Fincra has expanded its footprint in Africa after securing an Enhanced Payment Service Provider (EPSP) licence from the Bank of Ghana, allowing the Nigerian fintech company to process local transactions and offer payment services directly within Ghana’s financial ecosystem. The move marks a major milestone in the company’s strategy to build cross-border payment infrastructure across Africa and beyond.
The licence, granted by the Bank of Ghana, enables Fincra to aggregate domestic payments, process local transactions in Ghanaian cedis, and facilitate inbound remittances directly into mobile wallets and bank accounts. Businesses using the platform can now accept payments through local channels such as MTN MoMo, Telecel Cash, AirtelTigo Money, and bank transfers without relying on third-party intermediaries.
Founded in 2021 by Wole Ayodele and Gideon Orovwiroro, Fincra has positioned itself as a payment infrastructure provider focused on enabling seamless transactions for fintechs, remittance firms, and global businesses operating across African markets. The company currently supports payment collections and payouts in more than 40 countries and over 150 currencies through a single API infrastructure.
According to Fincra Chief Executive Officer Wole Ayodele, Ghana’s rapidly growing digital economy still faces a fragmented payment infrastructure, making it difficult for businesses to process transactions efficiently. He explained that the new licence allows Fincra to provide faster and more direct payment rails for merchants, remittance companies, and global platforms entering the Ghanaian market.
Ghana remains one of Africa’s leading mobile money markets, recording over GH¢1.9 trillion in mobile money transactions in 2023. Analysts say this strong digital payment adoption makes the country an attractive destination for fintech infrastructure providers seeking to support cross-border trade and remittance services within West Africa.
The expansion into Ghana comes only months after Fincra secured a payment licence in Canada, reflecting the company’s broader ambition to connect African payment corridors with international markets. Industry observers note that competition among African fintech firms is increasingly shifting from consumer-facing apps toward building regulated infrastructure capable of powering seamless payments at scale.
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