Front of a Whish Money store in Lebanon. Photo provided by Whish Money.
BEIRUT — Lebanese money transfer company Whish Money said it has obtained licenses to provide financial services in Canada, marking its first major authorization outside the Middle East and North Africa.
In a statement, the Beirut-based firm described the move as “a monumental step” toward its global expansion. “Obtaining our Canadian license ... validates our compliant, customer-centric model and lays the foundation for our international growth,” said board chairman Toufic Koussa.
The company said it is also seeking licenses in other key markets, including the United States, the United Kingdom, the European Union and Australia. “Canadian licenses are a key element of Whish Money’s global strategy,” it added, emphasizing its aim to secure direct local authorization in every new market to ensure compliance, security and transparency.
Whish Money says it now serves more than 1.5 million users, offering payroll services, money transfers and bill payment options.
Account suspension
The company, regulated by the Banque du Liban (BDL, central bank), is one of several nonbank financial actors to gain traction in Lebanon’s crisis-hit economy, where confidence in traditional banks has eroded since the country’s financial collapse in 2019.
Roughly ten days ago, Whish Money drew controversy after suspending the account of Wata'awanu, a charity organization known for ties to Hezbollah and for collecting donations through the platform.
The move appears linked to BDL Circular No. 170 issued in July that prohibits banks, financial institutions and other entities under BDL’s supervision from dealing with unaccredited companies — “particularly those sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC).”
Whish Money declined to comment on the matter when contacted at the time.
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