WapiPay Obtains Canadian Licence to Offer Financial Services
WapiPay has received a Money Services Business licence from Canada's FINTRAC, enabling it to operate a subsidiary in Canada offering foreign exchange, money transfer, payment services, and permission to handle virtual currency and digital asset transactions. This marks its first licensed presence in North America.
WapiPay has been granted a Money Services Business licence by Canada's Financial Transactions and Reports Analysis Centre (FINTRAC), allowing it to operate a subsidiary in Canada that provides foreign exchange, money transfer, and payment services. The licence also permits the company to handle virtual currency and digital asset transactions through this subsidiary. This approval represents WapiPay’s first licensed operating presence in North America. The company, founded in 2019 by Edward N. and Paul Ndichu, initially focused on payment flows between Africa and Asia and now has operations and partnerships across Africa, Asia, the UK, and the Caribbean. Earlier this year, WapiPay launched a remittance-based credit scoring product for Kenyan banks. According to bhluemountain.com, Edward Ndichu, co-founder and CEO of WapiPay, said securing a footprint in North America through obtaining a Money Services Business licence is a significant achievement.
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