Fincra , a payment company, has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN). This licence will enable Fincra to incorporate cross-border payment services into its offerings within the Nigerian market.

As part of the approval process, Fincra demonstrated adherence to regulatory standards, including the implementation of stringent AML and counter-terrorism financing (CTF) measures. These safeguards aim to prevent illicit financial activities and align with international financial regulations. With the IMTO licence, Fincra can now facilitate the transfer of funds from overseas to Nigerian recipients, expanding its services beyond local payment solutions, which it has been offering since its founding in October 2021.

This licence also signals the company's compliance with CBN's regulatory framework, ensuring the security of financial transactions. This licence is essential for businesses that want to offer international money transfer services, ensuring they meet regulatory requirements set by the CBN. The IMTO licence helps protect against financial crimes such as money laundering and terrorism financing by enforcing compliance with global standards.

Remittances are a vital component of Nigeria’s economy, contributing significantly to the country’s GDP and providing a financial lifeline for millions of Nigerians. Fincra is a payment technology company providing businesses across Africa with solutions for collecting and making payments through its Pay-In and Pay-Out products, which support various payment methods including cards, bank transfers, and mobile money. Fincra to expands with multicurrency and USD payment solutions Fincra’s expansion into cross-border payment services is expected to benefit both the Nigerian diaspora and local consumers.

In addition to this development, Fincra plans to introduce a Multicurrency Account, a BaaS product aimed at helping businesses manage foreign currency transactions in USD and EUR. The service will support remittances, cross-border ecommerce, and payments for local professionals working with international clients. The company is also preparing to launch a USD card-acquiring service, which will allow businesses to accept payments from international customers using USD-enabled cards, easing the challenges of currency conversion and facilitating more seamless transactions.

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