The Central Bank of Nigeria has issued a commercial Payment Service Solution Provider (PSSP) license to infrastructure fintech firm, Fincra, to enable it to function as a payment solutions service provider within the country.
Fincra is an online and offline payment infrastructure for fintech, platforms and global businesses, and provides simple, secure and dependable payment solutions via its merchant portal or via the introduction of its APIs.
The CBN first granted Fincra an Approval- in- Principle (AIP) to test its intended payment solutions for businesses before the full commercial license, which the company described as “a significant milestone for us.”
The license followed the startup’s commitment to maintaining the highest compliance standard, having been working with the apex bank and following the rigorous process of acquiring the license.
DigitalTimesNG understands that with this license and its PCI DSS certification, 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.
“We are thrilled to have received this license from the Central Bank. This license is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us,” said Ayowole Ayodele, Chief Executive Officer of Fincra.
Fincra provides payment solutions for businesses, large corporations, fintechs, and everything in between to aid them with offline and online transactions.
It boasts of a range of products that allow businesses to send and receive money quickly from its merchant dashboard, via APIs and white labelling.
Fincra’s Pay-in products include payment gateways for businesses across industries to collect payments online in addition to providing the infrastructure for businesses to seamlessly receive and manage offline payments.
Fincra also has Pay-Out, which helps businesses with local payments within Nigeria.
“To aid the growth of financial services offline, we offer the complete infrastructure to enable financial institutions or businesses with a distribution network to launch a robust Agency Banking network without a single line of code through a robust white label solution,” the company said in a statement.
