Fincra, a payment infrastructure provider serving remittance companies and businesses, has recently obtained a Third Party Payments Provider (TPPP) license in South Africa. This license enables Fincra to process key local payment methods such as debit and credit card transactions, electronic funds transfers (EFTs), real-time clearing (RTC), and rapid payments.
The acquisition of this license is in line with Fincra’s goal to expand its cross-border payment infrastructure and establish a stronger presence across the continent by utilizing multiple payment rails. In the South African market, Fincra faces competition from other fintech startups like Yoco, Ozow, and Peach Payments, all offering similar services.
CEO and Co-founder of Fincra, Ayowole Ayodele, expressed enthusiasm about the company’s mission to create a seamless integrated Africa through compliant and reliable infrastructure. He stated, “Securing the TPPP license in South Africa is a significant step towards realizing our mission. It reinforces our commitment to building infrastructure that powers cross-border trade at scale.”
With the TPPP license, Fincra’s clients, including e-commerce platforms, logistics providers, B2B marketplaces, and travel companies, will benefit from faster settlements, increased reliability, and full compliance with South Africa’s financial regulations. Fincra’s Chief Commercial and Growth Officer, Emmanuel Babalola, described this milestone as a game-changer for businesses looking to expand or operate in the region, highlighting Fincra’s dedication to facilitating growth for its customers.
This regulatory achievement follows Fincra’s appointment of Emmanuel Babalola, former CEO of Bundle, as Chief Commercial and Growth Officer. Fincra’s progress in regulatory compliance is complemented by its partnerships with Tier-1 banks and its innovative suite of APIs, which allow businesses to collect payments globally and make local payouts. The company’s expansion efforts extend to Ghana, Kenya, Uganda, the UK, Europe, and North America.
Fincra’s journey towards becoming a leading payment infrastructure provider in Africa is evident in its strategic partnerships, regulatory milestones, and commitment to providing reliable and compliant services to businesses across the continent. With the TPPP license in South Africa, Fincra is poised to further enhance its offerings and support the growth of businesses in the region.
