Saudi Arabian fintech company Spare has unveiled a new cross-border open finance payments platform designed to facilitate real-time global transactions. The announcement, made on April 28, 2026, introduces a service that allows financial institutions to connect via a single application programming interface (API) to process instant payments across different countries and currencies.

The platform, built on an open finance architecture, seeks to bypass traditional correspondent banking networks, which are often slower and more costly. Spare stated that its system is designed to integrate directly with local payment schemes and real-time payment rails around the world, aiming to reduce settlement times from days to seconds for participating banks and financial service providers.

Spare's launch coincides with a period of intensified activity in Africa's cross-border payments sector, where multiple companies are expanding their reach and capabilities. In a separate development, Nigerian payments processor NGPES announced an extension of its service coverage, enabling euro-based transfers and payments that can be received in 20 different African currencies, according to a report by Businessday NG.

Other players are also making significant moves. Remittance firm LemFi has committed £100 million to a global expansion plan, with a focus on strengthening financial access for users across Africa and in other regions, the Ghana News Agency reported. Meanwhile, in South Africa, banking group Absa partnered with global payments network Thunes to launch Absa Global Pay, a service aimed at streamlining cross-border remittances for its customers.

The collective push by these firms highlights a broader industry trend toward addressing the long-standing friction and high costs associated with moving money across African borders and between Africa and the rest of the world. Regulatory efforts, such as the Pan-African Payment and Settlement System (PAPSS) promoted by the African Continental Free Trade Area (AfCFTA), aim to create a unified framework, but commercial fintech solutions are rapidly emerging to fill immediate market gaps.

Spare, which was founded in 2019, initially focused on providing open banking infrastructure in the Middle East. The company's pivot into cross-border payments represents a strategic expansion of its core technology. The new platform's success will likely depend on its ability to secure partnerships with a critical mass of financial institutions and to navigate the complex web of national regulations governing foreign exchange and international fund transfers.

Industry observers note that while the promise of real-time, low-cost cross-border payments is powerful, the landscape remains fragmented. The effectiveness of any single platform will be measured by its network reach, its reliability in settling transactions, and its compliance robustness across multiple jurisdictions. As competition increases, the focus for companies like Spare will be on execution and building trust with both institutional partners and end-users.