Fincra secures licence to provide payment and remittance services in Ghana

Nigerian payment infrastructure company Fincra has obtained an Enhanced Payment Service Provider (EPSP) licence from the Bank of Ghana. This gives it the regulatory clearance to aggregate domestic payments, process local transactions, and terminate inbound remittances in Ghanaian Cedis.

The license enables businesses, ranging from small local shops to large international money transfer services, to connect to Ghana’s financial system using a single Fincra API. This eliminates the need to deal with the complex, separate third-party payment systems that have previously slowed payment processes in Ghana.

“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented,” said Wole Ayodele, Fincra’s chief executive officer

“Getting the green light from the Bank of Ghana means we can finally give our merchants a direct, high-speed rail into this market. Whether a business needs to collect mobile money locally or a global platform needs to drop remittances directly into Ghanaian bank accounts, we are removing the friction,” he added.

What businesses can now do through Fincra in Ghana

The EPSP licence unlocks three specific capabilities that Fincra says are heavily in demand among enterprise and B2B clients operating in Ghana.

Merchants can now directly receive mobile money and bank payments through MTN MoMo, Telecel, AT, and local bank transfers. The funds collected are consolidated in their Fincra dashboards.

This simplifies operations for businesses that previously used multiple payment providers for different mobile money networks, as they can now manage everything in one place.

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Secondly, Inbound remittances and fast payouts are also important. The payments company allows global remittance operators and payroll platforms to send money directly to Ghanaian bank accounts and mobile wallets, cutting out intermediaries.

This leads to faster and more reliable distribution of funds to end users, which directly improves the experience for ordinary recipients of diaspora remittances into Ghana, a major recipient of international transfers in West Africa.

The third is automated B2B payment aggregation. Fincra offers a regulated system that enables both international and Ghanaian businesses to create merchant accounts for collecting payments.

This system automates the process of matching payments made in Ghanaian Cedis (GHS), which reduces the amount of manual effort needed to manage large-scale domestic trade payments.

Fincra operates in over 20 African countries, as well as in Europe and North America. The new license in Ghana provides a regulated foothold in a key West African digital payment market. This strengthens Fincra’s role as a provider of cross-border payment solutions for businesses, eliminating the need for them to develop their own infrastructure.

Also read: Fincra secures Canadian PSP licence to bolster Africa–Canada payment links