If your business collects and uses multicurrency payment solution in USD, EUR, GBP, or CAD, and you’re based in Africa (Nigeria, Kenya, Tanzania, South Africa, etc.), then you’ve probably come across tools like Wise, Currencycloud, or even others we won’t name here (yet). This article focuses on just three: Wise, Currencycloud, and Fincra.
So, which multicurrency payment solution actually solves your problem?
We’re not talking about general money movement. We’re talking about:
- Receiving foreign currencies into your business account
- From abroad (outside Africa)
- Without needing to open bank accounts in every country your clients are in
This is for real businesses. PSPs. Fintechs. Platforms. Anyone who needs to collect in USD, EUR, GBP, or CAD, and hold or convert that money with full control.
Let’s get into it.
First, Context: What’s the Multicurrency Use Case Here?
Let’s say you’re:
- A Nigerian PSP with merchants in Naira, but you collect platform fees from Canada and the UK
- A SaaS business based in Kenya that serves clients in Europe
- A logistics or payments company in Kenya building partnerships with UK-based e-commerce platforms
Your challenge? Collecting global payments into a reliable, controllable multicurrency account that doesn’t require 7 bank visits or 3 legal entities.
Quick Comparison: Fincra vs Wise vs Currencycloud
| Feature | Fincra | Wise | Currencycloud |
| Target Users | African PSPs, fintechs, platforms, SMEs | Freelancers, SMEs, remitters | EU/US-based fintechs, enterprise clients |
| Currency Support | USD, EUR, GBP, CAD | 50+ currencies (broad but pooled) | 30+ currencies |
| Named Virtual Accounts | ✅ Yes, USD, EUR, GBP, CAD | ❌ Limited, mostly pooled | ✅ Yes, but only for UK/EU entities |
| African Market Focus | ✅ Built for Africa + emerging markets | ❌ Not designed for Africa | ❌ Not designed for Africa |
| Licensing & Compliance | Licensed, MSB-aligned, check list here → 🔗 | Licensed in UK/EU | Visa-owned, strong in Europe |
| Onboarding Speed | 2–5 days (local KYB methods) | Varies, SME-focused, not PSPs | Weeks or months, entity required |
| FX Control | ✅ You choose when to convert | ❌ Auto-conversion only | ⚠️ Limited control, no local optimization |
| API + Dashboard | Dev-ready API + Ops dashboard | Consumer-style dashboard | Enterprise API, less intuitive for smaller teams |
Why This Comparison of Multicurrency Payment Solutions Matters This Comparison Matters
Each of these platforms has strengths, but they’re not built for the same type of business.
Wise
Best for freelancers, remote workers, and light-touch SMEs. If you’re just receiving the occasional $100 invoice from Fiverr, great. But if you’re a PSP needing to issue accounts or manage hundreds of inflows? Not ideal.
Currencycloud
Strong infrastructure, but built for enterprise in the EU/US. They’ll likely require you to have a UK or EU entity before you even start. It’s powerful, but not made for Africa-first businesses.
Fincra
Built specifically for African PSPs and fintechs that need:
- Named USD, EUR, GBP, CAD accounts
- Fast onboarding
- Local-compliant KYB processes
- FX control
- API-driven collections
You don’t need to register a UK entity or open 4 different foreign bank accounts. You do everything from your country, in your dashboard.
Let’s Paint the Picture: Choosing a Multicurrency Payment Solution
You’re a Nigerian PSP. You pay out in Naira. But you collect fees in CAD and GBP from partners in Canada and the UK.
❌ With Wise:
- No business accounts available for PSPs in Nigeria.
- You knock on the door… and it doesn’t open.
❌ With Currencycloud:
- You must have a UK or EU-registered entity.
- You knock on the door, they ask for your EU passport.
✅ With Fincra:
- You get onboarded in days
- You receive named CAD and GBP accounts
- You collect, settle, and reconcile from your dashboard
You knock… and someone actually opens the door.
What You Should Consider Before Choosing a Multicurrency Payment Provider
Before deciding on a provider, ask these 5 things:
- Can I issue named virtual accounts in USD, EUR, GBP, or CAD?
- How long will onboarding take? Weeks? Months? A legal firm?
- Can I control FX conversion, or am I forced into bad rates?
- Does this provider support African business structures, KYB, and banking limitations?
- Will they allow me to hold balances, or auto-convert everything without my permission?
If any of those answers is a no, then the platform wasn’t built with you in mind.
Final Thoughts on Multicurrency Payment Tools for African PSPs
Wise and Currencycloud are great tools, for the users they were built for.
But if you’re a PSP, fintech, or platform in Africa, building cross-border products and collecting global currencies, you need a multicurrency solution that understands your terrain.
That’s what Fincra was built for. Not just access, but ownership.
Want to Learn More?
Check out:
🔗 How Multicurrency Business Accounts Work (Step-by-Step)
🔗 Checklist: What to Consider Before Choosing a Multicurrency Provider
Or just skip the reading and 👉🏽 Book a demo at Fincra.com
Optional Sidebar: What is FX visibility?
FX visibility means you can:
- See what exchange rate you’re getting
- Choose when to convert
- Plan your treasury moves
Not just accept whatever the platform decides.
