WapiPay, a Kenyan financial technology firm, has obtained a Money Services Business license from Canada’s Financial Transactions and Reports Analysis Center, marking its first regulated entry into North America as it scales its global payments network.
The license allows the Nairobi based company to offer foreign exchange, money transfer and payment services in Canada through a local subsidiary, and to handle virtual currency and digital asset transactions.
Chief Executive Officer Edward Ndichu said the approval strengthens WapiPay’s ambition to build global payment infrastructure that integrates traditional currencies with digital assets under established regulatory frameworks.
Founded in 2019 by twin brothers Eddie and Paul Ndichu, WapiPay initially focused on facilitating payments between Africa and Asia, particularly for Kenyan importers paying Chinese suppliers. The company says it processed about $500 million in remittances for more than 1 million users within 18 months of receiving its Kenyan license.
WapiPay’s network now spans Africa, Asia, the United Kingdom and the Caribbean. Its entry into Canada follows recent expansion moves including a partnership with JN Money Services in Jamaica and the rollout of a remittance based credit scoring tool earlier this year.
The credit scoring product analyzes transaction patterns such as frequency, size and consistency of remittance inflows to generate borrower profiles that can be integrated into bank lending systems. The company says the tool is designed to unlock access to credit for users without formal financial histories.
Remittances to Kenya exceeded $5 billion in 2025, underscoring their role as a key source of foreign exchange. However, the majority of these flows are used for immediate household consumption and are rarely incorporated into formal credit assessment systems.
WapiPay is targeting the high cost of sending money to sub Saharan Africa, where fees average about 7.7% for a $200 transfer, according to World Bank data, significantly above the United Nations target of 3%.
The Canadian authorization also positions the company to participate in the growing use of digital assets, including stablecoins, in cross border settlement.
WapiPay said it plans to pursue additional licenses and partnerships as it expands its international payments infrastructure.