Connection Across Africa: Fincra's Strategy to Eliminate Payment Disparities

Fincra Secures Licence to Expand Payment Solutions in South Africa

Fincra, an African payment infrastructure provider, has secured a Third Party Payment Provider (TPPP) licence in South Africa, marking a significant step in its mission to revolutionize payment infrastructure across the continent.

The Financial Sector Conduct Authority (FSCA) granted Fincra the license, allowing the company to offer its services to legitimate, registered, and pre-approved South African businesses. This move into South Africa is part of Fincra's broader plan to expand its presence in major African markets.

Fincra, known for its transparent pricing, charges a percentage of each transaction for both inbound and outbound payments. The company's growth story exemplifies the potential of African fintech startups to create solutions that address local needs while fostering regional economic integration.

South Africa, the largest economy in Africa with a GDP of $373 billion, offers diverse opportunities for Fincra's services. As businesses seek to streamline their financial operations and expand their reach, services like those offered by Fincra become increasingly valuable.

Fincra's entry into South Africa contributes to its vision of building a continent-wide payment infrastructure. The company's platform is designed for ease of use, allowing businesses to quickly set up accounts, complete KYC requirements, and start processing payments promptly.

The licence from the Central Bank of Nigeria was granted six months after Fincra secured an approval-in-principle from Nigeria's apex bank. In January 2023, Fincra received a payment service solution provider (PSSP) licence from the Central Bank of Nigeria.

Fincra aims to address the challenges of fragmented payment systems and limited cross-border transaction capabilities as it continues to expand across Africa. Its services include Pay-In and Pay-Out solutions, with customers able to make card payments.

By obtaining the TPPP licence, Fincra is poised to play a crucial role in facilitating economic activities and cross-border transactions in Africa's largest economy. The move reflects the increasing demand for efficient and reliable payment solutions across Africa.

Fincra's expansion into South Africa underscores its commitment to compliance with local regulations while facilitating seamless and secure transactions for businesses. The company aims to ensure full compliance with South African regulations as it continues to grow and expand its services.