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 operate as a payment solutions service provider within the country.
This licence falls within the relatively new categorisation of licences introduced by the apex bank in December 2020, which confers financial institutions the legal right 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 exchange platform Quidax, Fincra was built to solve the infrastructure problems associated with 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 said in a public release by the company today.
Fincra enables businesses to plug into its proprietary technology to make and receive local and international payments. Fintechs can also use Fincra’s APIs to build and scale cross-border payment solutions quicker than building 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 company’s website reads.