WeWire secures Bank of Canada approval, boosting Africa–North America payments
A Ghanaian-founded fintech company has secured regulatory approval in Canada in a move expected to strengthen Africa’s role in global digital payments and deepen financial links between emerging markets and North America.
WeWire, a cross-border payments firm founded by Ghanaian entrepreneurs, has been registered as a Payment Service Provider (PSP) under the Bank of Canada, marking a significant milestone for the country’s growing fintech sector.
The approval, granted under Canada’s Retail Payment Activities Act, allows the company to operate within one of the world’s most tightly regulated financial systems, positioning it to offer faster and more direct international payment services.
Company officials say the licence reduces reliance on multiple intermediaries, a longstanding challenge in cross-border transactions that often leads to delays and higher costs for businesses and individuals. By moving closer to core payment infrastructure, WeWire is expected to facilitate more efficient transfers across markets.
The firm’s Chief Executive Officer, Ebenezer Ghanney, described the development as both a corporate and national milestone, underscoring the ability of Ghanaian-led startups to meet global regulatory standards.
“I am thrilled to share that WeWire has officially been granted a Payment Service Provider license,” he said. “This makes us a registered fintech under the Bank of Canada. It is not just another milestone for our team, but also a direct investment in facilitating fast payments for customers within the markets we operate”.
Founded to address inefficiencies in international payments for African businesses, WeWire says it has already processed more than $3 billion in transactions for over 3,000 businesses across 80 countries.
The Canadian approval is also expected to strengthen payment corridors between Africa and North America, enabling more seamless movement of both traditional currencies and digital assets.
The development follows the company’s recent inclusion in a global digital asset directory by Tether, highlighting its growing visibility within the international fintech ecosystem. Industry data shows that stablecoins accounted for a significant share of Sub-Saharan Africa’s crypto economy in 2024, reflecting increasing adoption of digital financial tools across the region.
WeWire’s Chief Technology Officer, Desmond Nyamador, is part of the leadership team driving the company’s expansion, which combines blockchain technology with conventional financial systems to support global transactions.
Analysts say the firm’s entry into the Canadian regulatory space signals broader opportunities for African fintech companies seeking to scale beyond the continent, particularly as demand grows for faster, transparent and cost-effective payment solutions.
The company maintains operational leadership in Accra, with its global headquarters in the United Arab Emirates, and says it aims to continue building infrastructure that allows businesses in emerging markets to compete more effectively on the global stage.
“We are building the rails that empower businesses to scale without borders,” Mr Ghanney added.