The Payment Solution Service Provider (PSSP) license given to fintech companies offers permissible activities like fund collectors on behalf of the customers through payment processing gateway and portals, payment solutions, and application development.
Leveraging the PSSP license, Fincra can offer its range of payment services, giving businesses access to the most secured local offline and online payment channels to scale their businesses. The fintech platform has been working with the apex bank and following the process of acquiring this license.
Wole Ayodele, Chief Executive Officer (CEO) of Fincra, commented on the latest development.
“We are thrilled to have received this license from the Central Bank. This license is a huge step forward for us, and it opens up many new opportunities for growth and expansion for our customers and us.“
This new PSSP license is coming seven months after the Central Bank of Nigeria (CBN) granted an Approval-in-Principle (AIP) to test the fintech’s intended payment solutions before granting the commercial PSSP license.
Fincra has been on a mission to align all of its services with the regulatory laws of the Nigerian financial system.
In 2022, the payment infrastructure company received a compliance status on its obligations in line with the Nigeria Data Protection Regulation (NDPR) for implementing all the statutory requirements to protect the privacy rights of Nigerians and its customers.