WapiPay Expands Into North America After Securing Canadian FINTRAC Licence

WapiPay Expands Into North America After Securing Canadian FINTRAC Licence

Kenyan cross-border payments fintech WapiPay has officially entered the North American market after obtaining a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The regulatory approval marks a significant milestone in the company's international expansion strategy, enabling it to provide foreign exchange, money transfer, and payment services in Canada through a newly established subsidiary.

The licence also authorises WapiPay to facilitate virtual currency and digital asset transactions, strengthening its position in the evolving global financial technology landscape.

Speaking on the development, WapiPay Co-founder and Chief Executive Officer, Edward Ndichu, described the approval as a major achievement for the company.

"Securing a footprint in North America through obtaining a Money Services Business licence is a massive milestone for WapiPay," Ndichu said.

He explained that the company intends to combine traditional payment services with digital asset capabilities under Canada's robust regulatory framework to build a more efficient global payments infrastructure.

The expansion gives the Nairobi-based fintech its first regulated operational hub in North America, adding to its growing presence across Africa, Asia, the United Kingdom, and the Caribbean.

Driving Global Growth

WapiPay's move into Canada comes at a time when African fintech companies are increasingly seeking regulatory approvals across multiple jurisdictions to simplify international money transfers and reduce the cost of cross-border payments.

According to World Bank data, sending $200 to Sub-Saharan Africa costs an average of 7.7 percent of the transaction value, making it the most expensive remittance corridor globally and significantly higher than the United Nations Sustainable Development Goal target of 3 percent.

This challenge has created opportunities for fintech firms like WapiPay, which are focused on delivering faster, more affordable, and seamless payment solutions for individuals and businesses.

Expanding Beyond Payments

The North American launch is part of a broader global expansion strategy pursued by the company over the past year.

In April, WapiPay received regulatory approval to begin operations in Jamaica, positioning the Caribbean nation as a strategic hub for remittance and trade transactions connecting Africa, Asia, and the Caribbean region.

Founded in 2019 by twin brothers Eddie Ndichu and Paul Ndichu, WapiPay initially concentrated on facilitating trade payments between Africa and Asia, helping merchants and small businesses conduct cross-border transactions more efficiently.

The company has since broadened its offerings beyond payments. In February, it introduced a remittance-based credit scoring platform designed to help Kenyan banks assess borrowers with limited or no formal credit history using diaspora remittance data.

The initiative aims to transform billions of dollars in annual remittance inflows into valuable financial information that can support lending decisions and improve access to credit.

With its latest expansion into Canada, WapiPay continues to strengthen its position as a global fintech player while advancing its mission to simplify international payments and improve financial inclusion across emerging markets.