Kenyan Fintech WapiPay Launches in Canada, Cuts Costs

Sending money home to family in Africa just got easier and cheaper, thanks to a Kenyan startup now operating in Canada.

WapiPay, a cross-border payments company founded in Nairobi, secured a Money Services Business licence from Canadian regulators this month. The approval marks the fintech's first regulated entry into North America and extends its reach across four continents.

The company can now offer money transfers, foreign exchange, and digital currency services through a new Canadian subsidiary. For the millions of people sending money between North America and Africa, this means more options and potentially lower fees.

Right now, sending $200 to Sub-Saharan Africa costs about $15 in fees, roughly 7.7% of the total amount. That's more than double the United Nations' target rate of 3% and makes Africa the world's most expensive place to send money.

Twin brothers Eddie and Paul Ndichu founded WapiPay in 2019 to help small businesses and traders move money between Africa and Asia. What started as a regional solution has grown into a global network spanning Africa, Asia, the UK, the Caribbean, and now Canada.

"Securing a footprint in North America is a massive milestone for WapiPay," CEO Edward Ndichu said. The company is building what he calls "the next generation of global financial rails" by combining traditional money transfers with digital currencies under Canadian regulation.

The Ripple Effect

WapiPay's expansion reflects a broader shift in how money moves around the world. African fintech companies are securing licences in multiple countries to create faster, cheaper alternatives to traditional banks that often charge high fees for international transfers.

The company isn't stopping at transfers either. In February, WapiPay launched a platform that helps Kenyan banks use remittance histories to assess creditworthiness. This turns the billions of dollars flowing into Africa each year into something more valuable: proof that borrowers can repay loans, even without traditional credit scores.

In April, the company entered Jamaica as a gateway for money moving between Africa, Asia, and the Caribbean. Each new market adds another connection point, making the whole network more useful for everyone.

For families separated by oceans, every percentage point in fees matters. Lower costs mean more money reaches loved ones, more capital flows to small businesses, and more people gain access to financial services previously out of reach.