ACCRA, Ghana – Fincra, the Nigerian-born payments infrastructure giant, has achieved a major regulatory milestone in its quest to build a seamless cross-border payment network across Africa. The fintech innovator announced today that it has secured a Payment Service Provider (PSP) Licence in the Enhanced Category from the Bank of Ghana (BoG).
This strategic approval allows Fincra to integrate directly into Ghana’s robust financial ecosystem, enabling the company to process local transactions, collect payments, and facilitate inbound transfers in Ghanaian Cedis (GHS).
Breaking Barriers in West Africa
The acquisition of the Enhanced PSP licence marks a significant step in Fincra’s mission to eliminate the friction associated with moving money across African borders. With this licence, Fincra can now offer its merchants and global partners a direct “high-speed rail” into the Ghanaian market.
“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented,” said Wole Ayodele, CEO of Fincra. “Getting the green light from the Bank of Ghana means we can finally give our merchants a direct link. Whether a business needs to collect mobile money locally or a global platform needs to drop remittances directly into Ghanaian bank accounts, we are removing the friction.”
Key Features for Merchants and Businesses
The new licence empowers Fincra to provide a suite of automated financial services tailored for the Ghanaian market:
- Direct Local Collections: Merchants can now accept payments via popular local channels, including MTN MoMo, Telecel, AirtelTigo, and direct local bank transfers.
- Global Remittances: International payroll platforms and remittance companies can utilize Fincra’s API to send funds directly into Ghanaian mobile wallets and bank accounts.
- B2B Automation: Businesses can create local collection accounts in Cedis, allowing for automated reconciliation of incoming payments through a single API integration.
A Strategy Rooted in Infrastructure
This development follows Fincra’s recent licensing success in Canada just two months ago, highlighting the company’s dual focus on African depth and global reach. CEO Wole Ayodele has long maintained that the next phase of African fintech will be defined by “regulated rails” rather than mere optimism.
By securing this licence, Fincra joins an elite group of Nigerian fintechs, including Flutterwave and Paystack, that have successfully localized their infrastructure in Ghana.
Economic Context
The move comes at a time when Ghana’s digital financial sector is booming. In 2023, the country’s mobile money market processed a staggering GH¢1.912 trillion ($170 billion). Furthermore, with informal cross-border trade between Ghana and its neighbors valued at hundreds of millions of dollars, the need for interoperable, licensed payment systems has never been higher.
As Fincra continues to expand its regulatory footprint across more than 20 markets, this latest move reinforces the narrative that African economies are becoming more integrated and resilient through technological innovation.
For more updates on Africa’s fintech landscape and economic growth, visit www.abtnews.net
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