WapiPay has expanded its regulated payments network into Canada after securing Money Services Business (MSB) registration from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).
The approval allows the Kenyan cross-border payments company to offer foreign exchange, money transfer, and payment services through a Canadian subsidiary, while also covering virtual currency transactions under Canada’s regulatory framework.
For WapiPay, the licence is more than a foothold in a new market. It provides direct access to one of the world’s major financial hubs and reflects a broader shift among African fintechs seeking greater control over how money moves across borders.
Rather than relying solely on correspondent banking relationships, a growing number of startups are pursuing regulatory approvals in multiple jurisdictions to build their own cross-border infrastructure.
Founded in 2019, WapiPay initially focused on payment flows between Africa and Asia, serving merchants and businesses engaged in international trade.
Its move into Canada follows an expansion into Jamaica earlier this year, adding another piece to a network that now stretches across Africa, Asia, the Caribbean, the United Kingdom, and North America.
The company’s expansion strategy appears centred on building regulated payment corridors that connect high-demand trade and remittance markets.
In cross-border payments, growth is often determined less by the number of countries served and more by the strength and efficiency of the routes linking them. Each new licence adds another layer of connectivity and reduces dependence on third-party intermediaries.
The opportunity remains substantial. According to World Bank estimates, sending money to Sub-Saharan Africa continues to rank among the most expensive remittance transactions globally.
Those costs have created space for fintech firms promising faster settlement, lower fees, and greater transparency than traditional banking channels.
WapiPay is betting that a combination of conventional payment rails and digital asset capabilities can help close that gap.
Operating within established regulatory frameworks allows the company to offer newer forms of payment infrastructure while meeting compliance requirements that businesses increasingly demand.
The broader significance may lie in how African fintech ambitions are evolving. A few years ago, many cross-border startups focused on integrating with existing global payment networks.
Increasingly, they are building the infrastructure themselves, securing licences market by market and assembling their own settlement networks along the way.
That strategy requires more capital, more regulatory engagement, and more patience than simply connecting to existing rails. But it also offers greater control over settlement, pricing, and expansion.
With cross-border commerce becoming more digital and regulators place greater emphasis on compliance, companies that own more of their infrastructure could find themselves in a stronger position than those that continue to rely heavily on third-party networks.
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