Juicyway secures FCA licence for UK market entry, targeting UK-Africa remittance corridor
via Punch Nigeria2 min read
Cross-border payments platform Juicyway has obtained an Authorised Payment Institution API licence from the Financial Conduct Authority FCA, the UK's financial regulator. This licence permits Juicyway to offer payment services to individuals and businesses in the UK, marking its formal entry into the British market. The company plans to introduce remittance services, multi-currency accounts, and foreign exchange products specifically designed for the African corridor. The FCA's approval process is rigorous, with approval rates around 20% in 2023, requiring a thorough review of compliance infrastructure, capital adequacy, fund safeguarding, and operational resilience. Juicyway's CEO, Ife Johnson, stated that securing the licence involved months of demonstrating compliance and operational standards to meet FCA requirements. The company aims to provide a regulated and reliable financial platform for the African community in the UK, addressing the costly and fragmented experience of sending money along the UK-Africa remittance corridor. Founded in 2021, Juicyway has processed over $4 billion in transaction volume, serving more than 2,200 enterprises and 17,000 individuals across African currency corridors and beyond.
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