The Bank of Ghana (BoG) has granted an Enhanced Category Payment Service Provider (PSP) licence to Nigerian-founded B2B payment infrastructure provider Fincra. The licence has given Fincra access to Ghana's financial and payment system, which enables the company to receive payments from customers and facilitate transactions locally.
The BoG's Enhanced Category PSP Licence is a type of bank permit certification given to financial service providers to offer financial services, including payment processing, merchant acquiring, wallet services, and integration with banks and mobile money platforms, to customers instead of relying on third-party partners to render them.
With this licence, the financial services can only be offered locally in Cedis. Fincra said any foreign currency sent into the Fincra account in the country will be settled in Ghanaian cedis. Now, Ghanaian merchants using Fincra as their payments service provider can accept payments via AirtelTigo, MTN MoMo, Telecel, and local bank transfers.
The licence also enables automated business-to-business (B2B) payments for the company's merchants and businesses. Fincra said that businesses can now automatically reconcile incoming payments and register local collection accounts in cedis using a single API integration.
The API also eliminates the need for multiple local systems for businesses. Notably, Ayodele and Gideon Orovwiroro founded Fincra in 2021, and since the inception, the company has been offering API-driven solutions, virtual accounts, and payment links to businesses for them to facilitate transactions in over 150 currencies.
The company works behind the scenes to power remittance companies, fintech companies, e-commerce stores, logistics companies, and large enterprises that are looking to facilitate and operate simplified and seamless payment rails for their customers across Africa. In fact, the 2024 and 2025 reports show that the company achieved profitability.
The company has reportedly secured only a modest $120,000 to $250,000 in external funding, largely from Techstars around 2020 and 2021, and it has also processed over $10 billion in transactions since 2023 as of early 2026.
Fincra operates in 20 markets in Africa, powering payment networks across Africa, Europe, and North America. The company believes that African fintech’s future will be built on interoperable systems that reduce the friction and fragmentation of cross-border payments as it continues to secure more regulatory licenses across major markets.
In fact, Ghana is not the only country Fincra has secured regulatory licences in. This BoG's licence is just 2 months after it secured a similar licence in Canada. The company also secured a Third Party Payment Provider (TPPP) licence in South Africa in late 2024.
However, the company is also aspiring for more regulatory licences as a proof point of the company CEO—Wole Ayodele’s thesis. Ayodele believes that the future of fintech in Africa will be driven not by optimism, but by solid infrastructure, including licensed and regulated systems that can move money efficiently at scale.
Furthermore, you also need to know that Fincra is not the only fintech company in Africa working towards that strategy. Paystack and Flutterwave are also working towards Africa’s next fintech phase; both payment gateway companies have already secured a similar licence in Ghana.
