FinTech Fincra has received a payment license from the Central Bank of Nigeria (CBN).
The company stated that it had received its commercial Payment Service Solution Provider (PSSP) license, following previous approval in principle from the CBN.
Headquartered in Toronto but focused on African markets and with offices in Lagos, Fincra offers a range of payment solutions for businesses, helping them to send and receive both domestic and international transactions via online and offline channels.
Fincra is not the only payment technology company to see an opportunity in Nigeria and the country has become a hotspot of FinTech innovation in recent years.
Within the CBN’s payment systems licensing regime, a Switching and Processing License is the most comprehensive. It permits Flutterwave to offer its customers the full range of switching and card processing services and non-bank acquiring, agency banking and payment gateway services.