TechPression

Tag: payment service

  • Nairagram launches international payment service

    Nairagram launches international payment service

    Nairagram, which is licensed as an international money transfer operator, has introduced a revolutionary new international payment service that is intended to improve financial connectedness. 

    This service addresses FX liquidity challenges in the country by simplifying and improving the process of sending money from Nigeria to other countries. As a result, it fosters financial empowerment for Nigerians and works in collaboration with the Central Bank of Nigeria and in partnership with Sebastian BDC and Keystone Bank.

    This brand-new international payment service is a symbol of Nairagram’s constant dedication to innovation. Nairagram’s mission is to enable bonds of kinship, create communities, and accelerate wealth creation by making remittances overseas as simple and convenient as possible. 

    It refers to much more than merely a service for the movement of money. It is a symbol of the company’s dedication to the achievements of Africans across the continent, with the goals of eradicating poverty, breaking down barriers, and expanding access to financial services.

    This payment service offers its users the promise of expanded reach, making it possible to send money from Nigeria to Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, and Ethiopia, amongst other countries.

    Read also: CBN warns against international money transfer to Russia, Cameroun, others

    The guarantee of Nairagram

    Customers may rest confident that their financial support will reach their loved ones or business colleagues when they use Nairagram’s bank deposits and mobile wallet services because the company has such a large network.

    Nairagram is giving people the ability to make positive impacts on other people’s lives across borders by providing a link that is both direct and dependable between senders and recipients. Therefore, this development, in conjunction with the CBN, represents an important step forward in Nairagram’s objective to provide cutting-edge and hassle-free financial solutions that are adapted to the specific requirements of Nigerians.

    The new international payment service that is being offered on the Nigerian market holds the potential to bring about a revolution in the money transfer sector, both on the African continent and beyond. The service will soon be available in Turkey, the United States of America, the United Kingdom, and the United Arab Emirates.

    The app Is available for download here.

    Nairagram Events 

    Remittances from the European Union to 20 different nations in Africa have now been made possible thanks to a collaboration between the international money transfer system Tempo France and the financial services provider Nairagram, which is situated in the United States. The partnership was made early this year.

    Following the successful conclusion of the integration project, clients will now be able to use the Tempo application to send money to countries such as Uganda and Mozambique, Zambia and Senegal, Ivory Coast and Guinea, and Cameroon and Burkina Faso.

    In addition to Liberia, Zimbabwe, Niger, Mali, and Sierra Leone, the list of countries also includes Togo, Mauritania, Kenya, Tanzania, Gambia, Rwanda, and Benin. Together, these countries cover a large portion of the African continent’s landmass. Cash can be collected by the recipients in any of 17 countries. There are ten different nations where you can make use of the mobile wallet topping-up option. The recipients have the option of depositing funds into their bank accounts in Rwanda.

  • The Central Bank of Nigeria approves Fincra as payment service provider

    The Central Bank of Nigeria approves Fincra as payment service provider

    Payment infrastructure firm Fincra, with locations in Canada, Lagos, and Nairobi, recently announced that it had been granted a commercial Payment Service Solution Provider (PSSP) license by the Central Bank of Nigeria (CBN). 

    The African startup announced the news on its blog, writing, “We are thrilled to reveal that Fincra has secured its commercial Payment Service Solution Provider (PSSP) licence from the Central Bank of Nigeria (CBN).”

    Fincra’s payment solutions allow businesses to accept payments safely, distribute funds internationally, and expand internationally. The company’s ability to provide its full suite of payment services is made possible by its PCI DSS accreditation and associated license, which allows its customers to make use of the safest offline and online payment channels accessible in their geographic areas.

    Read also: How Mobile Apps are changing African finance sector

    Fincra is Compatible with the PCI Data Security Standard

    American Express, Discover Financial Services, JCB International, and Visa developed the Payment Card Industry Data Security Standard (PCI DSS) in 2004 to ensure the safety of their customer’s financial information. The Payment Card Industry Security Standards Council (PCI SSC) has established a compliance program to protect consumers from fraudulent charges on their credit and debit cards.

    Any company that handles credit or debit card transactions must comply with PCI SSC standards, despite the fact that the PCI SSC lacks the power to enforce them. PCI certification is widely regarded as the gold standard for protecting customers’ personal information and financial transactions online.

    As a payment gateway processor, Fincra is PCI DSS certified and has passed the most stringent Security Audit. Thus, it says all user data is safe.

    Certified PSSP Affiliate

    Creating a payment processing gateway or portal, providing payment solutions, or developing payment-related applications are all activities that require a Payment Solution Service Provider (PSSP) license in order to collect cash legally on behalf of clients.

    Fincra now has the legal right to offer all of its payment services to businesses. This means that businesses can use the safest local payment channels as they grow both online and offline. In the blog post, it was also made clear that the African startup and CBN worked closely together to try to get the license.

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    What is Fincra saying

    Fincra’s CEO Wole Ayodele commented on the recent events, said that “Our team is overjoyed to have been granted this CBN license. Getting this license is a big deal for our company because it lets us try new ways to grow and expand, which is good for both our clients and our business.”

    He also explained that “we take compliance seriously as an organization” and that “the license will assist us to broaden access to the things that we are offering.” In October 2022, the Central Bank of Nigeria (CBN) gave Fincra Approval in Principle (AIP) to work as a PSSP in Nigeria. This means that Fincra can offer its payment services until a review in six months.

    Fincra was granted an approval-in-principle (AIP) from the Central Bank of Nigeria (CBN) to conduct pilot testing of the company’s proposed payment solutions, and seven months later, the CBN granted the new PSSP license.

    It has always been Fincra’s top priority to offer only services that are in line with Nigeria’s strict financial rules. The Nigeria Data Protection Regulation was passed in 2022, and in 2022, the company was certified as having complied with all of the legal requirements for protecting the personal information of Nigerians and its clients (NDPR).

    Fincra, founded in 2021, is a provider of payment infrastructure that allows its members to easily accept payments, process local and worldwide payouts and transfers in multiple currencies at a low cost without incurring any additional fees, and grow their businesses internationally.