WapiPay, a Kenyan remittance startup, has secured regulatory approval to launch in Jamaica, marking its entry into the Caribbean and a push into one of the world’s most remittance-dependent regions.
The Bank of Jamaica’s approval will allow the Nairobi-based cross-border payments company to begin operations through a partnership with JN Money Services Limited (JNMS), a Jamaican payments services company. The deal will enable WapiPay to facilitate transfers between Africa, Asia, and the Caribbean, targeting both diaspora remittances and trade-linked payments.
The Jamaican entry could place WapiPay in a competitive segment of global finance that supports money flows into small and open economies in the emerging markets, marking the first entry by a Kenyan fintech into the Caribbean and signalling a trend towards South-South payment corridors.
“Our entry into the Jamaican market reinforces our commitment to regulatory excellence and building a robust financial infrastructure that connects the Global South,” WapiPay co-founder Paul Ndichu told TechCabal on Wednesday.
A remittance-heavy market
The Caribbean’s financial system is supported by remittances, which flow into household consumption, foreign exchange reserves, and small and medium enterprises (SMEs). Jamaica leads the region, with remittances accounting for 15% of its gross domestic product (GDP).
In 2025, net inflows reached $2.5 billion, a 4% increase from 2025, with 68% coming from the United States, the United Kingdom, and Canada. WapiPay’s expansion into Jamaica builds on a model it has been refining closer to home, one that treats remittances as financial infrastructure.
Founded in 2019 by twins Eddie Ndichu and Paul Ndichu, the company initially focused on facilitating payments between Africa and Asia, targeting traders and small businesses moving goods across those corridors. But in recent months, it has also begun to push deeper into the financial services that sit atop those transactions.
In February, WapiPay launched a credit scoring tool to help Kenyan financial institutions use diaspora remittance flows as historical data for lending decisions. The tool allows lenders to treat regular inflows from abroad as income—something traditional credit models have largely ignored—potentially expanding loan access for millions of households.
Remittances to Kenya crossed $5 billion in 2025, making them one of the country’s largest sources of foreign exchange. Most of that money is still treated as consumption support rather than a credit basis, with about 80% going to immediate household needs such as food, rent, and school fees.
