At Fincra, our vision is “to create a world where the movement of money and value is as instant and seamless as sending a text message.” This mantra resonates throughout our organisation, driving every member of our Tribe (our term for Fincra employees) to uphold this mission at the forefront of their minds.

Why is this vision so crucial? Money is the lifeblood of business success; it dictates the health of an enterprise. Money is pivotal in business transactions; when customers make payments and businesses fulfil their financial obligations.

These two facets of money flow are pivotal for any business’ survival. The point at which customers make payments is critical for driving sales, while the efficiency of business payments determines operational effectiveness.

This is why Fincra is dedicated to creating a world where money moves effortlessly, fostering connections between businesses in Africa and the global economy, facilitating increased sales, and driving economic growth across the continent.

In the pursuit of modern business success, modern tools are indispensable. Fincra has developed, continues to develop, and will continue to refine the best payment solutions to address the most critical aspect of business operations: payment processing.

We’ve built products and features such as Checkout, Virtual Accounts, and Payment Links to empower modern businesses to expand beyond borders and distinguish themselves in the market.

However, in developing products centred around payments and money, we must keep up with the Know Your Customer (KYC) concept.

Know Your Customer (KYC) encompasses a set of procedures and practices that financial institutions and businesses adopt to verify and identify their customers. 

The primary objective of KYC is to combat illicit activities such as money laundering, terrorist financing, fraud, and other financial crimes.

KYC entails gathering customer information to assess risk profiles and validate identities. Critical components of KYC include customer identification, risk assessment, due diligence, ongoing monitoring, documentation and record-keeping, customer risk categorisation, verification of beneficial ownership, regulatory compliance, and integration.

Mitigating risks: KYC aids businesses in identifying and assessing potential risks associated with their customers, enabling informed risk management decisions.

Ensuring compliance: Compliance with KYC regulations is essential for businesses to adhere to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws, avoiding penalties and reputational harm.

Preventing fraud: KYC procedures help verify customer identities and detect fraudulent activities, safeguarding against unauthorised access and financial fraud.

Regulatory compliance: KYC requirements are mandated by regulatory authorities worldwide to uphold the financial system’s integrity and combat financial crimes.

Industry standards: KYC is vital for maintaining transparency, security, and trust in financial transactions, aligning with industry standards and best practices.

Onboarding your business on Fincra involves qualifying for one of three KYC tiers, determined by the business’s transaction volume.

To qualify for Tier One, businesses must provide:

• Business Overview
• Director’s details
• Shareholder details
• Incorporation Certificate, Memorandum, and Articles of Association.

This tier offers a transaction limit of N10,000,000 or its equivalent per transaction and N30,000,000 or its equivalent per day.

Requirements include:

• Proof of Funds for the business
• Relevant policy documents.

This tier provides a transaction limit of N25,000,000 or its equivalent per transaction and N200,000,000 or its equivalent per day.

This tier necessitates meeting all Intermediate KYC requirements and holding applicable licenses in at least one jurisdiction. 

It offers access to any transaction in compliance with regulatory standards.

Fincra is committed to supporting businesses with every payment product we offer, and we’re eager to partner with you. 

However, compliance with standards and providing the necessary documentation is essential for a seamless partnership.

Money and payment processes are sensitive, requiring honesty and transparency from all involved parties. 

Fincra’s onboarding process is straightforward, with all requirements clearly outlined on the dashboard.

Create an account to get started.