WapiPay Secures Canadian Licence as It Expands Beyond Africa and Asia

WapiPay has added Canada to its growing list of markets after obtaining a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The licence allows the Kenyan fintech to offer money transfer, foreign exchange and payment services in Canada through a newly established subsidiary. It also covers transactions involving virtual currencies and digital assets. For the Nairobi founded company, the approval marks its first regulated operation in North America.

Expanding Its Global Reach

Founded in 2019 by twins Eddie and Paul Ndichu, WapiPay built its business around helping companies move money between Africa and Asia. The platform mainly serves traders and businesses that need an easier way to pay suppliers and settle cross border transactions. Canada is the latest step in the company’s international expansion. It follows WapiPay’s entry into Jamaica earlier this year. The company received approval there to support trade and remittance flows between Africa, Asia and the Caribbean. “We are building the next generation of global financial rails,” co founder and CEO Eddie Ndichu said following the approval. The move comes as many fintech companies look beyond their home markets for larger payment corridors. Cross border transfers into Africa remain expensive, especially remittances. According to World Bank figures, sending money to Sub-Saharan Africa costs significantly more than the global average. This creates an opportunity for companies that can reduce costs and speed up transactions.

Moving Beyond Payments

WapiPay has also started expanding into other financial services. In February, it launched a platform that uses remittance histories to help Kenyan banks assess loan applicants with little or no formal credit record. Rather than relying only on traditional credit data, the system looks at money received from relatives and family members abroad. This gives lenders another way to evaluate potential borrowers. While the Canadian licence will not transform the company’s business overnight, it gives WapiPay a foothold in one of the world’s largest remittance markets. It also gives the company another route into international payment flows.