Lagos-based Fincra been granted its first full commercial licence as a Payment Service Solution Provider (PSSP) from the Central Bank of Nigeria (CBN), the company has announced.
In a blog post on the official company website, Fincra said it would use this licence as well as its PCI DSS certification, to provide businesses with access to secured local offline and online payment channels.
“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,” said CEO of Fincra, Ayowole Ayodele,
The CBN had first granted Fincra an Approval- in- Principle (AIP) to test its intended payment solutions for businesses before the company received the full commercial licence.
Through Fincra’s platform businesses can send and receive money quickly from its merchant dashboard, via APIs and white labelling while its Pay-in products include payment gateways for businesses to collect payments online.
It also provides infrastructure for businesses to receive and manage offline payments as well as Pay-Out, which helps with local payments within Nigeria.
According to the company, its infrastructure enables financial institutions or businesses to launch an Agency Banking network without a single line of code through a robust white label solution.
