Businesses in Africa encounter several challenges while making cross-border transactions. Some of the challenges include a lack of secure payment infrastructure, specific country regulations, transactions taking time, exorbitant hidden fees etc. But recently, several tech entrepreneurs have created a host of payment gateways or platforms to facilitate easy payments within and outside Africa. An example of such a platform is Fincra, founded by Wole Ayodele in 2019 and launched in September 2021.
What is Fincra?
Fincra is a payments platform for African businesses. Its payment solutions allow businesses who have been onboarded to accept payments and make global payouts in different currencies. These transactions are done at a low cost with no additional hidden costs. Essentially, Fincra makes it easier for businesses to expand across multiple markets by offering a simple, secure, low-cost way to receive and send money.
What does Fincra Offer?
Fincra offers its customers a suite of innovative payment solutions for their businesses. These products allow those businesses to transact within and beyond Africa. They include the following:
Firstly, It offers a quick for businesses from their customers in the UK, EU, Nigeria, the US, and other African countries via virtual accounts. These accounts can either be USD, GBP, EUR, and NGN. It also allows businesses easy settlement into their Fincra wallet with no hidden charges or the stress of international banking.
Secondly, It helps businesses access a mass payout network that operates in 7 currencies such as USD, EUR, GBP, GHS, ZAR etc. The payout networks span over 100 countries for both international transactions and domestic payments to bank accounts and mobile money wallets. Also, Its onboarded customers have access to a merchant portal for making secure automatic single and cross-currency payouts in all supported currencies.
Thirdly, It allows businesses to easily integrate payment APIs for both developers and fintech. This enables them to innovate, scale to their full potential and provide the best cross-border payments services to their customers.
Likewise, the APIs are built to save costs and help launch financial products quickly. So they are ideal for businesses that make frequent payments and require flexibility and control.
In all, Businesses in Africa, UK and US can onboard with Fincra. To make it easier for anyone to send them money in multiple supported currencies, at a low cost.
Fincra is Afro-centred
Fincra believes that Africa is important to unlocking a lot of economic potentials. This is why it is focused on Africa.
Its focus comes from a place of ”positive bias” that encourages Africans to solve the continent’s problems. Despite this, the global world believes that despite the opportunities rife in Africa, Africa cannot solve its problems. Since the rest of the world takes care of itself first, Africa needs to be able to solve its problems instead of hoping for the rest of the world to solve these problems. Therefore, Fincra focuses on bridging the gap between Africa and the rest of the world. Thereby, making it easy for African businesses to seamlessly transact business across the world.
What is Fincra doing Now?
For now, fincra is working on providing new exciting offerings. Since more products mean more value, the business hopes to introduce new products and improve existing ones. This will automatically place several steps ahead of other players in the market.
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