FINTECH

Fincra Review What You need to Know About the Revolutionary Payment Platform

Published

1 year ago

Fincra Review: What You need to Know About the Revolutionary Payment Platform

Financial technologies is fast becoming one of the biggest industries in Nigeria today. With increasing brands and services storming the market on an annual basis, it is easy to understand the impact and value it is adding to businesses and economy of the country at large.

Today, numerous businesses and e-commerce require the services of payment processing companies in order to ensure execution of transactions and efficiency of operations. One of such companies that is taking the industry by storm with top class services in payment processing, cross-border payments, and B2B Cross-border Payment is Fincra.

Fincra Review What You need to Know About the Revolutionary Payment Platform

Fincra is one of the recently established Fintech companies with a vision to simply create a world, where movement of money is instant, and as easy as sending a text message. Additionally, the company aims to make it easier for Africans and other emerging or frontier markets transact digitally, at low cost and high speed, with the rest of the developed world.

Here, we will give you a complete review of Fincra, its services, what you should expect, benefits of using our products, and so much more.

What is Fincra?

Fincra is a Payment Infrastructure company in Africa with the goal of transforming the financial sector, business, and industries in Africa. To achieve this, Fincra is dedicated to offering businesses and individuals the best services in payment processing and many other financial products under its portfolio.

Having recognized the endless potential which the African business and commercial industry possess, Fincra has made it a point to eliminate payment processing issues most businesses encounter in traditional payment processing by introducing a revolutionary payment processing solution like never experienced before. As a recently established company, Fincra employs some of the latest, world class technologies, and an innovative staff that ensure its product offerings provide financial solutions to entrepreneurs, merchants, companies, e-commerce, and many more.

The true belief of Fincra is the potential of Africa to become a leading business hub for other parts of the world. To help businesses achieve this status, Fincra is on a mission to set up an API infrastructure to connect all of Africa to the rest of the world. As a result, businesses from around the world can connect with businesses in Africa, and vice-versa. This contributes hugely to the growth and progress of businesses in Africa, as it ensures there is a greater efficiency of operation, improved performance, productivity and reach to target markets.

Fincra features a payment infrastructure with cross-border capabilities for financial institutions, fintechs and global businesses to accept payments securely, get settled, and move money across borders in multiple currencies. This way, you can easily do business and execute transactions with your customers who are overseas in a much easier and faster way.

We care so much about payments in Africa and we are building a pan-African infrastructure that will seamlessly connect the African continent and other parts of the world, through our products for collections, conversion & payouts.

Fincra is a product of Techstars ’20 alumni which is building a team of rockstars, builders, and people who are obsessed with making a difference with the quality of their work. Our people are our greatest assets and competitive advantage and we treat them with this understanding.

How reliable is Fincra?

Fincra is one of the most trusted brands which you can work with both in Nigeria, and across Africa. TheFincraTribe which refers to the Fincra team have a total commitment to ensuring their mission in Africa to make payment processing (Either cross-border or B2B Cross-border) safe, fast, and secure becomes a reality. As such, the team is always prepared to expand the limits of our knowledge and continuously find new, innovative solutions to ensure that we reach our desired goal. This ensures that the company is able to adapt to changing financial and technology trends, so customers enjoy the best products that favor their business.

Who is the owner of Fincra?

The founder and Chief Executive Officer of Fincra is Wole Ayodele. He is an innovative tech leader and inventor. He has vast experience in Fintech, tech product development and he’s been able to execute successful projects in this niche. One of his biggest achievements till date is the creation of the payment processing company known as Fliqpay.

Wole Ayodele is a highly qualified, tech enthusiast who graduated with a degree in Mechanical Engineering at the Covenant University in Nigeria. In 2015, he worked as the Senior Account manager at the Oxford Blue Digital Network for a couple of years. Briefly after leaving his role at the company, he was recruited by Quidax as the Head of Business Development. Here, he also worked for a couple of years before deciding to create a string of tech companies which we all know about today.

His experiences within the financial sector and tech industry led him to come up with solutions to help solve the numerous issues encountered by businesses and entrepreneurs when it comes to payment processing. His innovation led to the birth of Fincra.

What is Fincra Used For?

Fincra is all about providing technological solutions to relevant issues which individuals and businesses face in terms of cross-border payment processing and B2B Cross-border Payment processing. Individuals, entrepreneurs, merchants, and businesses across Africa use Fincra as a credible payment gateway to receive or send payments through their e-commerce platforms, websites, online stores, payment links, as well as invoices. These payments could involve business to business which are both located in different countries, as well as Business to customers.

Most people aware of how hard and tedious it can be to make or receive payments for services overseas. This situation usually limits businesses to only local/domestic customers/businesses, denying them access to a much larger target market in other countries around the world. As a result, the growth of businesses are limited and are usually left to the mercy of traditional payment processing methods which are slow, expensive, and demanding.

