Six months after issuing fintech startup Fincra an approval-in-principle, Nigeria’s central financial institution has awarded the startup a PSSP licence, enabling it to function as a cost options service supplier throughout the nation.
This licence falls throughout the comparatively new categorisation of licences launched by the apex financial institution in December 2020, which confers monetary establishments the authorized proper to “interact in cost processing gateway and portals, develop cost options or service provider service aggregation and collections companies”.
Based in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto trade platform Quidax, Fincra was constructed to unravel the infrastructure issues related to fintech startups on the continent.
“We’re thrilled to have acquired this licence from the Central Financial institution. This licence is a large step ahead for us, and it opens up many new alternatives for development and enlargement for our prospects and us,” CEO Ayodele said in a public launch by the corporate at the moment.
Fincra allows companies to plug into its proprietary expertise to make and obtain native and worldwide funds. Fintechs may use Fincra’s APIs to construct and scale cross-border cost options faster than constructing from scratch.
“With this licence and our PCI DSS certification, Fincra will now have the ability to provide its vary of cost companies, giving companies entry to probably the most secured native offline and on-line cost channels to scale their companies,” the corporate’s web site reads.