Six months after issuing fintech startup Fincra an approval-in-principle, Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to function as a cost options service supplier throughout the nation.
This licence falls throughout the comparatively new categorisation of licences launched by the apex bank in December 2020, which confers monetary establishments the authorized proper to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services”.
Founded in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto trade platform Quidax, Fincra was constructed to clear up the infrastructure issues related to fintech startups on the continent.
“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,” CEO Ayodele mentioned in a public launch by the corporate at the moment.
Fincra allows companies to plug into its proprietary know-how to make and obtain native and worldwide funds. Fintechs may use Fincra’s APIs to construct and scale cross-border cost options faster than constructing from scratch.
“With this licence and our 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,” the corporate’s web site reads.
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