Kenyan Cross-Border Payments Platform Expands to North America

WapiPay, a Nairobi-based fintech specializing in cross-border payments, has established its first regulated operational hub in North America with the acquisition of a Money Services Business (MSB) license from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

The license allows WapiPay to provide foreign exchange services, money transfers, and payment solutions across Canada while also enabling transactions involving virtual currencies and digital assets. This marks a significant milestone in the company’s global expansion strategy, extending its network beyond Africa, Asia, the UK, and the Caribbean.

“Securing a footprint in North America through obtaining a Money Services Business license 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 Canadian regulatory framework, we are building the next generation of global financial rails.”

Addressing High Remittance Costs

The expansion comes amid growing efforts by African fintechs to obtain multiple licenses globally in response to high cross-border transaction costs. According to the World Bank, sending $200 to Sub-Saharan Africa averages 7.7% of the transaction value—the world’s most expensive remittance corridor and far exceeding international targets.

The North American entry is part of WapiPay’s broader global strategy that included launching in Jamaica earlier this year as a gateway for 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. The company has since expanded into financial services built on top of these payment flows—including a remittance-based credit scoring platform launched in February that helps Kenyan banks assess potential borrowers using diaspora remittances.