Wapipay, a Kenyan fintech launched as a remittance platform for businesses between African states and Asia, has secured a license from the Central Bank of Nigeria (CBN) to operate in the West African state.
“We are incredibly excited to enter the Nigerian market and broaden our reach in Africa’s largest remittance hub,” said Edward Ndichu, founder and CEO of Wapipay..
Wapipay, already with licenses in Uganda and Kenya, may be looking to tap into Nigeria’s remittances space; the country received $20.5 billion in remittances in 2023, a 2% jump from 2022, representing 38% of remittances received in Sub-Saharan Africa.
The fintech claims to process up to $100 million in global remittances monthly.
Founded in 2019, Wapipay claimed it would streamline B2B payments between Kenya and Asia. The company said it would achieve this by bypassing traditional channels and offering customers flexible delivery options, such as bank-to-bank and wallet-to-wallet, and settlements within 24 hours.
In 2021, the company raised $2.2 million in a round led by Klarna and Nubank. The money was allocated to navigate the often complex and lengthy remittances licensing processes in African markets.
Wapipay’s global footprint includes offices in China, Singapore, and Nairobi, which were opened in August 2024. It is thought to have banking partners in Indonesia, India, Japan, and other key Asian economies.
“Our B2B platform approach has been instrumental in our growth,” Paul Ndichu, Wapipay’s co-founder added. “We are eager to implement this model in Nigeria, supporting all digital remittance service providers and ultimately delivering more efficient, cost-effective transfer solutions to end-users.”
