News

January 20, 2023

Fincra receives commercial licence from CBN to operate as Payment Service Solution Provider

Fincra receives commercial licence from CBN to operate as Payment Service Solution Provider

Payment company Fincra has received its commercial Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria (CBN).

In its commitment to maintaining the highest compliance standard, Fincra has been working with the apex bank and following the rigorous process of acquiring this licence.

The CBN first granted Fincra an Approval- in- Principle (AIP) to test its intended payment solutions for businesses before receiving the full commercial licence, a significant milestone for the company.

With this licence 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 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,” said Ayowole Ayodele, Chief Executive Officer (CEO) of Fincra.

“Fincra provides payment solutions for businesses, large corporations, fintechs, and everything in between to aid them with offline and online transactions, We have a range of products that allow businesses to send and receive money quickly from its merchant dashboard, via APIs and white labelling” Wole stated

He further stated that the company’s Pay-in products include payment gateways for businesses across industries to collect payments online. Fincra also provides the infrastructure for businesses to seamlessly receive and manage offline payments, as well as a Pay-Out, which helps businesses process local payments within Nigeria.

To aid the growth of financial services offline, Fincra has 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 whitelabel solution.