Nigeria’s central bank has granted fintech company Fincra a PSSP license, allowing it to function as a payment solutions service provider within the nation, six months after giving the startup an approval-in-principle.
This license falls under a newly created category of licenses that the apex bank introduced in December 2020 and grants financial institutions the legal authority to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services.”
Wole Ayodele, a multiple founder and co-founder of the cryptocurrency exchange platform Quidax, established Fincra in 2021 to address the infrastructure issues faced by fintech firms on the continent.
“We are overjoyed that the Central Bank has granted us this license. This license is a significant step forward for us and creates numerous new growth and expansion prospects for both our clients and ourselves, according to CEO Ayodele in a statement released by the business today.
Businesses can connect to Fincra’s patented technology to send and receive domestic and international payments. The APIs provided by Fincra enable fintechs to develop and deploy cross-border payment systems more quickly than they could otherwise.
The company’s website states that it is now “able to offer its range of payment services, allowing businesses access to the most secured local offline and online payment channels to scale their enterprises” as a result of this license and its PCI DSS certification.
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