Fincra, the Nigerian fintech has announced plans to launch its latest Banking as a Service (BaaS) product, the EUR Virtual Account.
This innovative solution will enable businesses across North and Francophone Africa to collect foreign currency payments easily.
Fincra has built the EUR Virtual Account to simplify the process of businesses receiving Euro payments, which can be done effortlessly through simple bank transfers. This capability will benefit a wide range of industries, from traditional retail and e-commerce to hospitality, tourism, and professional services, enabling them to serve their European clientele better.
“Businesses in Africa are increasingly seeking reliable and cost-effective solutions to manage their international payments, especially in Euros,” said Wole Ayodele, Chief Executive Officer (CEO) of Fincra.
“Our EUR Virtual Account offers a cheaper alternative to card funding, simplifies Euro payment collections, and enables platforms to issue named Euro accounts to their customers. This makes it an ideal choice for businesses aiming to streamline their payment processes.”
With this launch, Fincra is expanding its comprehensive suite of payment solutions, which already includes various tools to facilitate seamless transactions.
These tools, part of the Pay-In product line, allow businesses to accept payments through multiple methods, such as checkout systems and payment links.
Fincra’s Pay-In solutions support payments via cards, bank transfers, and mobile money, providing businesses with versatile options to cater to their customers.
Fincra currently offers virtual accounts in various currencies, including the Nigerian Naira (NGN), Kenyan Shilling (KES), Ghanaian Cedi (GHS), and Ugandan Shilling (UGX). The introduction of the EUR Virtual Account marks the company’s first foray into offering a currency solution outside Africa, aiming to meet the specific needs of businesses in North and Francophone Africa.
The solution will be launched at GITEX AFRICA Morocco 2024.
