Fincra, a Nigerian payments infrastructure provider, has secured a Payment Service Provider Licence (Enhanced Category) from the Bank of Ghana, which will allow the company to connect to the country’s financial system and process local transactions.
The licence allows Fincra to collect payments from customers in Ghana, process transactions locally, and receive money sent into the country in Ghanaian cedis, according to the company.
The approval comes two months after Fincra obtained a Payment Service Provider licence in Canada. It also builds on CEO Wole Ayodele’s thesis that Africa’s next fintech phase will be defined less by optimism and more by infrastructure, including licenced and regulated rails that move money at scale. Ghana has now become another proof point of that strategy.
Ghana has seen strong mobile money adoption, with the market processing GH¢1.912 trillion ($170 billion) in transactions in 2023. Informal cross-border trade between Ghana and its land neighbours was valued at GH¢7.4 billion ($661 million) in the fourth quarter of 2024, according to the Ghana Statistical Service (GSS).
“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented,” said 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. Whether a business needs to collect mobile money locally, or a global platform needs to drop remittances directly into Ghanaian bank accounts, we are removing the friction,” he added.
With the licence, merchants using Fincra’s platform can accept payments directly through local channels such as MTN MoMo, Telecel, AirtelTigo, and local bank transfers, according to the company. It also allows global remittance companies and payroll platforms to send money directly into Ghanaian bank accounts and mobile wallets
The company added that the licence supports automated business-to-business (B2B) payments by allowing companies to create local collection accounts in cedis and automatically reconcile incoming payments. Through a single Application Programming Interface (API) integration, companies can use these capabilities without needing multiple local systems, Fincra added.
Fincra joins a small group of Nigerian fintechs that have secured a similar licence in Ghana, including Flutterwave and Paystack, as competition shifts toward building localised payment infrastructure across African markets.
Founded in 2021 by Ayodele and Gideon Orovwiroro, Fincra operates in over 20 markets in Africa and powers payment networks across Africa, Europe, and North America. As it continues to expand its regulatory footprint across key markets, the company is betting that the future of African fintech will be built on interoperable systems that make cross-border payments feel less fragmented.
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