Summary
- Small businesses are the lifeblood of Africa’s economic development, contributing over 50% of GDP and employing around 60% of the workforce, yet less than 50% of people above the age of 15 have a bank account.
- Mercy Corps partnered with REasy to pilot a stablecoin-based cross-border payment system for nearly 1,000 merchants in Cameroon. The program facilitated over $5.1 million in transactions, enabling merchants to pay suppliers for goods while dramatically reducing costs and transaction times.
- The initiative achieved a 74% reduction in transaction costs (from 20% to 5.3%) and delivered payments in under 1 day compared to traditionally used methods that could take weeks, putting $16,200 in average savings back into each merchant’s pocket over the six-month pilot.
- Stablecoin rails provided 100% transaction traceability and eliminated dangerous intermediaries, reducing counterparty risks.
- With 85% of participants wanting to continue using the platform, the pilot demonstrates how stablecoins can increase financial inclusion for underbanked African micro-merchants typically excluded from formal international payment systems.
- Read the full report.
Understanding the real-world impacts of emerging technology is critical to ensure their benefits are broadly shared and to shape responsible policy and industry practices. Mercy Corps Ventures’ Crypto for Good Fund and the Crypto Council for Innovation partnered to produce evidence-based reports on Web3 pilot projects in emerging economies. These reports showcase the pilots’ impact after deployment and seek to understand the economic, social, and environmental effects at the individual and community level.
Empowering African MSMEs Through Financial Innovation
Micro, Small, and Medium Enterprises (MSMEs) are the lifeblood of Africa’s economic development, contributing over 50% of GDP and employing around 60% of the workforce. However, the majority operate in the informal sector without access to traditional banking systems. Less than 50% of people above the age of 15 have a bank account, and less than 20% have a bank account capable of handling international transactions.
Despite these limitations, African MSMEs are increasingly integrated into global supply chains, with Asia accounting for over 40% of both Africa’s exports and imports. Yet the current financial infrastructure’s general exclusion of MSMEs has forced many into informal channels referred to as “the black market,” where opaque intermediaries charge exorbitant fees — up to 20% per transaction — significantly eroding already tight margins.
The REasy pilot leveraged stablecoin technology to address these challenges. Working in partnership with Mercy Corps Ventures, REasy provided micro-merchants in Cameroon with a new way to pay suppliers in China using stablecoin rails that delivered quicker, cheaper, and more reliable transactions.
Through the pilot, 913 merchants (27% women) were onboarded to the REasy platform. Merchants could top up their accounts locally using mobile money, bank transfers, or cash deposits accepted in person by REasy agents. They could then send stablecoin-powered payments that settled almost instantly to suppliers via familiar platforms like Alipay and WeChat Pay.
According to the report, over six months in early 2025, this pilot processed over €4.3M (~$5.1M USD) in transactions. Surveys and interviews indicate that REasy delivered faster access to payments, improved delivery times for goods, and strengthened merchants’ working capital. 32% of merchants made repeat transactions, while 85% users want to continue using the platform, indicating a high degree of trust and value.
The use of blockchain rails enabled:
- Dramatic cost reductions from 20% down to 5.3%, saving merchants a total of $738,000 over the pilot period
- Near-instant settlement directly to suppliers’ preferred payment methods, eliminating lengthy delays and uncertainty
- Enhanced transparency that reduces the risk profile for international suppliers who fear account freezing from informal transfers sent via the “black market”
- Increased financial access for merchants typically excluded from formal banking and international payment systems, with 88% reporting improved financial access
Impact on Merchant Livelihoods
The results were transformative for participating merchants:
- 64% reported increased income as lower costs and faster deliveries improved their business operations
- 73% saw enhanced ability to purchase goods, with improved working capital allowing more frequent orders
- 100% experienced faster delivery times, with half reporting gains of 2-5 days (one business week)
- 65% felt more prepared for climate shocks, as improved financial access increased resilience
Beyond financial metrics, merchants valued the security and autonomy the platform provided. Many described “nightmare” scenarios with black market agents where they had no visibility into payment timelines or delivery routes for money, creating anxiety about managing supplier relationships. REasy’s transparent, traceable payments eliminated these concerns.
Call to Action
This pilot demonstrates how stablecoin infrastructure can address persistent gaps in cross-border payments for underserved MSMEs – particularly in regions where informal payment networks dominate. In these contexts, new financial rails can not only reduce costs dramatically but also increase transparency, speed, and access to international commerce.
Building on these results, REasy plans to expand its offerings to merchants in other African countries and to suppliers in additional Asian countries beyond China. The vision is to become the ideal partner for importers from all emerging markets, with initial expansion focused on French-speaking African nations.
The partnership between Mercy Corps Ventures and CCI is committed to documenting these innovations and their effectiveness in creating economic opportunities for underserved populations while demonstrating responsible use cases for blockchain technology. As the landscape for digital financial infrastructure matures, collaboration with technology providers, policymakers, and financial inclusion advocates is critical to responsibly deliver the benefits of blockchain technology worldwide.
More about the Mercy Corps and Crypto Council Partnership
Mercy Corps Ventures has invested $2+ million in seed funding to Web3 pilot projects that address the climate disaster. Its investments focus on projects utilizing Web3 technologies to enhance vital areas such as resource coordination, insurance, and financial services in regions susceptible to climate adversities. The goal is to not only counteract the effects of climate change but also to foster sustainable development and improve the economic conditions of these communities. By integrating blockchain technology, these initiatives can achieve greater transparency, reduce corruption and inefficiency, and provide more direct support to those in need.
The Crypto Council for Innovation partnered with Mercy Corps Ventures to document a series of pilot projects, using its global research perspective to examine the real-world impacts and implications for scaling such solutions. These pilots focus on new technology such as Web3 tools that help to build climate resilience for the 3.3B people around the world whose daily lives are vulnerable to climate change.
