The regulatory approval allows the Nairobi-founded company to provide a range of financial services in Canada through a newly established subsidiary. These services include foreign exchange transactions, money transfers, and payment processing, while also granting the fintech authority to facilitate virtual currency and digital asset transactions under Canada's regulatory framework.
The licence marks WapiPay's first regulated operational base in North America, significantly broadening a global payments network that already spans Africa, Asia, the United Kingdom, and the Caribbean. The move reflects the company's ambition to become a key player in international payments infrastructure connecting emerging and developed markets.
Speaking on the milestone, WapiPay co-founder and Chief Executive Officer Edward Ndichu described the approval as a transformative moment for the company.
“Securing a footprint in North America through obtaining a Money Services Business licence is a massive milestone for WapiPay,” Ndichu told TechCabal on Saturday.
“By pairing traditional fiat payment capabilities with virtual currencies and digital assets under a robust Canadian regulatory framework, we are building the next generation of global financial rails.”
Strengthening Global Payment Connectivity
WapiPay's expansion comes at a time when African fintech companies are increasingly pursuing licences and regulatory approvals across multiple jurisdictions to improve cross-border payment services. The strategy is aimed at addressing long-standing inefficiencies in global money transfers, particularly between developed economies and emerging markets where correspondent banking systems remain expensive and fragmented.
The opportunity is significant. According to World Bank data, sending $200 to Sub-Saharan Africa costs an average of approximately 7.7% of the transfer value, making it the most expensive remittance destination globally. The figure remains well above the United Nations Sustainable Development Goal target of reducing remittance costs to 3%, creating room for fintech firms offering faster, more affordable alternatives.
For WapiPay, Canada represents another strategic link in a growing international network designed to simplify trade and financial flows across continents.
Building Momentum Beyond Africa and Asia
The North American expansion follows a series of regulatory and business milestones achieved by the fintech over the past year. In April, WapiPay received approval to launch operations in Jamaica, positioning the Caribbean nation as a strategic gateway for remittances and trade transactions connecting Africa, Asia, and the Caribbean region.
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| WapiPay co-founder Eddie (left) and Paul. Image source: WapiPay |
More recently, however, the fintech has begun expanding beyond payments into broader financial services.
In February, the company introduced a remittance-based credit-scoring platform aimed at helping Kenyan banks evaluate borrowers who lack traditional credit histories. The platform leverages diaspora remittance data to create alternative credit profiles, potentially unlocking access to financing for thousands of individuals and small businesses that remain underserved by conventional lending systems.
By converting remittance flows into actionable financial data, WapiPay hopes to help financial institutions make more informed lending decisions while increasing financial inclusion.
The latest Canadian licence signals that the fintech's ambitions extend well beyond its original Africa-Asia corridor. With regulated operations now stretching across multiple continents, WapiPay is positioning itself to play a larger role in the evolving global payments ecosystem, where demand for faster, cheaper, and more transparent cross-border transactions continues to grow.