How Assurdly helped Fincra (formerly Fliqpay) secure their Money Services Business licence to operate as a payment service provider in Canada.

Fincra, which was formerly known as Fliqpay (and as at the time of our partnership), is a cross-border payment infrastructure for fintechs and businesses operating across Africa. They help companies accept payments and also provide some financial solutions to them. They are on a mission to change the way payments are made across Africa with a mission to provide innovative and bespoke solutions.

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Problem

Fincra wanted to secure an MSB license to operate as a payment service provider in Canada but first had to set up a compliance framework - one of the licencing requirements. They required an expert to assist them in navigating the compliance waters and help establish a compliance system to take them a step closer to their compliance goals. 

Assurdly was referred to Fincra by a colleague, who knew about our services and the expertise we could provide. 

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Our Approach

To help Fincra set up the compliance framework, we first conducted a gap analysis to determine the necessary activities and policies for compliance. We worked with the client to set up a compliance structure and create documentation of all relevant policies. 

This included working with their Operations and Legal teams due to the importance of having policies that cut across the legal framework and the day-to-day activities. Collaborating with the stakeholders to draft these policies, clear any blockers, discuss and ratify these policies was done in a timely and highly collaborative manner.

In addition, we held roadshows to explain the importance and impact of these requirements to our client, to ensure they understood it and adopted it as a framework for their operations.

After the compliance framework was set up, we supported Fincra through the MSB licencing process by collaborating with their team to complete other required steps.

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Result

Our efforts led to Fincra successfully securing the compliance framework and obtaining their MSB license in a record time of two months, which was faster than anticipated. Assurdly partners with clients to ensure we provide value to them in the shortest time to encourage business growth and return on investments.