Nigerian-born fintech startup received the payment service solution provider (PSSP) licence from the Central Bank of Nigeria (CBN), six months after the three-year-old startup secured an approval-in-principal from Nigeria's apex bank.