WapiPay Enters North American Market with Money Services Business Licence

Nairobi-based fintech startup, WapiPay, has secured a significant milestone in its global expansion by obtaining a Money Services Business (MSB) licence from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). This regulatory approval marks the company’s entry into the North American market and establishes its first operational hub outside of Africa, extending its payment network to include Canada alongside existing presences in Africa, Asia, the UK, and the Caribbean.

The MSB licence allows WapiPay to offer a comprehensive suite of financial services including foreign exchange, money transfers, and payments. Notably, it also grants approval to handle virtual currency and digital asset transactions through its newly established Canadian subsidiary.

“Securing a footprint in North America through obtaining a Money Services Business licence is a massive milestone for WapiPay,” said co-founder and CEO Edward Ndichu. “By pairing traditional fiat payment capabilities with virtual currencies under a robust regulatory framework, we are building the next generation of global financial rails.”

Addressing High Remittance Costs

WapiPay’s expansion aims to address persistent challenges in cross-border payments, particularly between developed and emerging economies. According to World Bank data, sending $200 to Sub-Saharan Africa costs an average of 7.7%—the world’s most expensive remittance corridor and far exceeding the UN Sustainable Development Goal target of 3%. This creates a substantial market for fintech solutions that promise faster and cheaper settlement options.

The North American entry complements WapiPay’s broader strategy of securing regulatory approvals across multiple jurisdictions to facilitate more efficient international payments. In April, the company received approval to launch in Jamaica, positioning it as a gateway for remittance and trade flows between Africa, Asia, and the Caribbean.

From Trade Payments to Financial Services

Founded in 2019 by twins Eddie and Paul Ndichu, WapiPay initially focused on facilitating payments between Africa and Asia for traders and small businesses. However, it has since expanded into broader financial services including a remittance-based credit-scoring platform launched in February that enables Kenyan banks to assess borrowers using diaspora remittances—a potential solution for individuals with limited formal credit history.