In its commitment to promote strong and credible payment systems, CBN, in December 2020, approved new licence categorisations in line with the new and existing market participants following the significant evolution and innovation in the Nigerian payments system.
Complying with CBN’s regulations, Fincra applied for the PSSP licence with complete documentation, which Nigeria’s apex bank deemed satisfactory before issuing an Approval in Principle (AIP).
With this AIP, CBN has given Fincra the go-ahead to deliver its payment offerings to enable businesses across Nigeria with payment solutions to send and receive payments seamlessly in a test environment.
With the PSSP licence still in AIP, Fincra has six months to prove to the CBN that it can comply with the requirements of the apex bank. CBN will review Fincra after this period to determine if it should be awarded a commercial licence.
After getting the nod from CBN, Fincra has permission to deliver its financial payments services to help businesses across the country. Fincra will comply with all regulations coupled with ISO standards on Business Continuity Management System & Information Security Management Systems viz-a-viz PCI DSS requirements, just to mention a few.