NAIROBI, June 23 – Kenyan cross border payments company WapiPay has expanded into North America after receiving a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
The licence allows the Nairobi founded fintech to offer foreign exchange, money transfer and payment services through its new Canadian subsidiary. It also gives the company approval to handle virtual currency and digital asset transactions.
The move gives WapiPay its first regulated operating base in North America, adding to its existing network across Africa, Asia, the United Kingdom and the Caribbean.
Chief Executive Officer and co founder Edward Ndichu said the licence marks a major step in the company’s global expansion. He said operating under Canada’s regulatory framework will allow WapiPay to combine traditional payment services with virtual currencies and digital assets as it builds its international payments network.
The expansion comes as more African fintech companies secure licences in overseas markets to make cross border payments faster and more affordable.
According to the World Bank, sending $200 to Sub Saharan Africa costs an average of 7.7% of the transaction value, making it the world’s most expensive remittance corridor and well above the United Nations target of 3%.
Canada is the latest stop in WapiPay’s international expansion. In April, the company received regulatory approval to launch in Jamaica, which it plans to use as a gateway for remittance and trade flows between Africa, Asia and the Caribbean.
Founded in 2019 by twins Eddie and Paul Ndichu, WapiPay initially focused on payments between Africa and Asia for traders and small businesses. Earlier this year, it also introduced a remittance based credit scoring platform to help Kenyan banks assess borrowers with limited or no formal credit history.
