Kenyan cross-border fintech WapiPay enters Canada with money services licence

Edward Ndichu, co-founder and CEO of Nairobi-founded WapiPay, a Kenyan cross-border payments fintech, sat down with TechCabal on Saturday, his voice beaming with pride as he shared the news of the company's latest milestone, securing a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The licence, a crucial stepping stone for WapiPay's global ambitions, will enable the company to offer foreign exchange, money transfer, and payment services in Canada through a newly established subsidiary.

The FINTRAC licence is more than just a regulatory approval; it's evidence of WapiPay's unwavering commitment to building a robust and secure financial ecosystem that connects the dots between traditional fiat payment capabilities and the rapidly evolving world of virtual currencies and digital assets. This is a monumental achievement for WapiPay, one that underscores the company's resolve to bridge the financial divide between developed markets and emerging economies. As Ndichu aptly puts it, "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."

African fintech startups, like WapiPay, are increasingly seeking regulatory licences across multiple jurisdictions to facilitate faster and more cost-effective cross-border payments. The World Bank estimates that sending $200 to Sub-Saharan Africa incurs an average cost of about 7.7% of the transaction value, making it the world's most expensive remittance corridor. This staggering figure far exceeds the UN Sustainable Development Goal target of 3%, creating a substantial market for fintechs promising to revolutionize settlement processes. WapiPay's entry into the North American market is part of its broader global expansion, which has seen the company secure regulatory approval to launch in Jamaica earlier this year.

In April, WapiPay secured regulatory approval to launch in Jamaica, leveraging the Caribbean nation as a gateway for remittance and trade flows between Africa, Asia, and the Caribbean. Founded in 2019 by twins Eddie Ndichu and Paul Ndichu, WapiPay initially focused on facilitating payments between Africa and Asia, targeting traders and small businesses moving goods across those corridors. However, in recent months, the company has begun to push deeper into the financial services that sit atop those transactions, including the launch of a remittance-based credit-scoring platform designed to help Kenyan banks assess borrowers with little or no formal credit history.

The FINTRAC licence marks a significant milestone for WapiPay as it expands its footprint in North America. This development underscores the company's commitment to creating a seamless and efficient financial ecosystem that connects the world. As Ndichu notes, "Securing a footprint in North America through obtaining a Money Services Business licence is a massive milestone for WapiPay." With this regulatory approval, WapiPay is poised to revolutionize the cross-border payments landscape, making it easier and more cost-effective for individuals and businesses to send and receive money across borders.

• 2026: WapiPay secures a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
• April 2026: WapiPay secures regulatory approval to launch in Jamaica
• February 2026: WapiPay launches a remittance-based credit-scoring platform designed to help Kenyan banks assess borrowers with little or no formal credit history
• 2019: WapiPay founded by twins Eddie Ndichu and Paul Ndichu

As I reflect on WapiPay's latest achievement, I am reminded of the power of fintech to bridge the financial divide between developed markets and emerging economies. The company's unwavering commitment to creating a robust and secure financial ecosystem is evidence of the potential of African fintech startups to revolutionize the global payments landscape. With the FINTRAC licence in place, WapiPay is poised to take its place as a leader in the cross-border payments space, making it easier and more cost-effective for individuals and businesses to send and receive money across borders.