Fincra Partners with Reap to Boost Cross-Border Payments Between Africa and Asia

Fincra Partners with Reap to Boost Cross-Border Payments Between Africa and Asia

Cross-border payments have always been a challenge for African businesses, with high costs and long transaction times limiting growth. Now, Fincra, a leading African payments infrastructure provider, has announced a new partnership with Reap, a global fintech company known for its blockchain-powered business accounts.

This collaboration, sealed through a Memorandum of Understanding (MoU), marks Reap’s first entry into Africa and aims to create better financial connections between Africa and Asia.

Why This Partnership Matters

The partnership brings together two unique strengths:

• Reap’s blockchain and stablecoin-powered infrastructure for cards and international payments.
  
• Fincra’s deep local expertise in payment rails across Africa.
  

By working together, the two companies plan to launch new financial products such as Card-as-a-Service (CaaS) platforms and programmable spending solutions that will serve African fintechs and small businesses.

Tackling the Cost of Remittances

One of the biggest problems in Africa is the high cost of sending money across borders. Sub-Saharan Africa is currently the most expensive region in the world for remittances, with average fees of 8.37% as of mid-2024.

This is where stablecoins come in. They offer:

• Lower fees compared to traditional banking systems
  
• Faster transfers that settle almost instantly
  
• Better accessibility for mobile-first users across the continent
  

It’s no surprise that Africa now accounts for 43% of global crypto transactions, showing strong demand for alternatives like stablecoins.

Starting with Nigeria, Expanding Across Africa

Nigeria will be the first launch market for this partnership. From there, Fincra and Reap plan to expand their services to more African countries, creating stronger financial bridges across the Africa-Asia corridor.

For African businesses, this means easier access to global-ready payment tools that are flexible, affordable, and built for international trade.

TechCity