Fincra, a renowned African payment infrastructure provider, has achieved a significant milestone by acquiring a Third-Party Payments Provider (TPPP) license in South Africa. This pivotal regulatory achievement empowers the company to process a wide range of local payment methods, including debit and credit card transactions, electronic funds transfers (EFTs), real-time clearing (RTC), and rapid payments.
The issuance of this license marks a crucial advancement in Fincra’s strategic roadmap to bolster its cross-border payment network and solidify its footprint in key African markets. By harnessing diverse payment channels, the company is dedicated to fostering a more interconnected and efficient financial landscape across the continent.
In expressing his enthusiasm about this milestone, Ayowole Ayodele, CEO and Co-founder of Fincra, remarked,
“Securing the TPPP license in South Africa signifies a major stride towards our vision of establishing the infrastructure for an integrated Africa. It underscores our unwavering dedication to constructing compliant, dependable systems that drive cross-border trade on a large scale.”
The newly acquired capability equips Fincra with the leverage to provide its clientele – comprising e-commerce platforms, logistics entities, B2B marketplaces, and travel organizations – with expedited settlements, heightened reliability, and full adherence to South Africa’s rigorous financial regulations. In the domestic market arena, Fincra will engage in competition with other fintech startups like Yoco, Ozow, and Peach Payments.
Emmanuel Babalola, Chief Commercial and Growth Officer at Fincra lauded the license as a
“game-changer for businesses seeking expansion opportunities or operations within the region.”
Furthermore,Fincra’s recent regulatory feat closely follows Emmanuel Babalola’s appointment as their Chief Commercial Officer; having previously served as Bundle CEO. The company has forged robust alliances with Tier-1 banks while offering an array of potent APIs designed to aid enterprises in global payment collection and local payouts.
With its operational reach spanning Ghana,Kenya,Uganda,the UK ,Europe,and North America,Fincra continues to establish itself as a notable player amidst Africa’s burgeoning fintech transformation.This expansion not only highlights Ficras growth but also marks them ready for future challenges.
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