WapiPay

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WapiPay
IndustryFinancial Services
FoundersPaul Ndichu & Eddie Ndichu
Headquarters
Nairobi
,
Kenya
Number of locations
Singapore
Websitewww.wapipay.com

Editor: Charissa Cassels

WapiPay is an Africa-Asia leading payment gateway that is based in Singapore. It is an Africa-Asia financial solution provider that was founded in 2019 by twin brothers, Eddie Ndichu and Paul Ndichu.[1] Wapi Pay is also based in Nairobi, Kenya.[2]

The company was incorporated on 2 December, 2019 in Singapore.[3]

It delivers a platform to platform integration and virtual accounts through its technology, offering its partners and customers convenient global payments and financial products for individuals, merchants and businesses.

The company is privately held.[4]

WapiPay allows demand for Africa’s agricultural and natural products, and services to fund payments for Asia manufacturing products through mobile and banking infrastructure.[5] It is a subsidiary of Wapi Capital, an African-based fintech Venture Company, that is investing and creating solutions in financial services using new technology.[6]

The company aims to build global financial services for locals and individuals and for small businesses to scale globally.

History

WapiPay was created to seek a payment solution between Asia and Africa. It has been able to achieve this through pioneering Afro-Asia payments by partnering San Francisco-based Flutterwave to Chinese based social platform, WeChat, offering real-time payments to customers in China and South-East Asia.[7]

Flutterwave, a global payment provider, launched WeChat payments and remittances for merchants in Africa with Wapi Pay. This partnership will allow Flutterwave merchants in Africa to accept and make payments. Flutterwave announced its partnership with WapiPay on 04 September, 2019.[8]

The company gives the customer the option of choosing a payment and delivery method, where the customer can select bank to bank, wallet to wallet, bank to wallet and wallet to bank options. These options allow customers to transfer funds and to make merchant payments through its technology and infrastructure. It offers mass payments for corporate, merchant payments for SME’s and P2P.[9]

Its fintech solutions took four years to be developed and have reduced the cost of making payments between Africa and China.[10]

WapiPay has teams working in Africa, Singapore and a technology team in China and Beijing.[11] The company accelerated the uptake of WeChat Pay and Alipay in Africa to boost Sino-Africa trade.[12]

The company offers a range of options to users for them to discover local, authentic, meaningful products and experiences based on their needs and interests.[13]

It is being used by banks and remittance companies in East Africa with traders being the bigger users of the services.[14]

WapiPay announced its partnership with Hauwei’s digital payment cloud solution, making it the first fintech in Africa to incorporate its services on the platform.[15]

The company joined Singapore-based FOMO Pay Pte Ltd to work on the improvement of payment solutions between Asia and Africa.[16] FOMO Pay Pte Ltd is a one-stop QR code payment solution provider.[17]

This partnership is believed to facilitate women and youth unemployment via e-commerce accelerated trade, to close the deficit gaps and enhance further business relationships.[18]

Investments

WapiPay is funded by Future Hub. Future Hub is an early-stage investment fund, an incubator, an accelerating network that supports startups in Africa with knowledge, capital, network and resources from China.[19]

The company raised an undisclosed amount of seed funding from Future Hub on 10 February, 2020.[20] The seed round included Chinese Angel Investors.

A Memorandum of Understanding was signed between Wapi Pay Kenya and FOMO Pay to open USD 1 billion trade between Africa and Southeast Asia.[21]

References

  1. Wapi Pay PTE LTD - LinkedIn. Retrieved 12 February, 2021.
  2. Wapi Pay raises capital to scale operations across Africa - Africa Tech. Retrieved 15 February, 2021.
  3. Wapi Pay Pte Limited - SGP Business. Retrieved 17 February, 2021.
  4. Wapi Pay PTE LTD - LinkedIn. Retrieved 12 February, 2021.
  5. Wapi Pay PTE Limited - crunchbase. Retrieved 13 February, 2021.
  6. Wapi Pay raises capital to scale operations across Africa - Africa Tech. Retrieved 15 February, 2021.
  7. Fintech: Kenya’s Wapi Pay seeks payment solutions between Asia and Africa - Citizen Digital. Retrieved 16 February, 2021.
  8. Global payment provider, Flutterwave, launches Wechat payments and remittances for Merchants in Africa with Wapi Pay - Business Insider. Retrieved 18 February, 2021.
  9. Wapi Pay PTE Limited - crunchbase. Retrieved 13 February, 2021.
  10. African fintech firm to enhance uptake of Wechat pay - IOL. Retrieved 15 February, 2021.
  11. Wapi Pay raises capital to scale operations across Africa - Africa Tech. Retrieved 15 February, 2021.
  12. African fintech firm to enhance uptake of Wechat pay - IOL. Retrieved 15 February, 2021.
  13. WAPI signs MoU with FOMO Pay to ease payment solutions between Asia, Africa - Devdiscourse. Retrieved 17 February, 2021.
  14. Global payment provider, Flutterwave, launches Wechat payments and remittances for Merchants in Africa with Wapi Pay - Business Insider. Retrieved 18 February, 2021.
  15. Wapi Pay - Facebook. Retrieved 13 February, 2021.
  16. WAPI signs MoU with FOMO Pay to ease payment solutions between Asia, Africa - Devdiscourse. Retrieved 17 February, 2021.
  17. About Us - FOMO Pay. Retrieved 22 February, 2021.
  18. Singaporean FOMO Pay partners with Kenya's WAPI Pay to ease payment solutions between Africa and Asia - Fintech Egypt. Retrieved 17 February, 2021.
  19. About - Future Hub. Retrieved 22 February, 2021.
  20. Wapi Pay PTE Limited - crunchbase. Retrieved 13 February, 2021.
  21. WAPI signs MoU with FOMO Pay to ease payment solutions between Asia, Africa - Devdiscourse. Retrieved 17 February, 2021.