Fincra, a Nigerian payment infrastructure provider, has officially secured an Enhanced Payment Service Provider (EPSP) license from the Bank of Ghana, marking a significant step in its West African expansion strategy.
The company noted that Ghana remains a key hub for cross-border trade, remittances, payroll processing, vendor payments, digital commerce, and one of Africa’s most vibrant mobile money ecosystems.
With the newly acquired EPSP license, Fincra is now authorized to provide regulated Ghanaian cedi (GHS) collections, instant payouts, and merchant account services within the country.
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Announcing this feat, the company wrote via a post on LinkedIn,
“We have officially secured an Enhanced Payment Service Provider (EPSP) license from the Bank of Ghana. Ghana plays a major role in how money moves across West Africa: cross-border trade, remittances, payroll, vendor payments, digital commerce, and one of the continent’s most active mobile money economies.”
The Enhanced Payment Service Provider (EPSP) license allows Fincra to support businesses by providing regulated GHS collections, instant payouts, and merchant accounts in Ghana.
The development enables businesses operating in or expanding into Ghana, as well as those facilitating transactions across the Nigeria-Ghana corridor, to access a broader range of financial infrastructure services through Fincra’s platform.
Businesses can now collect GHS payments through mobile money providers such as MTN MoMo, Telecel, and AT, alongside local bank transfers. They can also send instant payouts to Ghanaian bank accounts and mobile wallets while accessing GHS merchant collection accounts designed to support automated reconciliation processes.
According to the company, the license represents another milestone in its broader vision of building seamless financial rails for a more integrated African economy. Notably, the EPSP license approval comes two months after Fincra obtained a Payment Service Provider licence in Canada.
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).
Fincra’s CEO, Wole Ayodele, speaking on the company’s Enhanced Payment Service Provider (EPSP) license approval, said,
“Ghana’s digital economy is accelerating rapidly, but the infrastructure to support enterprise-scale payment aggregation and inbound transfers is still too fragmented. 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”.
Fincra, the infrastructure company Ayodele co-founded in 2021, is a Nigerian fintech company focused on building payment infrastructure that enables businesses to move money seamlessly across Africa and globally.
The company was established to address the long-standing challenges associated with cross-border payments, including high transaction costs, slow settlement times, fragmented payment systems, and regulatory complexities across African markets.
Fincra operates as an API-first payment infrastructure provider, offering businesses, fintechs, and financial institutions the tools needed to collect payments, send payouts, manage foreign exchange conversions, and automate financial operations through a single integration. Its infrastructure supports both local and international transactions, helping businesses scale operations across multiple markets.
One of the company’s major strengths is its multi-currency payment capability. Fincra supports transactions in more than 30 currencies and enables businesses to process payments across over 150 countries.
Through its platform, merchants can collect payments via bank transfers, cards, virtual accounts, mobile money, and payment links, while also facilitating payouts to bank accounts and mobile wallets.
Fincra has expanded its operations beyond Nigeria into markets including Ghana, Kenya, South Africa, Uganda, Europe, and North America. The company’s broader vision is to build the financial rails that will digitally connect Africa to the global economy and enable faster, borderless commerce across the continent.