Ghanaian Fintech WeWire Secures Bank of Canada PSP Licence

WeWire, a cross-border payments company founded by two Ghanaian entrepreneurs, has secured registration as a Payment Service Provider (PSP) with the Bank of Canada, marking a significant milestone for African-led fintech innovation on the global stage.

The approval, granted under Canada’s Retail Payment Activities Act, formally recognises WeWire within the country’s regulatory framework and positions the company to operate more directly within North America’s financial system.

For a firm with strong operational roots in Accra, the licence represents a major step forward in bridging African financial solutions with global payment infrastructure.

Unlike traditional fintech models that rely heavily on multiple intermediaries, WeWire’s PSP status enables it to move closer to core payment “rails”, reducing transaction delays and costs while improving speed, transparency, and security for cross-border transactions.

Driving Ghanaian Innovation Globally

Founded by Ebenezer Ghanney and Desmond Nyamador, the company was built to address inefficiencies in international payments, particularly for African businesses navigating complex and costly global financial systems.

“This is not just a milestone for our team, but a step towards enabling faster and more efficient payments across the markets we serve,” Ghanney said.

The development underscores the growing capacity of African startups to meet stringent compliance and operational standards set by leading global regulators, including those in G7 economies.

Expanding Global Footprint

WeWire’s Canadian approval follows its recent inclusion in the USDT Ecosystem Directory by Tether, highlighting its role in the evolving digital asset and stablecoin ecosystem.

With stablecoins increasingly gaining traction in Sub-Saharan Africa’s financial landscape, the company is positioning itself at the intersection of blockchain-based finance and traditional payment systems.

Unlocking Cross-Border Opportunities

With over $3 billion in transactions processed across more than 80 countries, WeWire’s new PSP status is expected to deliver several strategic benefits:

• Faster and more efficient settlements by reducing intermediary layers
• Enhanced security backed by robust regulatory oversight
• Simplified transaction flows between Africa and North America
• Greater transparency through strict reporting and compliance standards

By combining digital asset infrastructure with regulated financial systems, WeWire aims to create seamless payment channels for businesses, freelancers, and institutions operating across borders.

“As global commerce evolves, businesses need financial systems that move at the speed of innovation,” Ghanney added. “Our focus is to build infrastructure that enables borderless growth.”

Headquartered in the United Arab Emirates, with operational leadership in Ghana, WeWire continues to expand its footprint as a key player in the global fintech ecosystem, advancing financial inclusion and efficiency across emerging markets.