Kenyan cross-border payments fintech WapiPay has entered the North American market after securing a Money Services Business licence from Canada’s financial intelligence agency, marking a significant milestone in the company’s global expansion strategy.
The licence, granted by the Financial Transactions and Reports Analysis Centre of Canada, authorises the company to offer foreign exchange, money transfer, and payment services through a newly established Canadian subsidiary, while also providing regulatory approval to handle virtual currency and digital asset transactions.
Brandspur Banking News Desk understands that the regulatory approval positions WapiPay to serve the growing demand for cross-border payment solutions between Africa and North America, particularly targeting the Kenyan diaspora community in Canada and broader African immigrant populations.
The fintech’s expansion into Canada follows increasing interest from African payment companies in establishing regulated presences in developed markets, where diaspora remittance flows represent a significant and growing revenue opportunity.
WapiPay’s new Canadian operations will provide money transfer services that facilitate seamless cross-border payments, enabling customers to send funds between Africa and North America with improved speed and transparency compared to traditional banking channels.
The company’s ability to handle virtual currency and digital asset transactions under the FINTRAC licence places it at the forefront of African fintechs offering comprehensive digital payment solutions across international borders.
The Canadian market has emerged as an attractive destination for African fintech expansion due to its significant immigrant population and well-regulated financial services environment that provides clarity for compliance-focused operators.
WapiPay’s entry into North America comes as African fintech companies increasingly seek to build bridges between the continent and global financial systems, capitalising on the substantial remittance corridors that connect African diasporas with their home countries.
