Fincra, a leading payment infrastructure provider focused on simplifying online transactions across Africa, has received a significant boost to its expansion plans. The company has been granted a Third Party Payment Provider (TPPP) license by the South African Reserve Bank (SARB), allowing it to extend its comprehensive payment solutions to businesses operating in South Africa.
This comes on the heels of another major development for the company: the launch of the Fincra Multicurrency Account API, a new Banking as a Service (BaaS) product designed to help African and international businesses and platforms facilitate easy foreign currency transactions in USD and EUR, with more currencies to follow.
This regulatory approval marks a major milestone for Fincra, reinforcing its commitment to building a robust and interconnected payment infrastructure across the continent. The company’s vision is to make sending and receiving value across Africa as seamless as sending a text message, and this license is a crucial step towards achieving that goal.
“We are thrilled to have secured the TPPP license in South Africa,” says Wole Ayodele, CEO of Fincra. “This is a testament to our dedication to building a world-class payment infrastructure that empowers businesses and individuals across Africa. South Africa is a key market for us, and this license allows us to provide our innovative solutions to a wider range of businesses in the country.”
Fincra’s platform offers a suite of services, including payment gateways, online payment processing, virtual accounts, and more. With the TPPP license, South African businesses can now leverage these solutions to optimise their payment processes, enhance customer experience, and expand their reach. The new Multicurrency Account API further expands this offering, allowing businesses to seamlessly manage and transact in multiple currencies.
This achievement follows Fincra’s successful acquisition of a Payment Service Solution Provider (PSSP) license from the Central Bank of Nigeria (CBN) in January 2023. This license enabled Fincra to provide payment services to businesses in Nigeria, further solidifying its presence in the African fintech landscape.
Fincra has been actively involved in shaping the future of payments in Africa. The company participated in the rigorous regulatory sandbox program by the Central Bank of Egypt in 2022, demonstrating its commitment to compliance and innovation. Fincra also actively collaborates with regulators and industry stakeholders to drive the development of a secure and inclusive payment ecosystem across the continent.
With a presence in Nigeria, Kenya, and now South Africa, Fincra is strategically positioned to capitalise on the growing demand for digital payment solutions in Africa. The company’s focus on simplifying cross-border payments and providing businesses with the tools they need to thrive in the digital economy is driving its rapid expansion.
The acquisition of the TPPP license in South Africa is a testament to Fincra’s commitment to regulatory compliance and its dedication to providing innovative and reliable payment solutions. This move, coupled with the launch of the Multicurrency Account API, is expected to further accelerate the company’s growth and solidify its position as a key player in Africa’s dynamic fintech sector.
