Two young Ghanaian entrepreneurs have secured a major international regulatory milestone for their fintech company, WeWire, following its registration as a Payment Service Provider (PSP) under the Bank of Canada.
The licence, granted under Canada’s Retail Payment Activities Act, formally recognises WeWire as a registered fintech within the Canadian financial regulatory system.
A statement issued in Accra said the development marked a significant breakthrough for Ghana’s fintech ecosystem, highlighting the growing influence of African-led digital financial solutions on the global stage.
WeWire, a cross-border payments company with operational leadership based in Accra, focuses on simplifying international money transfers for businesses and individuals.
The company is led by Ebenezer Ghanney, Chief Executive Officer, and Desmond Nyamador, Chief Technology Officer.
Mr Ghanney said the milestone demonstrated that Ghanaian startups could meet the stringent compliance and operational standards required by advanced economies.
“I am thrilled to share that WeWire has officially been granted a Payment Service Provider licence. This makes us a registered fintech under the Bank of Canada,” he said.
He noted that the approval would enhance the company’s ability to deliver faster, more secure, and cost-effective payment solutions across multiple markets.
He said unlike many fintech firms that rely on several intermediaries, WeWire aimed to move closer to core financial infrastructure to reduce delays and transaction costs.
Mr Ghanney said the PSP status would enable it to offer more direct and efficient payment services for businesses operating across borders.
Mr Nyamador said the milestone followed another global recognition for the company after it was featured in the USDT Ecosystem Directory by Tether.
The listing places WeWire among a select group of fintech firms contributing to the expansion of digital finance and stablecoin adoption worldwide.
Industry data indicates that stablecoins accounted for about 43 per cent of Sub-Saharan Africa’s crypto economy in 2024, with transaction volumes estimated at 54 billion dollars.
He said the firm had already processed more than three billion dollars in transactions for over 3,000 businesses across 80 countries.
He noted that the new licence would support faster settlements, improved transparency, and stronger security for its users.
The Chief Technology Officer said the development would also enhance financial linkages between Africa and North America, particularly for businesses engaged in cross-border trade.
Mr Ghanney said the company remained committed to building financial infrastructure that enabled businesses in emerging markets to compete globally.
“For businesses to scale internationally, their money must move as fast as their ideas, and that is what we are building,” he said.
