Overview

Virtual accounts are accounts that allow Fincra merchants to receive payments from customers via bank transfer. With our virtual accounts, you can accept payments from Africa, Europe, the US, the UK, and anywhere in the world.

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Note
It is important to note that Virtual Bank Accounts do not store monetary value like regular bank accounts; they only provide a means for your customers to pay you and the funds get settled in your account balance, to check your account balance please see the balance API

To get started check our virtual accounts API.

How Virtual Accounts Work

The Fincra Virtual Accounts service provides dedicated account numbers to businesses and their customers for receiving payments. When using virtual accounts:

Your business creates virtual accounts through Fincra's API (permanent or temporary)
You share the account details with your customer (account number, bank name, account name)
The customer transfers funds to the virtual account from their bank
Fincra processes the incoming payment and credits your business balance
Your business receives real-time webhook notifications for each successful payment
Funds are immediately available in your wallet for use or withdrawal

Common Use Cases

Wallet Funding: Allow users to fund their wallets on your platform
Marketplace Collections: Provide dedicated accounts to merchants for receiving payments
Subscription Services: Create permanent accounts for recurring payments collection
Cross-border Payments: Accept international payments with multi-currency accounts
Payment Aggregation: Collect funds from multiple sources into a centralized account
B2B Payments: Simplify business-to-business transactions with dedicated accounts
Educational Institutions: Streamline fee collection with unique accounts per student

Virtual Accounts properties by currency

Features	NGN	GHS	KES	UGX	ZAR	USD	EUR	GBP
Permanent virtual accounts	✅	❌	❌	❌	❌	✅	✅	✅
Temporary virtual accounts	✅	✅	❌	✅	✅	❌	❌	❌
Account verification required	❌	❌	❌	❌	❌	✅	✅	✅
BVN required for permanent accounts	✅	N/A	❌	N/A	N/A	❌	❌	❌
KYC documentation required	❌	❌	❌	❌	❌	✅	✅	✅
Corporate accounts supported	✅	❌	❌	❌	❌	✅	✅	✅
Individual accounts supported	✅	❌	❌	❌	❌	✅	✅	✅
Auto reconciliation	✅	✅	✅	✅	✅	✅	✅	✅
Real-time notification	✅	✅	✅	✅	✅	✅	✅	✅
Settlement time	Instant	Instant	Instant	Instant	Instant	1-2 days	1-2 days	1-2 days
Account name validation	✅	❌	❌	❌	✅	✅	✅	✅
Main account creation	✅	✅	✅	✅	✅	✅	✅	✅
Additional account creation	✅	❌	✅	❌	❌	✅	✅	✅
Supported in checkout flow	✅	❌	❌	❌	❌	❌	❌	❌
Available via API	✅	✅	✅	✅	✅	✅	✅	✅
Webhook notifications	✅	✅	✅	✅	✅	✅	✅	✅
Permanent account expiry	Never	N/A	Never	N/A	N/A	Never	Never	Never
Temporary account expiry (minutes)	30	30	30	30	30	N/A	N/A	N/A
View transaction history	✅	✅	✅	✅	✅	✅	✅	✅
Payer details capture	✅	✅	✅	✅	✅	✅	✅	✅
Multiple bank options	✅	❌	✅	❌	❌	❌	❌	❌
Supported bank channels	Globus, Wema	N/A	Various	N/A	N/A	CFSB	CFSB	CFSB
Payment reference validation	✅	✅	✅	✅	✅	✅	✅	✅
Account naming customization	✅	❌	❌	❌	❌	❌	❌	❌
Account pooling	✅	✅	✅	✅	✅	❌	❌	❌
IBAN provided	❌	❌	❌	❌	❌	❌	✅	❌
Sort code/routing number	❌	❌	❌	❌	❌	✅	❌	✅
Minimum receiving amount	100	5	100	1000	10	1	1	1
Available for collections (pay-ins)	✅	✅	✅	✅	✅	✅	✅	✅