Wapi Pay, a leading fintech company in Kenya and Singapore, is proud to announce that it has received an international money transfer and cross-border remittance license from the Central Bank of Kenya. This license will allow Wapi Pay to provide its customers with a fast, secure, and cost-effective way to digitally send and receive money across borders, with a focus on Africa and Asia.
“We are thrilled to have received this license from the Central Bank of Kenya, being the first Fintech to do so” said Eddie Ndichu, CEO of Wapi Pay. “This is a significant achievement for our company and will allow us to expand our products and services to a global audience, through technology, with a particular focus on Africa and Asia.
The narrative for Global Payments and Remittances in Africa has mainly focused on payments into Africa, largely for support and sustenance, Diaspora. For instance, Kenya alone crossed over $5 Billion US Dollars last year on pay-ins. However, we consider the opposite too, payments being made out of Africa and took on a tremendous challenge for our customers and clients doing so.”
Mr. Ndichu goes on to explain the challenges of making payments out of Africa, including sourcing and settlements of hard currencies, depreciation of African currencies, and the compliance burden impacting the success rate of most transactions. “Not to mention how long the transaction takes and the arbitrage in currency exchange making the transaction extremely expensive,” he adds.
Wapi Pay has developed a number of products to address these challenges and is excited to offer them to customers now that it is fully licensed by the CBK. The purpose of pay-outs, largely for goods and services, is about 20 times the amount of diaspora payments, over $100 Billion USD dollars.
“We have quickly realized that we are building the interface layer and the operating system for trade between Africa and Asia,” says Mr. Ndichu. “We are excited about the future and look forward to helping our customers overcome the challenges of cross-border payments and remittances.”
With this license, Wapi Pay will be able to offer Digital Cross Border Remittance, IMT, FOREX, and International Merchant Payments. The company also plans to launch new cross-border features such as mobile wallet top-ups, bill payments, and online cross-border commerce marketplace in the near future.
Wapi Pay is committed to using technology to make financial transactions faster, cheaper, and more accessible for everyone, especially for people in Africa and Asia. Wapi Pay recently at the Singapore Fintech Festival 2022 announced being the First Fintech in Africa to GO LIVE with Tencent Remittance Services (TRS) — WeRemit / Wechat for our Cross Border Payments Services, after almost a year of product, process development, and integration. African corporates, businesses, and individuals can now make mass payments, merchant payments, and person2person payments to Wechat-linked bank accounts across Asia.
For more information about Wapi Pay’s global payments and cross-border remittance services, please visit the Wapi Pay website or contact the company directly.