TetradPay Secures Canadian PSP Registration and Strengthens Services for the Nigerian Diaspora in Canada
TetradPay has achieved an important regulatory milestone in Canada, with TetradPay Limited now registered as a Payment Service Provider (PSP) with the Bank of Canada under the Retail Payment Activities Act (RPAA).
The registration strengthens TetradPay’s existing presence in Canada and brings its in-scope Canadian retail payment activities within the Bank of Canada’s supervisory framework.
TetradPay is not new to the Canadian market. The company has already been supporting customers with cross-border payment and remittance services through its FINTRAC Money Services Business registration and partnerships with established payment and banking providers.
Founded in 2022 and led by Co-Founder and CEO Wale Oyewo, TetradPay has focused on making cross-border payments faster, more transparent and more accessible, with particular attention to the needs of the Nigerian diaspora across Canada, the United Kingdom and Europe.
The Bank of Canada registration represents the next stage of that journey.
Strengthening TetradPay’s Canadian Operations
Under the RPAA, payment service providers performing regulated retail payment activities are subject to requirements relating to operational risk management, incident response, the safeguarding of end-user funds and regulatory reporting.
For TetradPay, registration provides a clearer regulatory framework within which to continue developing and scaling its Canadian payment services.
It also gives the company greater ability to build its own customer experience and payment infrastructure while continuing to work with banking, settlement and technology partners where required.
The development supports TetradPay’s ability to:
· Perform in-scope retail payment activities for customers in Canada within the RPAA framework.
· Strengthen its operational risk management and compliance arrangements.
· Apply enhanced safeguarding and reporting standards where customer funds are held.
· Build more integrated payment and remittance services for Canadian customers.
· Expand its payment infrastructure for individuals and businesses operating between Canada, Nigeria, the United Kingdom and Europe.
A New Chapter for TetradPay in Canada
For the Nigerian diaspora in Canada, the milestone supports TetradPay’s ambition to provide a more integrated and locally supported cross-border payment experience.
Customers will continue to be able to use TetradPay for services focused on moving money between Canada and key international markets, particularly Nigeria.
As the Canadian business develops, TetradPay intends to continue investing in infrastructure that can support:
· Faster and more transparent cross-border transfers.
· Competitive foreign-exchange rates.
· Reliable local payment collection and settlement.
· Stronger Canadian compliance and operational controls.
· Improved payment solutions for individuals and businesses.
· Greater connectivity between Canada, Nigeria, the UK and Europe.
The company’s focus remains on reducing unnecessary friction in cross-border payments while ensuring that growth is supported by appropriate compliance, risk management and customer protection measures.
Building a More Connected Payments Business
TetradPay’s Canadian PSP registration is part of a broader strategy to build a trusted international payments business capable of serving customers across multiple markets.
The company already operates within different regulatory and banking frameworks internationally, and its Canadian registration further strengthens the foundation supporting that expansion.
For TetradPay, the goal remains simple: to make moving money across borders easier, faster and more dependable while building the regulatory, banking and technology infrastructure required to operate responsibly at scale.
The Bank of Canada registration marks an important step forward in that journey — and another significant milestone for TetradPay’s growing Canadian presence.
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