The Central Bank of Nigeria Issues Fincra its Commercial PSSP License

Fincra’s corporate agenda to penetrate West Africa via the Nigerian commercial marketplace becomes operational as the African electronic payment infrastructure finally acquires the Central Bank of Nigeria (CBN) commercial license. After several months of AIP application and processing, the CBN issues Fincra a Payment Service Solution Provider (PSSP) license to commercialize the local market.

The newly licensed startup is added to the list of FinTech start-up companies expanding to other countries of choice within Africa. Fincra Nigeria is as significant as the seamless e-payment infrastructure that secures its users’ transactions.

For context, the African e-payment start-up encrypted FinTech services processes cash flow for payment solutions designed as a payment gateway via Fincra’s developed commercial application.

The CBN’s commercial PSSP license denotes that Fincra is accredited to innovate the Nigerian start-up industry via its FinTech PCI DSS certification, including payouts, virtual bank accounts, checkout, and payment collection.

The African e-payment infrastructure can scale up a range of FinTech services suitable to serve individuals, merchants, and other SME businesses to access encrypted online and offline payment solutions.

In Africa, Chipper Cash expansion touched down in Malawi acquiring MACRA’s license. The FinTech unicorn is yet to make a public announcement, yet a viral tweet was shared from the in-house executive director of Chipper Cash.

Fincra Blog post reported its corporate workforce development in Nigeria per the CBN commercial PSSP license. Fincra documented the process CBN drafted to research the Payment Service Solution Provider before certifying its license.

“In our commitment to maintaining the highest compliance standard, we have been working with the apex bank and following the rigorous process of acquiring this license.”

“To aid the growth of financial services offline, we offer the complete infrastructure to enable financial institutions or businesses with a distribution network to launch a robust Agency Banking network without a single line of code through a robust white label solution.”

“We are thrilled to have received this license from the Central Bank. This license is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us,” said Ayowole Ayodele, Chief Executive Officer (CEO) of Fincra.

Fincra has reportedly been on the CBN’s thread before 2022 elapsed. At the initial proposal to acquire the commercial PSSP license, the CBN issued the African e-payment infrastructure start-up an Approval-in-Princiole (AIP) license that allows the apex bank to monitor and observe their FinTech services before approval into the commercial market.