WeWire, a cross-border payment company founded and led by two young Ghanaian entrepreneurs, has officially announced its registration as a Payment Service Provider (PSP) under the Bank of Canada.
This regulatory milestone marks a historic achievement for the Ghanaian fintech landscape, signalling the emergence of African-led solutions in the North American financial corridors.
The license, granted under Canada’s Retail Payment Activities Act (RPAA), officially recognises WeWire as a registered fintech within the Canadian regulatory system.
For a company with deep roots and operational leadership in Accra, this approval serves as a global seal of trust.
Most fintechs rely on multiple third-party partners to move money. Each partner adds a layer of delay and cost, making payments slow and expensive.
By becoming a registered PSP under the Bank of Canada, WeWire is moving closer to the “rails”, allowing the company to offer more direct, secure, and instant payment infrastructure to individuals and businesses operating across multiple markets.
A Win for Ghanaian Entrepreneurship
Led by Ebenezer Ghanney (Chief Executive Officer) and Desmond Nyamador (Chief Technology Officer), WeWire was built to solve a specific pain point: the “obstacle course” of international payments that often hinders African businesses.
By securing this license, the founding team has proven that Ghanaian-led startups can meet the rigorous compliance and operational standards of G7 central banks.
“I am thrilled to share that WeWire has officially been granted a Payment Service Provider license,” said Ebenezer Ghanney, CEO of WeWire.
“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”.
Global Recognition: The Tether Connection
This Canadian expansion follows closely on the heels of another major global endorsement. WeWire was recently featured in the first-ever public USDT Ecosystem Directory launched by Tether, the world’s largest digital asset company.
As one of the few Ghanaian companies included in this global resource, WeWire is helping put Ghana on the map as a hub for digital finance innovation.
In 2024, stablecoins accounted for 43% of Sub-Saharan Africa’s crypto economy, totalling $54 billion in transaction volume, and WeWire is now positioned at the forefront of this revolution.
Strategic Impact for Emerging Markets
With over $3 billion in transactions already processed for over 3,000 businesses across 80 countries, WeWire’s new PSP status will catalyse several key benefits:
- Faster Settlements: By reducing reliance on multiple intermediary banks, funds move directly through more efficient channels.
- Institutional-Grade Security: The Bank of Canada maintains rigorous standards for fund safeguarding and operational reliability, ensuring capital is protected by world-class oversight.
- Direct African-Canadian Corridors: The license simplifies the path for both fiat and stablecoin transactions for businesses trading between Africa and North America.
- Transparent Global Trade: As a registered PSP, WeWire adheres to strict reporting and auditing, providing businesses with full visibility into their money movement.
“For a business, individual or freelancer in an emerging market to truly compete globally, their money must move as fast as their ideas,” Ghanney added.
“We are building the rails that empower businesses to scale without borders”.
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Source:
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