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Fincra receives a commercial licence from CBN to operate as a Payment Service Solution Provider (PSSP)

By Edlyn Cardoza

January 23, 2023

  • APIs
  • Approval- in- Principle
  • Central Bank of Nigeria
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Fincra, Payment Service Solution Provider Licence, Central Bank of Nigeria, Compliance, SMBs, Approval- in- Principle, FinTech, APIs, Pay-in Products, Online Payments, Pay-Out, Financial Institutions, Financial Services, Nigeria, USAFincra has announced that it received its commercial Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria (CBN). In their commitment to maintaining the highest compliance standard, they have been working with 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 they receive this full commercial licence. 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. They have a range of products that allow businesses to send and receive money quickly from their merchant dashboard via APIs and white labelling.

Their Pay-in products include payment gateways for businesses across industries to collect payments online. They also provide the infrastructure for businesses to receive and manage offline payments seamlessly. Fincra also has Pay-Out, which helps businesses with local payments within Nigeria.

To aid the growth of financial services offline, Fincra offers 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.

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