Following a rigorous review and approval process from the Central Bank of Nigeria (CBN), Payment company Fincra has secured an International Money Transfer Operator (IMTO) licence from the CBN to allow the company to integrate cross-border payment services into its product offerings in the Nigerian market.
During this process, Fincra demonstrated its commitment to regulatory compliance with robust anti-money laundering (AML) and counter-terrorism financing (CTF) measures and strong policies, procedures, and systems to prevent illicit financial activities.
Securing this licence assures businesses that Fincra operates under the stringent regulations of the CBN, ensuring compliance with international financial standards and enhancing the security of transactions.
Since its founding in October 2021, Fincra has enabled businesses with local payment solutions. With the IMTO licence, however, Fincra can now efficiently manage the transfer of funds from overseas to Nigerian recipients.
With the new IMTO licence, Fincra is expanding its operations in Nigeria and offering a broader range of services tailored to the needs of both the Nigerian diaspora and local consumers.
“This IMTO strengthens our capabilities to deliver on our mission of making the movement of money as easy as sending a text message. We have been on a mission to deliver on this vision since 2021 as a company, and this IMTO marks a new era of enabling international payment. We are excited about this new journey of ensuring that cross-border payments get to the last person in the payment chain” Fincra’s Chief Executive Officer Wole Ayowole said about the IMTO licence.
“This new licence aligns with our commitment to enable individuals and businesses in Nigeria to the global economy. It’s a commitment that also spreads across Africa,” Wole also said.
Fincra is also set to launch its Multicurrency Account, a new Banking as a Service (BaaS) product designed to help businesses and platforms facilitate easy foreign currency transactions in USD and Euro, with more currencies to be added soon.
The Multicurrency Account product provides solutions for remittance, cross-border e-commerce, and work payments for local talents looking to offer their skills to the global workforce and receive their payments in USD and Euro.
Fincra is also set to launch its USD card-acquiring service, which allows businesses to accept payments from international customers using USD-enabled cards. This will ensure that businesses can finally say goodbye to currency conversion hassles and settle their transactions conveniently in USD.
Fincra joins an elite group of fintech companies that have been granted the IMTO licence by the CBN These companies have set a high standard for innovation and excellence in the financial technology space, and Fincra is proud to be part of this transformative journey.
About Fincra
Fincra is a leading payment technology company offering innovative payment solutions to businesses across Africa. Fincra’s suite of products includes Pay-In and Pay-Out.
The Pay-In product enables businesses to collect online payments through various methods, including cards, bank transfers, and mobile money, while the Pay-Out product allows businesses to make transfers through Fincra’s extensive network
Visit www.fincra.com for more information.
