Sylvia Duruson
Fincra, an African payment infrastructure provider, has achieved a significant milestone in its expansion plans. The company has secured a Third Party Payment Provider (TPPP) licence in South Africa, enabling it to offer its payment solutions to businesses in the country. This regulatory approval aligns with Fincra’s goal of simplifying value transfer across Africa and beyond.
Wole Ayodele, Fincra’s CEO and Co-Founder, expressed excitement about this development. He emphasized South Africa’s importance as a key market for the company’s growth strategy. The move into South Africa is part of Fincra’s broader plan to expand its presence in major African markets.
South Africa’s economic landscape presents a fertile ground for Fincra’s services. As the largest economy in Africa, with a GDP of $373 billion according to the International Monetary Fund, the country offers diverse opportunities. Its robust sectors, including manufacturing, mining, agriculture, and tourism, provide numerous avenues for Fincra to assist businesses with efficient transaction processing.
The TPPP licence allows Fincra to offer its services to legitimate, registered, and pre-approved South African businesses. These services encompass Pay-In and Pay-Out solutions, with customers able to make card payments. Fincra’s platform is designed for ease of use, allowing businesses to quickly set up accounts, complete Know Your Customer (KYC) requirements, and start processing payments promptly.
Fincra’s entry into South Africa contributes to its vision of building a continent-wide payment infrastructure. The company aims to ensure full compliance with local regulations while facilitating seamless and secure transactions for businesses. This expansion allows South African businesses to access a wider range of payment methods and simplifies cross-border transactions.
The company claims to offer transparent pricing, charging a percentage of each transaction for both inbound and outbound payments. This model aims to provide clarity and predictability for businesses using their services.
Fincra’s expansion into South Africa follows its success in Nigeria. In January 2023, the Nigerian-born fintech startup received a payment service solution provider (PSSP) licence from the Central Bank of Nigeria. This came six months after the three-year-old startup secured an approval-in-principle from Nigeria’s apex bank.
The company’s growth trajectory reflects the increasing demand for efficient and reliable payment solutions across Africa. As businesses seek to streamline their financial operations and expand their reach, services like those offered by Fincra become increasingly valuable.
Fincra’s expansion into South Africa represents a significant step in its mission to revolutionize payment infrastructure across the continent. By obtaining the TPPP licence, the company is poised to play a crucial role in facilitating economic activities and cross-border transactions in Africa’s largest economy.
As Fincra continues to expand its footprint across Africa, it aims to address the challenges of fragmented payment systems and limited cross-border transaction capabilities. The company’s growth story exemplifies the potential of African fintech startups to create solutions that address local needs while fostering regional economic integration.
