Fincra announced that it has obtained an International Money Transfer Operator (IMTO) licence from the Central Bank of Nigeria (CBN), allowing the business to incorporate cross-border payment services into its product offerings in the Nigerian market.
The license was obtained after a rigorous review and approval process by the CBN according to a statement by the payment company.
Fincra proved throughout this process that it was dedicated to adhering to regulations by putting in place effective counterterrorism financing (CTF) and anti-money laundering (AML) measures, as well as comprehensive rules, procedures, and systems to stop illegal financial activity.
Obtaining this license gives companies the reassurance that Fincra abides by the strict guidelines set forth by the CBN, guaranteeing adherence to global financial norms and boosting transaction security.
Fincra has provided local payment solutions to businesses since its founding in October 2021. However, Fincra can now effectively handle the transfer of monies from outside to Nigerian recipients thanks to the IMTO licence.
Fincra is growing its business in Nigeria and providing a wider range of services that cater to the demands of both local and Nigerian diaspora customers with the help of the new IMTO licence.
The Multicurrency Account, a new Banking as a Service (BaaS) offering from Fincra, is also scheduled for debut. Its goal is to assist platforms and enterprises in facilitating simple foreign exchange transactions in USD and EUR, with additional currencies to be introduced shortly.
TimesNow.com.ng reported that the Central Bank of Nigeria (CBN) announced fresh initiatives aimed at increasing naira liquidity and diaspora remittances.
Eligible International Money Transfer Operators (IMTOs) would now have access to naira liquidity through the bank’s window, per the CBN’s recent circular.
According to the CBN, the initiative aimed to increase access to local currency liquidity and facilitate faster and more effective remittance settlement procedures.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
