Fincra, an Africa-based payment infrastructure company, has announced that it has been granted its commercial Payment Service Solution Provider (PSSP) license by the Central Bank of Nigeria.
The PSSP license which falls under CBN’s categorisation of licences introduced in December 2020 is mainly issued to Fintech companies. It enables these companies to engage in certain permissible activities such as collecting funds on behalf of customers through payment processing gateway and portals, payment solutions and application development.
With this license, Fincra can now offer its full range of payment services to businesses, giving them access to the most secure local payment channels to help them scale their operations both online and offline.
As made known through the announcement blog, Fincra has been working closely with the apex bank throughout the license acquisition process.
Wole Ayodele, the CEO of Fincra, commented on this development and said, “We are thrilled to have received this license from the Central Bank. This license is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us.”
It’s worth mentioning that the new PSSP license was granted seven months after the Central Bank of Nigeria (CBN) had granted an Approval-in-Principle (AIP) to test Fincra’s intended payment solutions before granting the commercial PSSP license.
Fincra has always been dedicated to aligning all of its services with the regulatory laws of the Nigerian financial system. In 2022, the company received a compliance status on its obligations in line with the Nigeria Data Protection Regulation (NDPR) for implementing all the statutory requirements to protect the privacy rights of Nigerians and its customers.
Established in 2021, Fincra is a payments infrastructure provider which offers online and offline payment solutions that enable businesses who have joined the platform to effortlessly accept payments, carry out local and international payouts/transfers in various currencies at a cost-effective rate with no additional charges, and expand their operations across borders.