JN Money Services has added Africa-focused fintech WapiPay to its international remittance network, giving the cross-border payments company a foothold in Jamaica following regulatory approval to operate locally.

Under the arrangement, WapiPay customers will be able to send funds to Jamaica for collection at JN Money locations or have the money deposited directly into recipients’ local bank accounts.

Founded in Singapore in 2019, WapiPay operates from offices in Nairobi, Kenya; and Kampala, Uganda; and provides cross-border payment services to individuals, merchants and businesses. The company says it has established payment corridors across Africa, Asia, the United Kingdom and the United States.

WapiPay received approval from the Bank of Jamaica earlier this year to enter the local market, with JN Money serving as its local payout partner. The approval has also been independently reported as coming from the central bank.

The move comes as remittance providers continue to expand digital and cross-border payment options in a market that remains an important source of foreign exchange for Jamaica.

Total remittance inflows to Jamaica amounted to US$3.36 billion in 2024, equivalent to about 15.3 per cent of gross domestic product, according to Bank of Jamaica data. The United States remained by far the largest source market, accounting for roughly two-thirds of inflows.

JN Money General Manager Horace Hines said the WapiPay agreement forms part of the company’s efforts to widen the number of channels through which money can be sent to Jamaica.

Under the arrangement, WapiPay customers will be able to send funds to Jamaica for collection at JN Money locations or have the money deposited directly into recipients’ local bank accounts.

“We are deliberate about building strategic partnerships that expand the ways customers can send money to Jamaica while making the remittance experience more convenient, accessible and reliable. As customer needs continue to evolve and demand for digital financial services grows, we remain focused on identifying innovative solutions and strengthening our network to better serve Jamaicans and their families, wherever they are in the world,” Hines said in a press statement.

JN Money currently has a presence in 18 countries, including Cayman Islands, Antigua, Guyana, and Turks and Caicos.

The company has also been adding international partners. Its portfolio includes Mastercard Transaction Services, which supports cross-border remittances from the United Kingdom, United States, Canada, and Cayman Islands.

Meanwhile, Jamaica marks WapiPay’s entry point into the Caribbean as it seeks to extend payment links between the region and markets where it already operates.

Josephat Nelson Mados, WapiPay country director for Jamaica, said the companies expect the partnership to improve connections between the Caribbean and markets in Africa, North America, the United Kingdom, and Asia.

He said customers are expected to benefit from competitive pricing, faster processing and greater visibility of fees, foreign exchange rates and transaction status. However, details around comparative pricing or processing-time data weren’t immediately clear.

WapiPay said its platform supports automated payment routing, real-time transaction tracking, reconciliation, settlement tracking, and partner reporting.