Fincra, a payments infrastructure provider for businesses in and beyond Africa, has partnered with Reap, a global stablecoin-enabled infrastructure provider, to expand card services and cross-border transactions for businesses across Africa and Asia. The partnership will see both firms develop Card-as-a-Service offerings, programmable spend controls, and new financial tools for African fintechs and SMEs.
Marking Reap’s first strategic alliance in Africa, this deal combines Fincra’s local payment infrastructure with Reap’s stablecoin-enabled rails to speed up the payments corridor between Africa and Asia.
“Stablecoin rails are something we are trying to leverage on because they provide more speed, reliability, and capabilities where the traditional banking rails don’t,” said Kevin Kang, Reap’s co-founder.
Sub-Saharan Africa has become a global leader in stablecoin adoption, accounting for 43% of all transactions in 2024. At the same time, moving money in and out of Africa is expensive. In the second quarter of 2024, the World Bank put Sub-Saharan Africa’s average cost of remittances at 8.37%, the highest in the world. Stablecoins are starting to change that dynamic, giving businesses alternatives that move faster and cheaper.
“This collaboration will give African businesses across the continent the flexibility to spend and scale with ease,” Wole Ayodele, CEO, Fincra, added
The partnership comes four months after Fincra obtained a Third Party Payments Provider (TPPP) licence in South Africa, which will allow the company to process key local payment methods, including debit and credit card transactions, electronic funds transfers (EFTs), and rapid payments.
As Reap grows its stablecoin-enabled services, Fincra will support with the infrastructure needed to connect local businesses to global markets. Reap plans to expand across Africa, starting with the market with the most demand.
“Fincra is in over 15 countries in Africa. If this works, we will expand across all jurisdictions there,” said Emmanuel Babalola, the company’s Chief Commercial and Growth Officer.
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