Kenyan cross-border payments startup, WapiPay, is expanding into North America after securing a Money Services Business (MSB) licence in Canada, a move that underscores how African fintechs are increasingly pursuing regulated international licences to build global payment infrastructure rather than relying on correspondent banking networks.
The licence, granted by Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC), authorises the company to provide foreign exchange, money transfer, and payment services through a Canadian subsidiary.
It also permits WapiPay to facilitate virtual currency and digital asset transactions under Canada’s regulatory framework.
The approval marks WapiPay’s first regulated operating base in North America extending a network that already spans Africa, Asia, the United Kingdom and the Caribbean. The company said the expansion is designed to combine traditional payment rails with digital asset capabilities as demand grows for faster cross-border settlements.
“Securing a footprint in North America through obtaining a Money Services Business licence is a massive milestone for WapiPay,” Co-Founder and CEO, Edward Ndichu, said.
“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.”
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The move comes as African fintech companies increasingly seek licences in major financial centres to reduce friction in international payments, an area where correspondent banking has historically made transfers slow and expensive. According to World Bank data, sending $200 to Sub-Saharan Africa still costs an average of about 7.7% of the transaction value, making it the world’s most expensive remittance corridor and well above the UN’s 3% target.
Founded in 2019, WapiPay initially focused on facilitating payments between Africa and Asia for merchants and small businesses.
The Canadian expansion follows the company’s entry into Jamaica in early 2026 where it is positioning itself as a gateway for payment flows linking Africa, Asia, and the Caribbean, reflecting a broader strategy of building regulated payment corridors across emerging markets.
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