As African fintech Fincra races to strengthen their regulatory footprint across the continent, Fincra has secured a Payment Service Provider Licence (Enhanced Category) from the Bank of Ghana, giving the Nigerian startup approval to process local transactions and facilitate payments within Ghana.
The licence allows Fincra to collect payments locally, process transactions in Ghanaian cedis, and support inbound transfers into the country, expanding its presence in one of Africa’s fastest-growing digital payments markets.
The approval comes just two months after the company obtained a similar payments licence in Canada, further advancing its strategy of building regulated financial infrastructure for cross-border payments.
“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented,” said CEO Wole Ayodele.
“Getting the green light from the Bank of Ghana means we can finally give our merchants a direct, high-speed rail into this market.”
Ghana processed GH¢1.912 trillion (about $170 billion) in mobile money transactions in 2023, highlighting the scale of the country’s growing digital payments ecosystem. Informal cross-border trade with neighbouring countries also reached GH¢7.4 billion ($661 million) in the fourth quarter of 2024, according to government data.
With the licence, businesses using Fincra can now accept payments through local channels including MTN MoMo, Telecel Cash, AirtelTigo Money, and bank transfers. The company also says remittance providers and payroll platforms will be able to send funds directly into Ghanaian bank accounts and mobile wallets.
Fincra added that the approval enables businesses to automate B2B collections and reconciliation through local cedi accounts using a single API integration, reducing the need for multiple payment systems.
The startup joins Nigerian fintech firms like Flutterwave and Paystack in securing similar licences in Ghana, as fintech competition increasingly shifts toward owning local payment infrastructure across African markets.
Founded in 2021 by Ayodele and Gideon Orovwiroro, Fincra now operates in more than 20 markets across Africa while facilitating payment flows between Africa, Europe, and North America.