UK-based fintech firm Fincra has received a payment provider licence from South African authorities, in partnership with Nedbank.
This licence allows the company to officially process various payment methods, including credit and debit card payments, electronic funds transfers (EFT), real-time clearing (RTC), and rapid payments.
It is set to enhance the company’s foothold in Southern Africa and improve its ability to support businesses with financial transactions.
Fincra specialises in providing payment infrastructure that facilitates both the collection of global payments and local payouts through a single API or platform.
The services offered by Fincra helps businesses to launch remittance services, streamline payroll processes, or venture into new markets within Africa.
With the new licence, Fincra can directly integrate with South Africa’s core payment systems and banking networks.
“This gives businesses using our infrastructure faster settlement times, greater reliability, and the assurance of full compliance with South Africa’s regulatory standards,” the company said in a statement.
Businesses seeking to grow across African borders in industries such as e-commerce, logistics, B2B marketplaces, and travel can leverage Fincra’s solutions.
Meanwhile, in February, Fincra appointed Emmanuel Babalola as the chief commercial and growth officer.
Babalola joins Fincra with experience in the African fintech sector, having previously headed Binance’s expansion in over 40 African and Middle Eastern markets.
His background also includes co-founding and leading Bundle, a social payments application for cash and cryptocurrency transactions.
“Fincra gains payment provider licence in South Africa ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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