How Fincra API Will Enable Entrepreneurs in Africa
Fincra is one of the most innovative Fintech companies in Nigeria, with a potential to become the biggest and revered in years to come. Since the establishment of the company, it has always strives to be at the forefront of financial institutions that is driving growth and development of businesses across the country. This is enabled through their different products which are tailored to suit their different customers which range from the likes of Entrepreneurs, business owners, merchants, individuals and many others.
The operation of Fincra in Nigeria’s financial market space has shown a lot of promise, which ensures that the company has a great prospect. It’s achievements within such a short period only points to the fact that it is the future of payment processing in Nigeria. Having established its brand across Nigeria on a gradual basis, Fincra is proving to be such a great presence in the financial community.
Having stated how efficient and credible the Fincra brand is, it is important to take a look at some of the benefits and functions which Fincra brings to the table for all its customers across the country. Fincra is responsible for speeding up digital payments in a country where a huge percentage of adults remain financially excluded. As a result, Fincra has shown ways in which open APIs can enable new financial and nonfinancial use cases for digital payments in developing countries, including for low-income customers.
Fincra helps businesses in Africa accept and process payments online from anyone, anywhere in the world. The company was established by engineers and business professionals who wanted to make it easier for businesses in Africa to secure digital payments. As ambitious as the goal seems to be, Fincra has shown that it is not beyond possible.
The online payments market in Nigeria during the time of launch can be seen as a bit competitive, as monthly transaction volumes reach in excess of $50 million. The belief at Fincra was that businesses can easily achieve their maximum potential, objectives and annual projections when digital payments are seamless, as it brings numerous benefits such as wider business exposure, reach to target audience, and so on.
For a much seamless payment service and processing for entrepreneurs and business owners on the platform, Fincra set up an API that offered solutions to each of the major concerns of entrepreneurs such as:
- Merchants can start accepting payments in a matter of minutes rather than days, weeks or months. Businesses often face hurdles that make it hard to start accepting payments online. These could be related to inaccessible developer documentation, minimum turnover requirements, technical requirements or expensive integration costs.
- Merchants do not need to have a registered business to open an account and start accepting payments. This is a big deal for small businesses and merchants in Nigeria. The International Monetary Fund estimated that the informal economy accounted for 65 percent of Nigeria’s gross domestic product from 2010 to 2014, far higher than the 38 percent average for Africa. To cater to this group of merchants, Fincra allows smaller businesses to get started with just their individual bank account details and an ID. As these businesses grow, they’re required to upgrade their business documents.
- Online sellers can accept payments via a simple link, enabling them to sell online without a website. Social commerce in Nigeria is set to expand rapidly, with fast-growing youth populations and increased smartphone penetration driving consumption patterns. Fincra enables businesses to generate a link they can share with customers wherever it is they sell to them, whether Instagram, WhatsApp, Facebook or Twitter.
The APIs also allow merchants to collect payments in whichever ways their customers are most comfortable paying, including cards, mobile money wallets, QR codes and bank transfers. It also offers plug-ins for e-commerce platforms, such as Shopify and WooCommerce, to make it easy for more formal online merchants to accept payments.
- Merchants receive their payouts the next business day. Managing liquidity is a stressful challenge for small businesses. Receiving money the next business day can affect the viability of businesses.
These solutions to the common problems facing business owners have brought significant benefits to the range of businesses involved. These benefits include different businesses experiencing improved revenues within a given period, larger customer base across Nigeria and international markets, easy access to target audience, and seamless business transactions. According to the Founder and Chief executive officer of Fincra, Wole Ayodele, Fincra has got the potential to increase the growth rate of more than 30,000 African companies by more than 50% within a period of one year. This fosters diversification of entrepreneur’s and merchant’s business portfolio over time.
All products and services offered by Fincra have unique features that make payment processing, daily transactions, and operations run in great order and ease. Products like Cross-border payments, B2B cross-border payment, B2C payments, and many others; provide businesses with a different direction that can potentially return huge dividends on an annual basis.
Fincra’s payments APIs are helping online businesses grow, and they are fostering a digital ecosystem of services. The company plans to extend its product range for merchants. It also plans to offer business development support services by integrating with software accounting tools that make life much easier and businesses simpler to run for entrepreneurs. Over time, Fincra will stamp its footprints on all regions across Africa, as its product offering provide direction, potential, and most importantly, credibility.