Fincra and Reap Join Forces on Cross-Border Payments

Cross-border payments remain one of the most stubborn challenges for businesses in Africa. Slow settlement times, high costs, and rigid banking systems have long frustrated entrepreneurs trying to trade across continents. Fincra, a Nigerian fintech focused on payment infrastructure, has decided to tackle this issue head-on by partnering with Reap, a Hong Kong-based fintech known for blockchain-powered business solutions.

The partnership, formalized through a Memorandum of Understanding, aims to modernize the Africa–Asia payment corridor. By combining Fincra’s infrastructure across more than 15 African markets with Reap’s stablecoin-enabled payment rails, the collaboration promises faster, cheaper, and more transparent transactions. This could not come at a better time. Sub-Saharan Africa continues to face the highest global remittance costs, averaging 8.37% as of mid-2024.

Who is Fincra?

Founded in Nigeria, Fincra builds payment infrastructure that powers local and international transactions for businesses of all sizes. Its platform provides APIs that allow fintechs, banks, and enterprises to collect payments, make payouts, and manage cross-border transfers seamlessly. The company has positioned itself as a bridge for African businesses looking to scale globally, with licenses and operations across multiple African countries, including Nigeria and South Africa.

Tools for Businesses

This alliance is not just about moving money. Fincra and Reap are also working on financial products tailored for African fintechs and SMEs. Among the planned solutions are:

• Card-as-a-Service (CaaS): Businesses will be able to issue and manage both virtual and physical cards.

• Programmable Spend Controls: Companies can set spending limits and gain tighter control over operational expenses.

• Stablecoin-Powered Payments: Leveraging blockchain to settle cross-border transactions faster and at lower cost.

These products reflect a broader push to make African businesses globally competitive by giving them access to modern, flexible financial infrastructure. For small and medium enterprises, which often face barriers in accessing international markets, such tools could be transformative.

A Move for Financial Inclusion and Economic Connectivity

Nigeria will serve as the launch market, but both companies plan to extend services across other African countries. Reap, which is making its first strategic move into Africa through this deal, sees the continent as a high-growth market. On Fincra’s side, the partnership builds on momentum from its recent Third Party Payments Provider license in South Africa, which strengthens its ability to operate at scale.

At its core, this partnership is about financial inclusion and economic growth. By reducing transaction costs and enabling businesses to access programmable financial services, Fincra and Reap are laying the groundwork for a more connected trade corridor between Africa and Asia. The implications stretch far beyond remittances. They touch supply chains, e-commerce, and even the ability of African startups to expand into Asian markets with fewer barriers.