Great! There is a need of similar solutions. However, a few comments.

The encryption is interesting but most developers will not care whether it is there or not. So if you don't need it yourself, don't spent too much time on it in future development. That is just an advice.

Second your database creation, is not simple enough.

WaspFactory.createDatabase("/sdcard/","myDatabase")

is simple, but why not having

WaspFactory.createDatabase("myDatabase")

and store the database at some default place (the private folder of the app for example?)

or even

WaspFactory.createDatabase()

and store the database at default place with a default name.

One last thing. Your store seems great to replace the default android preferences, because it can store complex data in a simple way. Keep the good work.