African businesses and diaspora communities spend billions each year on cross-border payments, yet delays and high fees remain a persistent problem. Wole Ayodele, co-founder and CEO of Fincra, believes Africa’s payment problem is not a product problem. It is an infrastructure problem.
According to him, the continent has no shortage of apps that promise fast, cheap cross-border transfers. What it lacks are the regulated rails underneath them.
Fincra, the infrastructure company Ayodele co-founded with Gideon Orovwiroro in 2021, is attempting to fill that gap. The company’s latest move, a Payment Service Provider (PSP) licence in Canada positions it to operate on both sides of one of Africa’s busiest trade and diaspora corridors, replacing slow correspondent bank chains that inflate costs and extend settlement times.
“Securing a PSP licence in Canada is an important step in our mission to build the rails for an integrated Africa,” said Ayodele, CEO of Fincra, told TechCabal. “We have so much potential in Africa; we are the fastest-growing continent. But to really tap into that growth, we still need some infrastructure to get there.”
What You Need to Know
The Canadian licence allows Fincra to hold funds, initiate transfers, and manage clearing and settlement directly, without routing payments through multiple intermediaries.
For African businesses sending payments to Canada or vice versa, this could significantly reduce delays and foreign exchange costs.
Canada was a deliberate choice. It hosts one of the largest African diaspora populations globally, has a trusted regulatory framework, and a financial system recognised worldwide.
Between 2019 and 2024, merchandise exports from Canada to Africa grew 13%, while imports from Africa jumped 109%. The corridor spans sectors including oil and gas services, fast-moving consumer goods (FMCG), professional services, and technology.
Building Infrastructure Beyond the Product Layer
Fincra differentiates itself from competitors like Flutterwave, LemFi, and NALA by focusing on regulated infrastructure rather than just consumer-facing apps.
“The crowding in cross-border payments is mostly at the product layer,” Ayodele noted. “What is still scarce is regulated infrastructure on both ends of a corridor simultaneously. Most providers are strong on one side and rely on partners or correspondent chains on the other.”
By securing licences on both ends of high-volume corridors, Fincra gains direct control over settlement and clearing, which could translate to faster, cheaper, and more transparent transfers.
Fincra now operates in more than 15 African markets across nine currencies, with licences and partnerships in Nigeria, Tanzania, South Africa, and Kenya. Its Canadian PSP licence marks its largest regulated footprint outside Africa.
Six months ago, the company partnered with Reap, a stablecoin-enabled infrastructure provider, to expand card services between Africa and Asia. In 2025, Fincra obtained a Third Party Payments Provider (TPPP) licence in South Africa.
Toward Seamless, Integrated Cross-Border Payments
Fincra’s approach underscores a growing recognition in African fintech, apps alone cannot solve the continent’s cross-border payment challenges.
By creating regulated rails, the company aims to lower costs, accelerate settlement, and improve transparency for businesses and diaspora communities alike.
Experts say the move also highlights a strategic shift in how African fintechs view international expansion.
Rather than simply offering consumer-facing solutions, firms like Fincra are prioritising licensed infrastructure to gain long-term control over transaction flows and reduce reliance on intermediaries, which often inflate costs and introduce delays.
Talking Points
It is notable that Fincra has secured a Payment Service Provider licence in Canada, giving it regulated control on both sides of the Africa-Canada corridor, one of the continent’s busiest trade and diaspora routes.
This strategic move addresses a longstanding infrastructure gap in African cross-border payments, where multiple intermediary banks currently slow settlement and inflate costs. By owning the rails rather than just the product layer, Fincra is tackling the root problem, not merely offering faster apps.
At Techparley, we see this as a critical evolution in fintech thinking, scaling cross-border payments requires robust, regulated infrastructure that enables seamless, low-cost transfers for businesses and diaspora communities alike.
The approach of licensing and building on both ends of the corridor could significantly reduce transaction times, lower foreign exchange costs, and improve transparency, benefiting African exporters, service providers, and diaspora recipients.
As Fincra grows, partnerships and additional licences could accelerate its ability to connect underserved corridors globally, potentially setting a new benchmark for cross-border payment infrastructure in Africa.
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