Cross-border payments between Africa and global markets are still too often slow, fragmented, and expensive. For businesses, platforms, and individuals moving money between Canada and Africa, multiple intermediaries, foreign exchange costs, and settlement delays can create real barriers to trade, growth, and access.
Fincra has secured Payment Service Provider (PSP) license in Canada, marking an important step in Fincra’s mission to build compliant, reliable payment infrastructure that connects African businesses to global opportunities.
The license strengthens Fincra’s ability to carry out key regulated payment activities within Canada’s framework, including holding funds on behalf of end users, maintaining relevant accounts, initiating electronic funds transfers, facilitating payment instructions, and supporting clearing and settlement services. For businesses and individuals transacting between Canada and Africa, this provides a stronger compliance and operational foundation for trusted cross-border payments.
This milestone is especially relevant for the many use cases that depend on efficient payment infrastructure: a business in Lagos paying a supplier in Canada, an African freelancer receiving funds from a Canadian client, a fintech platform enabling cross-border collections or payouts, or a family sending money across borders. In each case, trusted rails matter.
Fincra already supports payments for businesses across more than 10 African countries and in 9 currencies, through a growing network of licences, registrations, and partnerships across key markets including Nigeria, Tanzania, South Africa, and Kenya. This Canadian PSP license adds an important new layer to that network, deepening Fincra’s ability to support compliant payment flows between Africa and one of the world’s most important financial markets.
Wole Ayodele, CEO of Fincra, said:
“Securing a PSP license in Canada is an important step in our mission to build the rails for an integrated Africa. We have so much potential in Africa, we are the fastest-growing continent. When you look at statistics in terms of the young population and the future of the workforce, a lot of that is true. But to really tap into that growth, we still need some infrastructure to get there."
As Fincra continues to expand its regulatory and infrastructure footprint, the company remains focused on strengthening Africa’s ability to trade, and connect globally.
About Fincra
Fincra is the leading cross-border payments and FX infrastructure provider for Africa, built to move value across the continent and connect Africa into the global financial ecosystem. Learn more here.
