-- In May 2026, Cardtonic’s CEO and Growth Lead travelled to Vancouver, Canada for Web Summit. The trip gave them an opportunity to explore what expansion into the Western market could mean for Cardtonic and its sister company, Pil.
Months later, that exploration has taken a concrete step. Cardtonic and Pil are now officially registered as Money Services Businesses with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
As Cardtonic CEO Emmanuel Sohe puts it, “From our first steps into the Canadian market to now having our company officially registered as a Money Services Business with FINTRAC, we've gone from talking about expansion to laying the groundwork for it.”
Why the Registration Matters
Putting customers first, for Cardtonic, means more than building products like the Cardtonic virtual dollar card, eSIMs and systems that support gift card trading. For its sister company, Pil, it means more than providing a safe and reliable spending platform for businesses.
For both companies, a customer-first approach also means creating the structures that allow these products and services to be offered responsibly, particularly as they enter a new financial market.
Regarding customers in Canada, the registration provides a formal regulatory foundation for Cardtonic and Pil’s activities as Money Services Businesses. It signals that their entry into the market is being built around the requirements of the jurisdiction, rather than treating compliance as something to figure out later. When financial transactions are involved, that foundation can make a meaningful difference to how customers view and trust a new service.
The same credibility matters beyond the customer relationship. As Cardtonic and Pil build relationships with financial and banking partners in Canada, operating within a recognised regulatory framework gives those conversations a stronger foundation. Partners are not only looking at what a company offers, but also at the structures behind the business and its ability to operate responsibly within the market.
For Cardtonic itself, the registration marks a shift in how it can approach the Canadian market. It provides part of the regulatory infrastructure needed to establish and grow its presence there, while creating a foundation that can support its wider expansion plans.
But for customers to have that confidence, partners to have that assurance and for Cardtonic to establish itself in Canada, the company first had to do the work of understanding what operating in the country would require.
What It Takes to Build in a New Financial Market
Cardtonic’s Legal and Compliance officer, Honour Osagie, describes the process as starting with a simple question: “So, what does it actually take to establish a financial services business in a new jurisdiction?”
The question may sound straightforward. The work that followed was anything but it.
Entering a new financial market meant that what worked in African markets could not simply be carried into Canada. The team first had to understand the regulatory obligations that applied to the business and how those requirements would affect the way Cardtonic and Pil intended to operate.
That meant going through the details.
It was not a matter of taking an existing compliance framework, changing the country’s name and submitting it.
Instead, the team had to examine each requirement in the context of the business: What does this mean for how we operate? Does an existing process meet it? If it doesn’t, what needs to change? And once it changes, has it been properly documented?
Each answer leads to another question, making the process less like a single application and more like a cycle of review, alignment and refinement.
The goal was not simply to complete a regulatory requirement. It was to ensure that the business being built in Canada could operate within the expectations of a new financial system.
For a company expanding from African markets into Canada, that distinction matters. Growth into a new jurisdiction requires more than adapting a product for a new customer. It requires adapting the business behind that product as well.
Building Outside Africa
The FINTRAC registration gives Cardtonic and Pil a stronger footing as they develop relationships with financial and banking partners in Canada. More importantly, it adds to the infrastructure needed to grow beyond their established markets in Africa and serve customers across new geographies.
“This is a major milestone towards our goal of building a business with the infrastructure and ambition to serve every customer irrespective of their GEO,” says Emmanuel Sohe.
From a trip to Web Summit in Vancouver to the detailed regulatory work that followed, the journey into Canada has been more than entering another market. It has been about building the structures, earning the trust and developing the discipline required to grow responsibly across borders.
About Cardtonic
Cardtonic is an African fintech company offering virtual dollar cards, gift card trading, and other digital financial products. Its sister company, Pil, focuses on corporate cards and spend management solutions that help businesses manage their finances more efficiently. Together, both companies are committed to building innovative financial solutions that simplify payments, improve financial accessibility, and support their long-term ambition of serving customers across international markets.
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