Fincra, a payment infrastructure provider aiming to revolutionize cross-border payments in Africa, recently secured a coveted Third Party Payments Provider (TPPP) license in South Africa. This milestone allows Fincra to process a variety of local payment methods, including debit and credit card transactions, electronic funds transfers (EFTs), real-time clearing (RTC), and rapid payments. The acquisition of this license aligns perfectly with Fincra’s strategic vision to expand its payment infrastructure network and establish a more significant presence across the continent by leveraging multiple payment rails.
In the bustling South African fintech landscape, Fincra faces competition from other innovative startups like Yoco, Ozow, and Peach Payments, all offering similar services tailored to meet the evolving needs of businesses and consumers. According to Ayowole Ayodele, CEO and Co-founder of Fincra, “Securing the TPPP license in South Africa represents a crucial milestone in our journey to construct the essential framework for a connected Africa. It underscores our unwavering dedication to developing compliant, dependable infrastructure that can facilitate seamless cross-border trade on a large scale. We are genuinely enthusiastic about the boundless opportunities this achievement will unlock for businesses continent-wide.”
The newly acquired license not only empowers Fincra to process payments but also grants its diverse clientele—which includes e-commerce platforms, logistics firms, B2B marketplaces, and travel companies—access to faster settlements, heightened reliability, and full compliance with South Africa’s stringent financial regulations. Emmanuel Babalola, Fincra’s Chief Commercial and Growth Officer, hailed this development as a “game-changer for businesses seeking to expand or establish operations in the region. It serves as a resounding testament to Fincra’s unwavering commitment to fostering growth opportunities for our valued customers.”
This regulatory triumph comes hot on the heels of Fincra’s strategic appointment of former Bundle CEO, Emmanuel Babalola, as the Chief Commercial and Growth Officer. The company’s regulatory advancements are further bolstered by its strategic partnerships with Tier-1 banks and its innovative suite of APIs, which empower businesses to seamlessly collect payments globally and facilitate local payouts. Fincra’s expansion efforts are not limited to South Africa; the company has set its sights on enhancing its presence in key markets such as Ghana, Kenya, Uganda, the UK, Europe, and North America.
As Fincra continues to pave the way for smoother and more efficient cross-border payments, the fintech industry eagerly anticipates the transformative impact of its cutting-edge solutions and strategic partnerships. The company’s unwavering dedication to compliance, reliability, and innovation positions it as a key player in driving financial inclusion and economic growth across Africa and beyond.
In an ever-evolving digital landscape where financial services are increasingly becoming borderless, Fincra’s strategic moves in securing regulatory approvals and expanding its network underscore the critical role that fintech companies play in shaping the future of finance. By simplifying cross-border transactions and fostering seamless connectivity between businesses and consumers, Fincra is not just obtaining licenses but also paving the way for a more integrated and inclusive financial ecosystem across the African continent and beyond.
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