CBN, the governing body in charge of financial matters in the country, is immensely promoting online payment actions through the emblem of technology.
Her support to the FinTech industry will improve the services rendered, giving Nigerians more payment platforms to choose from.
With this level of support and with more expectations, there may be no foreseeable bound nor limit in the FinTech niche of the Nigerian economy, as CBN now offers Clane a 3-in-1 licence to commence digital financial services.
Clane is a digital payment company founded in 2017 that simplifies payment collection and transfers. Clane offers two options; ClanePay and ClanePOS. ClanePay is suitable for individuals and allows payment for services, while ClanePOS supports multiple payment options enabled with a business management dashboard that helps business owners optimize operations in sales reporting and customer follow-up.
The 3-in-1 licence received would enable Clane to function as a Payment Solution Provider (PSP), a Payment Terminal Service Provider (PTSP) and a Super-Agent. “We believe that the future of payment is mobile”, says Clane CEO, Dipo Alabede.
FinCra is another payment platform that provides online and offline payment options, supporting transactions in multiple currencies. However, before FinCra obtained the license, CBN had first granted an Approval-in-Principle (AIP) to test its payment solution.
The Payment Card Industry Data Security Standard (PCI DSS) certification from CBN is a ‘go ahead’ for FinCra to offer businesses secured local offline and online payment services. FinCra payment supports the use of physical cards, virtual accounts and bank accounts anywhere in the world.
Central Banks seek to empower FinTech with the necessary support to give their citizens the desired options. Recall that a few weeks ago, the Central Bank of Pakistan licensed Kuda, creating the opportunity to provide online financial services to Pakistanis.
Even as FinTech companies have made online payment readily available, and more online payment platforms are still coming. What else should FinTech companies incorporate into their services?
Even though the FinTech industry which has been basking on the advancement of technology, has promoted the nation’s cashless policy, is there a possibility that the large use of FinTech platforms in Nigeria would favour the crypto market which the government tried to discourage?
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Photo By Clane
