REGULATION | Nigerian Fintech, JuicyWay, Gets a Payment Service Provider (PSP) License in Canada

African cross-border payments firm, JuicyWay, has been registered as a payment service provider under Canada’s Retail Payment Activities Act marking a step into one of the world’s most tightly regulated financial systems.

The approval, granted following a regulatory review by the Bank of Canada, allows the company to operate under a framework that came into force in 2024 and places retail payments directly under central bank supervision.

Canada’s regime requires firms to meet strict standards on operational risk management, safeguarding of user funds and business continuity. The rules have already been enforced with at least one provider ordered to halt operations earlier this year over failures in protecting customer funds.

JuicyWay said the registration reflects a strategy of building regulatory compliance ahead of launching products in new markets rather than adapting after entry. The company plans to roll out services tied to the Canadian corridor on infrastructure already reviewed by regulators.

Canada hosts one of North America’s largest African diaspora populations driving demand for cross-border payment services linking the country with African markets.

Founded in 2021, JuicyWay provides global payment and multi-currency services for businesses and individuals. The firm says it has processed more than $4 billion in transaction volume, serving over 2,200 enterprises and 17,000 users across Africa and international markets.

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