We are excited to announce the launch of Fincra Multicurrency Account API, a new Banking as a Service (BaaS) product designed to help African and international businesses and platforms facilitate easy foreign currency transactions in USD and EUR, with more currencies to follow.

With the Multicurrency Account API, platforms can issue accounts in USD and EUR, enabling remittance, global transactions and e-commerce. 

Over the past decade, the economies of several African countries have experienced growth, mainly due to the internet. 

This advancement in digital technology has empowered people, particularly the youth, to establish businesses and initiatives that contribute to economic development.

With the internet, Africans have participated in global trade, leveraging globalisation to forge exciting partnerships, develop innovative businesses, and create new products.

However, several challenges continue to prevent the continent from fully participating in the global economy, particularly the difficulties in transacting in foreign currencies.

The traditional banking system is yet to be able to solve this problem. It struggles to keep up with the fast-paced nature of today’s globalised world, resulting in slow processing times and frustrating processes for Africans when transacting in foreign currencies.

These problems require modern solutions, and we at Fincra are leveraging technology to address these challenges.

This is why we have built a Multicurrency Account API to give individuals access to easily transact in foreign currency, efficient payouts, and the benefits of extensive domestic rails, including SEPA, Instant SEPA, ACH, and SWIFT, ensuring efficient and reliable transaction processing in USD and EUR. 

Remittance is a significant driver of economic growth, especially in sub-Saharan Africa. For instance, Nigeria received an impressive $19.8 billion from its diaspora in a year.

Remittance contributes to economic growth by alleviating poverty, promoting financial inclusion, creating jobs, boosting social investments, and enhancing diasporya engagement, all of which drive substantial economic development.

Now imagine the impact of individuals quickly creating USD accounts from financial institutions and cross-border payment apps and seamlessly receiving diaspora remittances. 

Envision individuals across Tunisia and North Africa getting EUR accounts quickly from the fintech they use and receiving EUR. 

Although Africa’s rapid adoption of digital technology is impressive, it has yet to propel internet businesses in the region to global significance, with challenges in foreign currency transactions being a major hindrance. 

Fincra’s mission is to empower e-commerce platforms. These solutions enable merchants to get Multicurrency Accounts for seamless collection of USD and EUR payments.

Africa boasts a vast pool of human resources, making it home to one of the world’s most talented workforces, ready for engagement by global businesses. 

With Fincra’s Multicurrency Account, remote workers, freelancers, etc., can effortlessly receive salaries, commissions, and remunerations in USD and EUR from accounts issued by freelancing and work payment platforms. 

Fincra’s Multicurrency Account product is available via API. See documentation here.