With technological progress and advances, the world is more connected than ever, increasing cross-border trades in goods, services, technology, people, information etc. For trades, businesses these days are priming themselves for cross-border transactions- being able to sell to anyone anywhere in the world.

In this global economy, making international transactions benefits businesses and consumers. Being open to global trade is why cross-border payment is so essential for financial inclusion and growth.

Improving access to international trade and the global economy for African businesses requires reliable payment infrastructure for cross-border payments-i.e, payments where the sender and beneficiary are based in separate countries.

Cross-border payments pass through different payment methods; bank transfers, credit cards, Domiciliary cards, wire transfers, e-wallets, APIs, payment gateways etc. But despite advancements in payment systems and various methods, cross-border payments still suffer from high transaction costs, slow transaction time, security risk, lack of transparency and difference in payment regulations in several countries.

Fintechs like Fincra have cut out these complexities and risks associated with cross-border payments, delivering your payments in record time with no hidden charges.

Use case

Fincra has a reliable payment infrastructure for seamless payment solutions to businesses who want to send money to Kenya from anywhere in the world.

Onboarded merchants can use Fincra's Payout feature, which enables businesses to make payments in EUR, USD, GBP and NGN, while beneficiaries in Kenya receive value in KES via bank accounts, mobile wallets and cash pick-ups.

Fincra also supports businesses in Kenya to receive payments from customers with Fincra's Collections feature. With this feature, businesses can accept payments which will settle in KES without stress regardless of the currency the sender paid and the sender's location. Businesses in Kenya can collect payments via cards, bank transfers, mobile money or checkout.

Fincra is a payment infrastructure provider that cuts across the payment landscape and caters to businesses. Fincra provides the infrastructure to aid seamless payments directly through our products like Collections and Payout and indirectly through our platform as a service, offering easy-to-integrate APIs available for people building payment infrastructure.

For businesses in Kenya and Africa looking for payment solutions, reach out to our Sales Team or get started yourself.