Kenyan Payments Startup WapiPay Expands Into Canada After Securing Regulatory Approval

Kenyan Payments Startup WapiPay Expands Into Canada After Securing Regulatory Approval

Kenyan financial technology company WapiPay has taken a major step into the North American market after receiving a Money Services Business (MSB) licence from Canada’s financial intelligence regulator, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The approval allows the Nairobi-based company to offer services including international money transfers, foreign exchange transactions, and payment processing through its newly established Canadian subsidiary.

It also grants the fintech authority to facilitate virtual currency and digital asset transactions within Canada’s regulated financial system.

The move marks WapiPay’s first operational base in North America and strengthens its growing international footprint, which already spans Africa, Asia, the United Kingdom, and the Caribbean.

Speaking on the development, co-founder and Chief Executive Officer Edward Ndichu described the licence as a significant milestone in the company’s global growth journey.

He said the Canadian approval would enable WapiPay to combine traditional payment services with emerging digital asset solutions while operating within a trusted regulatory framework.

Founded in 2019 by twin brothers Edward and Paul Ndichu, WapiPay initially built its business around simplifying payments between African and Asian markets, particularly for traders and small businesses engaged in cross-border commerce.

The company’s expansion into Canada comes at a time when African fintech firms are increasingly seeking regulatory approvals in key international markets to improve the speed and affordability of global payments.

Cross-border transfers to Sub-Saharan Africa remain among the most expensive in the world. World Bank data shows that sending money to the region continues to attract high transaction costs, creating opportunities for fintech firms offering faster and more affordable alternatives.

Canada is the latest addition to WapiPay’s growing list of international markets.

Earlier this year, the company entered Jamaica after receiving regulatory clearance, positioning the Caribbean nation as a strategic link connecting trade and remittance flows between Africa, Asia, and the Caribbean.

Beyond payments, WapiPay has also expanded into financial services. In February, the fintech introduced a remittance-based credit assessment platform aimed at helping Kenyan banks evaluate borrowers who have limited formal credit histories by leveraging diaspora remittance data.

The initiative seeks to unlock greater access to credit for individuals traditionally excluded from conventional lending systems.