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To complement its existing Money Services Business licence, Theparkpay Technologies Limited, a fintech focused on secure and compliant cross-border payment solutions, has been granted a Payment Service Provider (PSP) licence by the Bank of Canada, under the Retail Payment Activities Act (RPAA).
Together, the two licences will expand the company’s regulatory capabilities in the country and support its ability to deliver faster, secure and compliant payment solutions to businesses worldwide.
Speaking on the milestone, Anthony Chukwuemeka Akujobi, Director, Risk, Compliance & Enterprise Growth at Theparkpay, said the licence is a key step in the company’s regulatory and growth strategy.
“Securing our PSP Licence in Canada marks another significant milestone in Theparkpay’s regulatory journey and long-term growth strategy. Building on our existing MSB Licence, this achievement strengthens our compliance framework while enabling real-time settlement capabilities that deliver immediate value to merchants and businesses worldwide,” he noted.
Akujobi added: “We are now better positioned to support fintechs, SMEs and enterprises with seamless, secure cross-border payment solutions that accelerate cash flow, improve liquidity management, and provide instant access to funds across more than 170 countries and over 80 currencies.
“This achievement reflects our unwavering commitment to regulatory excellence, innovation, and delivery of borderless payment experiences that empower African businesses and their global partners to compete successfully in today’s increasingly connected global economy.”
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With the PSP Licence, Theparkpay can participate more directly within Canada’s payment ecosystem. This includes support for enhanced payment processing, real-time settlement capabilities, and broader payment infrastructure services.
The updated framework, according to the company, will enable merchants to receive payments in real time, providing immediate access to funds from customers in domestic and international markets.
By reducing traditional settlement delays, businesses can improve cash flow, ease working capital pressure, and strengthen treasury operations.
Customers can also expect quicker merchant onboarding, enhanced compliance verification, and improved transaction processing times.
Founded in 2025 as a subsidiary of its parent company, Theparkpay has built a regulatory presence across multiple jurisdictions, including licences in Nigeria, Canada and the United States.
The company provides infrastructure for fintechs, small and medium-sized enterprises, SMEs, multinational corporations, and payment institutions. Its platform currently facilitates payment collections across more than 170 countries and settlements in over 80 currencies, supported by collection and payout infrastructure designed for speed, reliability, and security.
