Payment infrastructure firm Fincra, with locations in Canada, Lagos, and Nairobi, recently announced that it had been granted a commercial Payment Service Solution Provider (PSSP) license by the Central Bank of Nigeria (CBN).
The African startup announced the news on its blog, writing, “We are thrilled to reveal that Fincra has secured its commercial Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria (CBN).”
Fincra’s payment solutions allow businesses to accept payments safely, distribute funds internationally, and expand internationally. The company’s ability to provide its full suite of payment services is made possible by its PCI DSS accreditation and associated license, which allows its customers to make use of the safest offline and online payment channels accessible in their geographic areas.
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Fincra is Compatible with the PCI Data Security Standard
American Express, Discover Financial Services, JCB International, and Visa developed the Payment Card Industry Data Security Standard (PCI DSS) in 2004 to ensure the safety of their customer’s financial information. The Payment Card Industry Security Standards Council (PCI SSC) has established a compliance program to protect consumers from fraudulent charges on their credit and debit cards.
Any company that handles credit or debit card transactions must comply with PCI SSC standards, despite the fact that the PCI SSC lacks the power to enforce them. PCI certification is widely regarded as the gold standard for protecting customers’ personal information and financial transactions online.
As a payment gateway processor, Fincra is PCI DSS certified and has passed the most stringent Security Audit. Thus, it says all user data is safe.
Certified PSSP Affiliate
Creating a payment processing gateway or portal, providing payment solutions, or developing payment-related applications are all activities that require a Payment Solution Service Provider (PSSP) license in order to collect cash legally on behalf of clients.
Fincra now has the legal right to offer all of its payment services to businesses. This means that businesses can use the safest local payment channels as they grow both online and offline. In the blog post, it was also made clear that the African startup and CBN worked closely together to try to get the license.
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What is Fincra saying
Fincra’s CEO Wole Ayodele commented on the recent events, said that “Our team is overjoyed to have been granted this CBN license. Getting this license is a big deal for our company because it lets us try new ways to grow and expand, which is good for both our clients and our business.”
He also explained that “we take compliance seriously as an organization” and that “the license will assist us to broaden access to the things that we are offering.” In October 2022, the Central Bank of Nigeria (CBN) gave Fincra Approval in Principle (AIP) to work as a PSSP in Nigeria. This means that Fincra can offer its payment services until a review in six months.
Fincra was granted an approval-in-principle (AIP) from the Central Bank of Nigeria (CBN) to conduct pilot testing of the company’s proposed payment solutions, and seven months later, the CBN granted the new PSSP license.
It has always been Fincra’s top priority to offer only services that are in line with Nigeria’s strict financial rules. The Nigeria Data Protection Regulation was passed in 2022, and in 2022, the company was certified as having complied with all of the legal requirements for protecting the personal information of Nigerians and its clients (NDPR).
Fincra, founded in 2021, is a provider of payment infrastructure that allows its members to easily accept payments, process local and worldwide payouts and transfers in multiple currencies at a low cost without incurring any additional fees, and grow their businesses internationally.