Fincra is introducing Fintech products to the African market that will help solve these difficult issues by allowing businesses access to target market, and introducing a payment processing system that allow businesses make transactions with each other, as well as customers.

How safe is Fincra?

As a recently established company, Fincra employs the latest security service and encryption which help protect customer information and data from theft, hijacking, hacking, and data loss. This payment gateway is well secured as its systems have the highest security certification level within the industry.

How does Fincra Work in Africa?

Fincra is a fast and simple way for entrepreneurs, merchants and business owners in Africa to get paid online from anywhere in the world. Setting up a Fincra account is completely free. You can sign up and start receiving payments in within 15 minutes.

Fincra charges a small percentage as a transaction fee whenever there’s a transaction on your account. Whenever businesses or customers pays you through this payment platform, the company deducts a fee. So they only make money when you do.

Just as the company doesn’t charge a fee for signing up. They don’t charge any fee for maintenance either. Once you integrate Fincra to your website or use its e-commerce tools, your customers can start experiencing fast, seamless payments from anywhere. Customers can pay through their Credit Card, Bank Account, Bank Transfer, USSD, Visa QR and Mobile Money.

Users are free to build custom payments experiences with Fincra’s well-documented APIs from simple projects, to complex financial and consumer products serving hundreds of thousands of customers with the platform’s well-documented APIs. These APIs allow you to build anything that you can imagine.

Asides receiving payments, other services you enjoy include:

Collecting recurring payments (subscription & membership fees) from your app or website
Making instant transfers
Retrieving all your transaction and customer data
Verifying the identity of customers
Understanding exactly how your business is performing through analytics which include detailed reporting, alerts, and exports
Seamless reconciliation
Detailed reports on successful, abandoned, and failed transactions
Granular user permissions that let you control the info each member of your team has access to.

Anytime customers or other businesses make payments to you through Fincra. You’ll Receive your money automatically in your account within a short period

Is Fincra a Payment Gateway?

Yes, it is one of the leading online payment gateways in Nigeria and Africa at large. It ensures its users receive payments from anywhere across the world. Its products ensure that you enjoy a safe, fast, and efficient business operation through a unique service delivery.

Can I use Fincra for my Business?

While Fincra is used by individuals who receive money from across Europe, Africa, and the rest of the world, it is the perfect platform for businesses to receive payments as well.

How much does Fincra Charge per Transaction?

Fincra is a company that centers its products around its customers or users who are largely individuals, business corporations, entrepreneurs, merchants, and so on. Having this in mind, Fincra charges a fee for each transactions executed on your account. This fee is, however, subsidized to allow customers enjoy funds for business in a more fulfilling and satisfying manner. More funds means progress and growth for your business. If you want those, then Fincra is the payment processor for you.

Fincra offer the best rates ad only charge a small fee for payouts to bank accounts and mobile money wallets; there are no extra costs or hidden fees. Fees are determined by the payment method and the currency being charged for the collection.

Does Fincra accept dollars?

Users can accept international payments in Africa and the rest of the world through Fincra. As a result, Fincra accept payment in multiple currencies, ensuring your business can cover most countries from around the world.

Some of the currencies accepted by Fincra includes:

Dollars
Pound Sterling
Naira
Ghanaian Cedis
Kenyan Shillings
Euro
Rand

You can accept payments from international customers, from anywhere in the world. You can accept payments from internationally-issued cards. You can display your prices in USD, and also get paid in USD.

Fincra Product Links

A product link is a way for you to sell a single product or service. If you want to sell multiple products at a time, you can use products on payment pages. A Product is a single item or service that your business sells. You can sell one product using Product Links, or sell multiple products at a time using Products on Payment Pages.

With a product link, you can view and manage your product orders, manage inventory, set up shipping preferences and also set what happens after a customer purchases a product.

How to Use Fincra Without a Website?

You can use Fincra without a website. After signing up and creating an account and your account has been activated you can use Fincra pages, invoices and product links to collect payment online without a website. Invoices and Payment Pages are perfect for freelancers and small businesses that want to collect payments online and don’t have a website.

How to Use Fincra with a website?

This option is for users who have a website or have plans of building a website that you want to collect payments from. Fincra can be integrated with website and e-commerce website builders like Magento, Shopify, WordPress, and ShopifyOpencart. If you’re building a custom website with a developer, Fincra API is available for integration.

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FINTECH

Kazang Pay launches card acquiring service in Zambia

Published

1 day ago

Christopher

Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK

Bitcoin

Binance expands crypto access in West and Central Africa with mobile money integration

Published

1 day ago

Christopher

Binance expands crypto access in West and Central Africa with mobile money integration

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions

Binance (www.Binance.com), the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships.

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

Log in to your Binance app and select [Add Funds] from the homepage.
Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
Follow the instructions to complete your crypto purchase.
Distributed by APO Group on behalf of Binance.

About Binance:
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. For more information, visit: https://www.Binance.com

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser before investing. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

BANKING

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Published

11 months ago

softchris4ol

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.