NAIROBI
WapiPay, a fintech company founded in Nairobi, Kenya, has expanded into North America after receiving a Money Services Business license from Canada’s Financial Transactions and Reports Analysis Center (FINTRAC).
With the license, WapiPay can now offer foreign exchange, money transfer, and payment services in Canada through its new subsidiary. The approval also allows the company to handle virtual currency and digital asset transactions.
“Securing a footprint in North America through obtaining a Money Services Business license is a massive milestone for WapiPay,” co-founder and Chief Executive Officer 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,” he added.
Founded by Kenyan Twins
WapiPay was founded in 2019 by twin brothers Eddie and Paul Ndichu.
The company initially focused on facilitating payments between Africa and Asia, targeting Kenyan importers paying Chinese suppliers through what it described as a slow and expensive banking system.
In its first 18 months after receiving its Kenyan license, WapiPay processed $500 million in remittances for more than 1 million customers.
The company’s payment network now spans Africa, Asia, the United Kingdom and the Caribbean. Canada marks the opening of its first regulated operational hub in North America.
The Canadian license is the latest in a series of regulatory and product developments.
In February, WapiPay launched a Remittance Credit Score tool designed to help Kenyan banks use diaspora remittance flows to assess borrowers with no formal credit history.
In April, it entered Jamaica through a partnership with JN Money Services, opening Africa-Asia-Caribbean payment corridors.
Canada is the company’s third regulated market expansion in four months.
Turning Remittances Into Credit
The Remittance Credit Score is built on positive financial behavior rather than traditional models that rely primarily on defaults and missed payments.
The AI-enabled tool converts transaction histories, including payment frequency, size and long-term stability, into a credit rating that can be integrated into banks’ loan systems.
The company said the tool could enable remittance-dependent borrowers to qualify for personal loans, small-business credit and asset financing.
Remittances to Kenya crossed $5 billion in 2025 for the first time, making them one of the country’s largest sources of foreign exchange.
About 80% of those inflows go toward immediate household needs such as food, rent and school fees. Most are still treated as consumption support rather than a basis for credit.
According to the World Bank, sending $200 to sub-Saharan Africa costs an average of about 7.7% of the transaction value, making it the world’s most expensive remittance corridor and well above the U.N. Sustainable Development Goal target of 3%.
WapiPay’s expansion into regulated markets across North America and the Caribbean is aimed at reducing those costs for Kenyan and African diaspora communities.
The Canadian license also covers virtual currency and digital asset transactions, positioning WapiPay for a payments landscape in which stablecoins could become a standard settlement layer.
The company said further market expansions are planned as it continues building out its global payments infrastructure.
