Kenyan remittance firm WapiPay has obtained regulatory clearance to begin operations in Jamaica, signalling its move into the Caribbean and a bid to enter one of the world’s most remittance-dependent regions.
The Nairobi-based cross-border payments company will be able to start operations through a collaboration with JN Money Services Limited (JNMS), a Jamaican payments services company, according to the Bank of Jamaica’s approval.
Through the agreement, WapiPay will be able to conduct trade-linked payments as well as diaspora remittances between Africa, Asia and the Caribbean.
As the first Kenyan fintech to enter the Caribbean, the Jamaican entry might put WapiPay in a competitive area of global finance that facilitates money flows into small and open economies in emerging countries and signifies a trend toward South-South payment corridors.
Paul Ndichu, a co-founder of WapiPay, said on Wednesday, “Our entry into the Jamaican market reinforces our commitment to regulatory excellence and building a robust financial infrastructure that connects the Global South.”
Remittances, which go into household spending, foreign exchange reserves and small and medium-sized businesses (SMEs), sustain the Caribbean’s financial system. Remittances make about 15% of Jamaica’s GDP, making it the leader in the area.
The United States, the United Kingdom and Canada accounted for 68% of the $2.5 billion in net inflows in 2025, a 4% rise from the previous year. The strategy that WapiPay has been honing closer to home—which views remittances as financial infrastructure—is the foundation for its entry into Jamaica.
The organisation, which was founded in 2019 by Eddie and Paul Ndichu, initially targeted traders and small enterprises who were transporting items between Africa and Asia. However, it has also started to delve farther into the financial services that underpin those transactions in recent months.
In order to assist Kenyan financial institutions in using diaspora remittance flows as historical data for lending decisions, WapiPay introduced a credit score tool in February. Millions of households may have more access to loans thanks to the technology, which enables lenders to accept consistent foreign inflows as income—something that previous credit models have mostly disregarded.
In 2025, remittances to Kenya exceeded $5 billion, making them one of the main sources of foreign exchange for the nation. Approximately 80% of the money is used for urgent household expenses like food, rent and tuition fees, and the majority is still seen as consumption support rather than a credit basis.
