Africa payment infrastructure company, Fincra has announced that it has been granted its commercial Payment Service Solution Provider (PSSP) license from the Central Bank of Nigeria (CBN).
The Payment Solution Service Provider (PSSP) license given to fintech companies offers permissible activities like fund collectors on behalf of the customers through payment processing gateway and portals, payment solutions, and application development.
With this PSSP license, Fincra can offer its range of payment services, giving businesses access to the most secured local offline and online payment channels to scale their businesses.
According to the announcement blog, the fintech platform has been working with the apex bank and following the process of acquiring this license.
Commenting on the latest development, Wole Ayodele, Chief Executive Officer (CEO) of Fincra, said,
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.
This new PSSP license is coming seven months after the Central Bank of Nigeria (CBN) granted an Approval-in-Principle (AIP) to test the fintech’s intended payment solutions before granting the commercial PSSP license.
Fincra has been on a mission to align all of its services with the regulatory laws of the Nigerian financial system.
In 2022, the payment infrastructure company received a compliance status on its obligations in line with the Nigeria Data Protection Regulation (NDPR) for implementing all the statutory requirements to protect the privacy rights of Nigerians and its customers.
About Fincra’s services
Fincra is a payment infrastructure company offering payment solutions for online and offline transactions. It allows businesses to send and receive money via APIs and white labelling in a very secure and seamless manner.
Fincra also offers a suite of APIs to implement payment capabilities for developers. These are from acceptance and processing to settlement and reconciliation while ensuring compliance and security.
The platform offers other innovative solutions, including payouts, virtual bank accounts, checkout, and payment collection.
Three months ago, the company was inducted into the Nigerian-British Chamber of Commerce (NBCC) for its disruptive force work in the fintech industry.
The payment infrastructure company is also looking to penetrate the European market (UK and Canada) in the coming years.
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