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With our payment infrastructure, Fincra has set up systems that cater to the cross-border payment needs of businesses.

As the cross-border payment market continues to grow with the same increasing frequency as international commerce, migration, and economic trends, banks have continued to dominate the market share.

Banks with the most significant footprint across Africa and the most profound relationships among corresponding banks worldwide are still the most prominent players in cross-border payments because these payments still rely on the correspondent banking system.

However, these traditional systems of cross-border payments that banks offer continue to be plagued by various challenges.

As cross-border payments happen through the corresponding bank systems, transactions take time and are expensive. On average, cross-border payments involving African currencies take up to three to four days. This delay holds back businesses amidst the growing global demand for instant payment.

There is also a lack of transparency in the transaction process with these systems.
Another challenge is the insufficient liquidity to exchange more volatile currencies like those of developing countries, which is why most businesses settle global trade in USD and EUR. Financial institutions still need to pre-fund accounts in destination currencies to settle payments. This costly endeavour ties up resources and exposes the institutions to further currency risk.

New systems

In recent years, fintechs have built systems to ease the challenges of cross-border challenges for businesses across Africa. With digital technologies, fintechs have built systems that do not run on traditional bank networks and also connect traditional banking systems more efficiently.


With these technological solutions, these fintechs are gaining market share for customers. However, the market share has been with customers who move smaller amounts of money, leaving businesses at the mercy of the traditional banking systems.

This is why Fincra is so important. With our payment infrastructure, Fincra has set up systems that cater to the cross-border payment needs of businesses.

Our mission is to make cross-border payments as easy as sending a
text message, opening businesses across Africa to themselves and the rest of the world and helping them scale.

We solve cross-border challenges with our in-dashboard features and through our APIs.


Fincra has Receive Payments to help businesses across Africa accept payments in their local currencies from anywhere globally via different methods. On-boarded businesses with Fincra can receive payments via cards, bank transfers, Virtual Accounts, mobile money or checkout.

This feature opens businesses to a global customer base, helping them to more sales and revenue.

Fincra also has Make Payments, a feature that aids businesses in making payments to partners, suppliers, investors etc. in different currencies via bank accounts, Fincra Wallets and cash pickups.

Businesses can use Virtual Accounts for quick payment collection from customers in the United Kingdom, Europe, Nigeria, the United States, and other African countries in USD, GBP, EUR, and NGN, and easy settlement into their Fincra wallet with no hidden fees or the headaches of international banking. Fintechs can also integrate Fincra’s API to issue bank accounts to their customers for seamless payment collection in the available currency.

There is a lot from Fincra that solves all the payment challenges for businesses across Africa.

Talk to a someone from the Sales team to learn more or get started here.

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