Introduction
Fincra, an African payment infrastructure provider, has received its Third Party Payment Provider (TPPP) licence in South Africa, paving the way for the company to offer its payment solutions to businesses in the country. This regulatory milestone marks a crucial step in Fincra’s mission to make sending and receiving payments across Africa as effortless as sending a text message.
Expanding into a Prime Market
Fincra’s entry into South Africa is part of the company’s broader strategy to extend its footprint across key African markets. Wole Ayodele, Fincra’s Chief Executive Officer and Co-Founder, expressed excitement about the new development. "We have long recognized South Africa as an ideal market for us, and we are excited to contribute with our innovative payment solutions," Ayodele stated.
This move aligns with Fincra’s vision to build a continent-wide payment infrastructure that enables businesses to carry out seamless, secure transactions across borders while remaining fully compliant with local regulations.
The Economic Potential of South Africa
South Africa presents significant opportunities for Fincra’s payment services. According to the International Monetary Fund (IMF), South Africa has the largest economy in Africa, with a gross domestic product (GDP) of $373 billion. The country’s diverse economy, spanning sectors like manufacturing, mining, agriculture, and tourism, makes it an attractive market for fintech solutions that streamline business transactions.
Fincra’s payment solutions are designed to address the complexities of this market, enabling businesses to process payments more efficiently and benefit from a wider range of payment methods.
What the TPPP Licence Means for South African Businesses
With the TPPP licence in hand, Fincra can now offer its services to registered and pre-approved South African businesses, providing them with innovative payment solutions. These services include Pay-In and Pay-Out systems, allowing customers to make payments using card payments and other methods.
Fincra's platform is built with user-friendliness in mind, allowing businesses to quickly set up accounts, meet Know Your Customer (KYC) requirements, and begin processing payments with ease. The platform promises a seamless onboarding experience, making it possible for businesses to be operational within minutes.
Transparent Pricing and Swift Payment Processing
Fincra also emphasizes transparent pricing, charging a percentage of each transaction for both inbound and outbound payments. The company’s services are designed to provide businesses with efficient payment options while keeping costs predictable and straightforward.
Fincra’s expansion into South Africa comes on the heels of a similar regulatory milestone in Nigeria. In January 2023, the Nigerian-born fintech received the Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria (CBN), six months after securing approval-in-principle. This track record of regulatory compliance positions Fincra as a trusted partner for businesses in Africa’s growing digital economy.
Powering Africa’s Financial Revolution
Fincra’s expansion into South Africa represents a significant leap forward in the company’s efforts to empower businesses across the continent. With its payment infrastructure now reaching into Southern Africa, Fincra is well-positioned to continue driving Africa’s financial revolution by enabling seamless, cross-border transactions.
As fintech continues to reshape Africa’s economic landscape, Fincra’s role as a payment infrastructure provider is set to become even more critical, offering businesses the tools they need to thrive in an increasingly digital world.
