Fincra, a Nigerian fintech firm, has announced plans to launch its latest Banking as a Service (BaaS) product, the EUR Virtual Account. This innovative solution enables businesses across North and Francophone Africa to effortlessly collect foreign currency payments, particularly in Euros.
Fincra’s EUR Virtual Account aims to simplify the process of receiving Euro payments through straightforward bank transfers.
This capability will benefit diverse industries, from traditional retail and e-commerce to hospitality, tourism, and professional services, allowing these businesses to serve their European clientele better.
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“Businesses in Africa are increasingly seeking reliable and cost-effective solutions to manage their international payments, especially in Euros,” said Wole Ayodele, Chief Executive Officer (CEO) of Fincra. “Our EUR Virtual Account offers a cheaper alternative to card funding, simplifies Euro payment collections, and enables platforms to issue named Euro accounts to their customers. This makes it an ideal choice for businesses aiming to streamline their payment processes.”
Fincra’s Diverse Offerings
With the EUR Virtual Account launch, Fincra is expanding its comprehensive suite of payment solutions. The company’s existing tools, part of the Pay-In product line, facilitate seamless transactions by allowing businesses to accept payments through multiple methods, such as checkout systems and payment links. Fincra’s Pay-In solutions support payments via cards, bank transfers, and mobile money, providing businesses with versatile options to cater to their customers.
Fincra currently offers virtual accounts in various African currencies, including the Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), and Ugandan Shilling (UGX). Introducing the EUR Virtual Account marks Fincra’s first foray into offering a currency solution outside Africa, specifically to meet the needs of businesses in North and Francophone Africa.
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Unveiling at GITEX AFRICA Morocco 2024
The EUR Virtual Account will be officially launched at GITEX AFRICA Morocco 2024, highlighting Fincra’s commitment to providing innovative financial solutions tailored to the needs of African businesses.
As African businesses increasingly engage in international trade, the need for efficient, reliable payment solutions becomes more critical. The EUR Virtual Account is poised to address these demands, offering a streamlined, cost-effective alternative for managing Euro payments.
By introducing the EUR Virtual Account, Fincra enhances financial connectivity between African businesses and their European clients. This move facilitates smoother transactions and positions Fincra as a critical player in the fintech landscape, driving innovation and efficiency in cross-border payments.