Following this announcement, the payment technology company launched the new Banking-as-a-Service (BaaS) product in order to optimise the manner in which African and international businesses facilitate easy foreign currency transactions in USD and EUR, with more currencies being planned to follow.
With the use of the Multicurrency Account API, platforms will also have the possibility to issue accounts in USD and EUR, enabling remittance, global payments, and ecommerce. In addition, Fincra will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Over the past decade, the economies of multiple African countries have experienced growth, mainly due to the internet. However, several difficulties continue to prevent the continent from participating fully in the global economy, particularly challenges in transacting in foreign currencies. In addition, remittance represents a significant driver of economic development, as it contributes to alleviating poverty, promoting financial inclusion, creating jobs, boosting social investments, and optimising the overall diaspora engagement, all of which drive substantial economic growth.
Fincra’s strategy is set on empowering internet businesses by providing cross-border solutions for online traders and merchants, aiming to allow them to get accounts from online marketplaces for a secure and efficient collection and sending of USD and EUR payments.
Throughout this launch, the Fincra Multicurrency Account API will give individuals access to easily transact in foreign currency, efficient payouts, as well as the benefits of extensive domestic rails, including SEPA, Instant SEPA, ACH, and SWIFT. This is expected to ensure efficient and reliable transaction processing in USD and EUR, while also optimising the overall customer experience. At the same time, remote workers, freelancers, and employees will be enabled to safely and quickly receive salaries, commissions, and remunerations in USD and EUR from accounts issued by freelancing and work payment platforms.
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