Wapipay, a leading innovator in the global money transfer sector, has received approval from the Central Bank of Nigeria (CBN) to process inbound remittances into Nigeria.
In a statement, the company said the milestone marks a major advancement in its mission to facilitate seamless international money transfers and solidifies its position as a key player in the global remittance landscape.
Founded in 2019, Wapipay initially focused on outbound remittances from Africa, starting with a successful launch in Kenya and China. The company has since expanded to eight additional Asian countries and now processes up to $100 million in monthly global payments and remittances. Profitable for over two years following its $2.2 million seed raise, Wapipay holds licenses in several African countries.
Nigeria’s status as Africa’s largest remittance market makes this approval particularly impactful. In 2023, Nigeria received approximately $20.5 billion in remittances, a 2% increase from 2022, marking the highest level in four years. This amount represents about 38% of total remittances to Sub-Saharan Africa, highlighting the essential role these funds play in supporting households and driving economic growth.
“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. “This launch is a testament to our continued commitment to innovation and excellence in the money transfer industry.”
“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.”
Wapipay’s innovative platform is designed to streamline the remittance process, reducing costs and increasing transaction speed. By enabling more efficient remittance flows, Wapipay is playing a pivotal role in fostering financial inclusion and economic stability across Africa.
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