Theparkpay secures payment service provider licence in Canada

Theparkpay Technologies Limited has officially expanded its regulatory footprint in North America, securing a Payment Service Provider (PSP) licence from the Bank of Canada. The authorization, granted under the Retail Payment Activities Act, serves to bolster the company’s existing operations and provides the firm with enhanced capabilities to facilitate real-time financial settlements for its global merchant base.

While the fintech previously maintained a Money Services Business (MSB) licence in the country—regulated by the Financial Transactions and Reports Analysis Centre of Canada—the addition of the PSP designation allows for deeper integration into local payment infrastructure. According to company statements, this dual-licensing structure is intended to improve transaction processing, automate compliance checks, and streamline merchant onboarding.

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Impact on Global Operations

For the businesses utilizing Theparkpay’s platform, the primary benefit of the new licence is the ability to receive funds in real time. The company noted that this transition away from traditional settlement cycles is designed to assist small and medium-sized enterprises, multinational corporations, and fintech institutions in improving their cash flow and reducing working capital constraints.

Anthony Chukwuemeka Akujobi, the Director of Risk, Compliance and Enterprise Growth, described the licensing as a core element of the firm’s long-term 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."

Anthony Chukwuemeka Akujobi, Director of Risk, Compliance and Enterprise Growth, via AcadaExtra

Akujobi further noted that the firm is now better positioned to support fintechs, small and medium-sized enterprises, and large corporations with secure, cross-border payment solutions. He stated that the infrastructure is intended to improve liquidity management and provide instant access to funds across a broad international network.

Corporate Context and Reach

Founded in 2025, Theparkpay has prioritized rapid regulatory expansion to facilitate its cross-border services. The company currently operates in Nigeria, Canada, and the United States, providing infrastructure that supports collection and settlement across a wide range of international borders. The firm reports that its current infrastructure handles payment collections in more than 170 countries and processes settlements in over 80 currencies.

The company’s focus remains on simplifying international commerce by reducing foreign exchange barriers. Through the deployment of automated APIs and identity verification protocols, the firm seeks to provide secure, transparent payment environments for both fiat and digital currencies. By leveraging these tools, the company aims to ensure that government-issued identity documents are verified efficiently while protecting businesses from fraud.

Beyond the technical enhancements, the firm maintains that the recent regulatory success reflects a broader mission of providing financial infrastructure that empowers businesses to compete in an increasingly connected global economy.

What to Watch Next

Following the receipt of the PSP licence, industry observers are tracking how the firm will leverage its enhanced regulatory status to capture additional market share. Key focus areas include:

• Infrastructure Integration: Monitoring how the firm utilizes its new access to Canada’s payment ecosystem to further reduce settlement times for its existing client portfolio.
• Merchant Adoption: Assessing the rate at which businesses transition to the updated, real-time settlement processes provided under the new licence.

The company has stated it remains committed to deepening its regulatory excellence as it continues to provide financial infrastructure intended to unlock new opportunities in the global economy.