WapiPay, a Nairobi-based remittance startup, has received regulatory approval to begin operations in Jamaica, marking its first move into the Caribbean and a strategic push into one of the world’s most remittance-reliant regions.
The green light from the Bank of Jamaica allows the company to launch through a partnership with JN Money Services Limited (JNMS), a local payments provider. Through this collaboration, WapiPay will facilitate cross-border transfers linking Africa, Asia, and the Caribbean serving both diaspora remittances and trade-related payments.
The expansion places WapiPay in a competitive corner of global finance that underpins money flows into emerging markets. It also signals a broader shift toward South–South payment corridors, as fintechs increasingly connect developing economies directly, rather than routing transactions through traditional Western channels.
“Our entry into Jamaica reinforces our commitment to strong regulatory standards and building financial infrastructure that connects the Global South,” co-founder Paul Ndichu said.
Remittances remain a critical pillar of the Caribbean’s financial system, supporting household consumption, boosting foreign exchange reserves, and sustaining small businesses. Jamaica stands out as one of the region’s most dependent economies, with remittance inflows accounting for about 15% of its GDP.
In 2025, the country recorded $2.5 billion in remittance inflows, reflecting steady growth and underscoring the scale of opportunity for new entrants like WapiPay. A large share of these funds originates from diaspora communities in the United States, the United Kingdom, and Canada.
WapiPay’s move into Jamaica builds on a model it has been refining across Africa and Asia, one that positions remittances not just as transfers, but as a form of financial infrastructure.
Founded in 2019 by twin brothers Eddie and Paul Ndichu, the company initially focused on enabling payments for traders and small businesses operating across Africa–Asia corridors. More recently, it has begun expanding into financial services layered on top of these transactions.
Earlier this year, WapiPay introduced a credit scoring tool designed to help Kenyan lenders factor diaspora remittance inflows into lending decisions. By treating consistent transfers from abroad as a form of income, the tool aims to unlock access to credit for millions of households that have traditionally been excluded by conventional models.
That approach could prove significant in markets like Kenya, where remittances exceeded $5 billion in 2025 and remain one of the country’s largest sources of foreign exchange. Despite their scale, most of these inflows are still directed toward immediate household needs such as food, rent, and education rather than being leveraged as a foundation for credit access.
