Fincra, a Nigerian payment infrastructure provider, has made a bold statement by establishing its new headquarters in a historic Lagos building. The fintech startup has transformed the former residence of Lord Lugard, a significant figure in Nigeria’s colonial history, into a modern office space. This move, announced on July 31, 2023, marks a new chapter for the company as it seeks to strengthen its position in the African fintech landscape.
Founded just two years ago in 2021, Fincra has quickly made a name for itself in the competitive world of digital payments. The company offers a range of services designed to simplify both online and offline transactions for businesses. Its core offerings include tools for making and receiving local and international payments, as well as APIs that enable other fintech companies to build and scale their own cross-border payment solutions.
Wole Ayodele, CEO of Fincra, emphasized the strategic importance of the new location. “Our new office in Ikoyi puts us at the heart of Lagos’ business district,” he said. “This central location will make it easier for our clients and partners to reach us, allowing us to provide more efficient and personalized support.”
The move comes at a time of rapid growth for Fincra. In 2023, the company achieved a significant milestone by securing a payment service solution provider (PSSP) license from Nigeria’s Central Bank. This license enhances Fincra’s credibility and opens up new opportunities in the regulated financial services sector.
Fincra’s client base spans multiple industries, including financial institutions, fast-moving consumer goods companies, e-commerce platforms, logistics firms, and large corporations. Notable clients such as Lemfi, Raenest, Verto, and 1XBet highlight the company’s ability to serve diverse business needs.
The company’s ambitions extend far beyond Nigeria’s borders. Fincra already operates in several African countries including Ghana, Kenya, South Africa, and Uganda, as well as in the United Kingdom, Europe, and North America. Its platform supports transactions in over 30 currencies across 150 countries, positioning it as a truly global player in the fintech space.
With the new headquarters, Fincra aims to accelerate its growth and innovation. Ayodele outlined the company’s vision: “We’re building the API infrastructure to digitally connect Nigeria and Africa to the rest of the world. This office will be the launchpad for new products and market opportunities.”
The choice of Lord Lugard’s former residence as Fincra’s new home is symbolic. It represents a bridge between Nigeria’s past and its digital future, with a young, innovative company breathing new life into a historic structure. This juxtaposition of old and new mirrors Nigeria’s broader economic transformation, as traditional sectors give way to technology-driven industries.
However, Fincra’s rapid rise and ambitious plans also highlight the challenges facing Nigeria’s fintech sector. While the country has seen a surge in digital payment adoption, issues such as regulatory uncertainty, infrastructure gaps, and cybersecurity concerns persist. Fincra, like its peers, will need to navigate these challenges as it seeks to expand its reach and impact.
As Fincra settles into its new home, all eyes will be on the company’s next moves. With a prime location, growing client base, and clear vision for the future, Fincra is well-positioned to play a significant role in shaping Africa’s digital payment landscape. As Ayodele put it, “Our customers’ satisfaction is our top priority. They should watch out for Fincra.” The fintech world will indeed be watching.
