African fintech Fincra has partnered with Hong Kong-based Reap to accelerate cross-border transactions between Africa and Asia through stablecoin-enabled payment infrastructure. The collaboration aims to make global transactions faster, cheaper, and more accessible for African businesses, especially SMEs and fintechs. By integrating Reap’s blockchain-based capabilities with Fincra’s local payment rails, the deal represents a milestone for both firms in reshaping the financial corridor linking the two continents.
Partnership Scope
The agreement, formalized through a Memorandum of Understanding (MoU), introduces a framework for building new tools that support financial connectivity. These include Card-as-a-Service (CaaS) offerings, programmable spend controls, and digital-first financial products designed for African enterprises. For Reap, this partnership marks its first strategic alliance in Africa, while Fincra leverages its expanding infrastructure to connect businesses with international markets.
Addressing Africa’s Costly Remittance Challenge
Cross-border payments remain notoriously expensive in Sub-Saharan Africa, with the World Bank reporting an average remittance cost of 8.37% in Q2 2024, the highest worldwide. This has accelerated the adoption of stablecoins across the region, which already accounts for 43% of global crypto transactions. By enabling businesses to bypass traditional banking rails, stablecoins provide a cheaper and faster way to move money, directly addressing a major barrier to trade.
Stablecoin as an Enabler
Kevin Kang, co-founder of Reap, emphasized the role of stablecoins in the partnership. He noted that stablecoin infrastructure offers speed, reliability, and flexibility unavailable in conventional banking systems. With stablecoins being processed instantly and at near-zero cost, the collaboration is set to reshape how businesses in Africa transact with Asian markets.
Strategic Alignment and Expansion Plans
Fincra CEO Wole Ayodele highlighted the importance of cards in unlocking trade and financial flexibility for African businesses. He stressed that the partnership with Reap would allow SMEs across the continent to scale more easily by accessing global payment tools. Emmanuel Babalola, Fincra’s Chief Commercial and Growth Officer, added that the company’s presence in more than 15 African countries positions it to support Reap’s phased expansion strategy across Africa.
Recent Milestones for Fincra
The partnership builds on Fincra’s recent regulatory win in South Africa, where it secured a Third Party Payments Provider (TPPP) license. This approval allows Fincra to process debit and credit card payments, electronic funds transfers, and rapid payments in one of Africa’s most important financial hubs. Combined with its suite of APIs and no-code solutions for collections and payouts, the license strengthens Fincra’s role as a trusted payments infrastructure provider.
Reap’s Global Positioning
Founded in Hong Kong, Reap has positioned itself as a pioneer in integrating stablecoins into mainstream financial services. In 2024, the company processed billions in stablecoin-funded transaction flows, from corporate cards to cross-border settlements. Backed by investors such as Acorn Pacific Ventures and HashKey Capital, Reap employs over 200 people globally and continues to expand its reach into new markets.
Market Impact and Outlook
By combining Reap’s digital rails with Fincra’s African footprint, the partnership is expected to significantly reduce barriers in the Africa–Asia trade corridor. Both companies see the collaboration as a way to empower fintechs, SMEs, and other businesses with tools that facilitate scaling beyond local markets. With Nigeria serving as a launchpad, the partnership could redefine how money moves across the world’s fastest-growing economic regions.
The Fincra–Reap partnership arrives at a critical moment when African businesses are seeking more affordable and efficient global payment solutions. By leveraging stablecoins and digital infrastructure, the collaboration promises to lower costs, speed up settlements, and expand opportunities for trade between Africa and Asia. As both firms deepen their integration, the initiative could become a blueprint for how emerging markets embrace blockchain-enabled finance to bridge global economic divides.