Fincra gets AIP from CBN to operate as a licensed payment service solution provider

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Published: 2022-06-10
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Fincra, a financial technology platform, has been given an Approval in Principle (AIP) to operate as a Payment Solution Service Provider (PSSP) throughout the entirety of Nigeria by the Central Bank of Nigeria (CBN).

The Central Bank of Nigeria (CBN) approved new license categorizations in December 2020 in line with the new and existing market participants in response to the significant evolution and innovation in the Nigerian payments system. This was done as part of the CBN's commitment to the promotion of reliable and robust payment systems.

Fincra submitted an application for a PSSP license that complied with CBN's requirements and included all of the necessary documentation, which Nigeria's central bank reviewed and found to be satisfactory before giving an Approval in Principle (AIP).

With the help of this AIP, the Central Bank of Nigeria has granted Fincra the green light to deliver its payment services. These products will make it possible for companies all around Nigeria that have payment solutions to send and receive payments without any problems in a test environment.

Fincra has a total of six months to demonstrate to the CBN that it can comply with the standards of the apex bank, notwithstanding the fact that the PSSP license is still in the AIP. After this time period has passed, CBN will evaluate Fincra to decide whether or not it should be granted a commercial license.

Following receipt of approval from the CBN, Fincra is now authorized to provide the financial payment services it offers to assist businesses located throughout the nation. Fincra shall behave in a manner that is in accordance with all rules, as well as ISO standards on Business Continuity Management System and Information Security Management Systems, as well as the requirements of PCI DSS, to name just a few.

Regarding Fincra

Fincra is a provider of payment infrastructure that assists businesses by offering solutions that make it simple for them to receive payments, ensure that payments are sent without a hitch, and expand their operations across international borders.

When a company wants to expand internationally, they frequently have to use several payment platforms in order to collect, transmit, and settle payments. Payments have also been made more difficult because of country-specific requirements, which has resulted in transactions having to be completed through intermediate institutions, which can take several days and result in unanticipated hidden expenses. Businesses that have operations across Africa have faced difficulties as a result of this, which has prevented them from scaling.

Fincra is giving a solution to this problem by offering payment APIs that are simple to integrate, as well as a digital payment platform that is seamless, so that businesses all over Africa may process payments through a variety of channels easily.

Businesses that are registered on Fincra have the ability, thanks to a single API integration and a merchant portal to:

Accept and Receive Payments Fincra gives companies the ability to accept payments from clients using a variety of various payment methods. Customers have the ability to pay merchants on Fincra using a variety of payment methods such as cards, bank transfers, and virtual accounts in the available local currency. Merchants have the ability to settle payment into their Fincra Wallet in a seamless manner without incurring any additional fees.

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Send in Your Payments Onboarded merchants may easily and without delay make payouts and transfers to their partners, suppliers, and contractors in available local currency using Fincra.

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Register for an account on Fincra in fewer than two minutes, and maintain your connection with the platform through LinkedIn, Twitter, Instagram, and Facebook.