The Central Bank of Nigeria (CBN) has issued a payment service solution provider (PSSP) license to Nigerian FinTech startup firm, Fincra.
Wole Ayodele, the founder, and CEO of the firm, in a statement posted on its website, said that the license would avail the firm of more opportunities to expand its operations.
” We are delighted to share that Fincra has received its commercial Payment Service Solution Provider (PSSP) license from the Central Bank of Nigeria (CBN).
“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.
“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.
“The CBN first granted Fincra an Approval- in- Principle (AIP) to test its intended payment solutions for businesses before we received this full commercial license, a significant milestone for us.”
The firm, which is in its fourth year of operation primarily facilitates payments for users who want to receive money from outside Africa.
“With this license and our PCI DSS certification, Fincra will now be able to offer its range of payment services, giving businesses access to the most secured local offline and online payment channels to scale their businesses,” it said.