Six months after granting fintech startup Fincra approval in principle, the Nigerian central bank has granted the startup a PSSP license, allowing it to operate as a payment solutions service provider within the country.
This license falls under the relatively new categorization of licenses introduced by the main bank in December 2020, which gives financial institutions the legal right to “participate in payment processing gateways and portals, develop payment solutions or aggregation of commercial services and collection services.
Founded in 2021 by Wole Ayodele, founder and multi-time co-founder of cryptocurrency exchange Quidax, Fincra was created to solve the infrastructure problems associated with fintech startups on the continent.
“We are delighted to have received this license from the Central Bank. This license is a huge step forward for us and opens up many new opportunities for growth and expansion for our customers and for us,” CEO Ayodele said in a company public statement today.
Fincra allows businesses to connect to its proprietary technology to make and receive local and international payments. Fintechs can also use Fincra APIs to create and scale cross-border payment solutions faster than building from scratch.
“With this license and our PCI DSS certification, Fincra will now be able to offer its range of payment services, giving businesses access to the most secure online and offline local payment channels to scale their businesses,” the statement read. company website.
