JN Money, Kenya-based WapiPay partner to strengthen Jamaica-Africa financial ties

Jamaican-owned JN Money Services has partnered with Kenya-based fintech company WapiPay in a move expected to expand cross-border payment options while strengthening economic ties between Jamaica and Africa.

Under the partnership, which has been approved by the Bank of Jamaica, JN Money will serve exclusively as WapiPay’s local payout conduit, allowing customers using the fintech company’s platform to send money to recipients in Jamaica.

Funds can be collected in cash at more than 90 JN Money locations across the island or deposited directly into recipients’ local bank accounts.

The service will be introduced in phases, with a full rollout targeted for December 2026.

Officials say the agreement has significance beyond the remittance market, particularly as Jamaica and Kenya seek to deepen bilateral relations.

The partnership follows the opening of Kenya’s first resident High Commission in Kingston in July. The mission has identified Jamaica as a potential gateway to the wider Caribbean Community market and a platform for expanding trade, investment, economic cooperation and people-to-people ties.

Kenya’s High Commissioner to Jamaica, Mwenda Karisa, said the JN Money-WapiPay agreement reflects the type of collaboration the new diplomatic mission hopes to encourage.

“It is the kind of partnership that we envision when we started the mission here; partnerships not just in fintech but in many other areas of collaboration that will strengthen the bilateral relations between Jamaica and Kenya,” Karisa said during a recent launch event at the JN Group Corporate Offices in New Kingston.

WapiPay operates a payment network spanning more than 100 countries, and its co-founders say the Jamaican partnership could help create stronger financial links between Africa, the Caribbean and other international markets.

Co-founder Paul Ndichu said Jamaica could serve as a gateway for what he described as “connecting the global south with the global west,” complementing payment corridors the company has already established in Europe and Asia.

He said WapiPay's network could eventually facilitate more than traditional remittances, including supporting young Africans pursuing business and other opportunities internationally.

“Seventy per cent of Africans are below the age of 22. That’s a huge number and they’re very interested in different parts of the world,” Ndichu said. “We’re joining the dots into those opportunities.”

His fellow co-founder, Edward Ndichu, said WapiPay is seeking to reduce both the time and cost associated with cross-border transactions, with a goal of completing payments in under 30 seconds at no cost to customers apart from foreign exchange considerations.

The company handles transactions involving multiple currencies and jurisdictions, which Ndichu said can make international payments complex and expensive.

“We pride ourselves in not only being able to secure those transactions but significantly reduce the cost of those transactions,” he said. “The only thing the customer should be considering is the foreign exchange.”

JN Money Services General Manager Horace Hines said the partnership will expand the company's payment ecosystem and could increase the volume of transactions moving through its existing network.

Hines said Jamaica’s remittance market is valued at approximately US$3 billion, with roughly nine million to 10 million transactions annually, creating opportunities for WapiPay to generate additional transactions for delivery locally.

He said WapiPay’s expansion into other markets, including Canada, could also provide Jamaicans living abroad with additional ways to send money home.

The partnership could be particularly beneficial to Jamaicans living in Africa, Hines said, noting that the high cost of remitting money to Jamaica has been a challenge for members of the diaspora on the continent.

Officials expect the arrangement to provide a more efficient and cost-effective channel for payments while helping to deepen financial and economic connections between Jamaica and Africa.