Fincra, a leading African payment infrastructure provider, has obtained a Third Payment Provider (TPPP) license in South Africa, a major milestone that allows the company to extend its innovative payment solutions to businesses across the country.
This regulatory approval marks a significant advancement in Fincra’s mission to facilitate seamless, cross-border transactions across Africa and beyond. The Firm’s Co-Founder and CEO Wole Ayodele, expressed his excitement about the expansion, highlighting South Africa as a key market for the company’s growth.
“We have long recognized South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions”, he noted.
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Fincra’s latest move aligns with the broader strategy of expanding into vital African markets. By securing the TPPP license, the fintech can now offer its comprehensive suite of payment services to legitimate and pre-approved South African businesses. These services include Pay-In and Pay-Out solutions, with card payment options available for customers. The platform is designed to be user-friendly, allowing businesses to set up accounts, comply with Know Your Customer (KYC) regulations, and begin processing payments swiftly.
Fincra also provides transparent pricing, charging a percentage of each transaction for both inbound and outbound payments. The company’s expansion into South Africa is part of the company’s larger vision to create a robust payment infrastructure across the African continent, ensuring full compliance with local regulations while enabling seamless and secure transactions. This comes after the Nigerian fintech startup in September 2024, secured an international Money Transfer Operator (IMTO) license from the Central Bank of Nigeria (CBN) to allow the company to integrate cross-border payment services into its product offerings in the Nigerian market.
Since its founding in October 2021, Fincra has enabled businesses with local payment solutions. The fintech is also set to launch its Multicurrency Account, a new Banking as a Service (BaaS) product designed to help businesses and platforms facilitate easy foreign currency transactions in USD and Euro, with more currencies to be added soon. The Multicurrency Account product provides solutions for remittance, cross-border e-commerce, and work payments for local talents looking to offer their skills to the global workforce and receive their payments in USD and Euro.
The company is on a mission to make it easier for businesses in emerging or frontier markets to transact digitally at low cost and high speed seamlessly. Notably, it’s vision is to create a world where the movement of money is instant and as easy as sending a text message.