FinTech WayaPay Launches Digital Bank, Transfer App


WayaPay, which bills itself as a United States-based Kenyan FinTech, says it has launched its full-service digital banking and money transfer app tailored to the needs of African immigrants.

Kenya’s Ambassador to the United States, Lazarus Amayo, attended the opening ceremonies on Sept. 16 in Washington, DC in Washington, DC, according to Mwakilishi News.

According to WayaPay, the app was developed by Dr. David Wachira and Hempstone Maroria co-founded. Amayo said the app and bank have all the necessary US permits, the company’s announcement said.

The app allows free money transfers to other users and purchase through bank cards linked to the app. The company says users of the app can open bank accounts and send money to mobile wallets in more than 10 countries in Africa “within minutes.”

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“WayaPay’s goal is to provide unrestricted financial access and opportunity for everyone, particularly those who are underserved, overlooked and misunderstood by traditional banking systems around the world, with an initial focus on people living and working outside of their home countries,” explains WayaPay on this website.

The app will allow easy transfer of funds from US banks to WayaPay users, according to the company. The company stated that African immigrants will have a chance to be “more financially secure and financially included in the countries where they work and live”.

“Mobile money is one of the biggest African success stories. Waya wants to bring the convenience of mobile money transactions to banking in the US, allowing users to transact with each other while enabling the diaspora to send money to Africa in a fast, convenient and affordable way,” Maroria said in a prepared statement Explanation.

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PYMNTS noted that in some African countries – Nigeria for example – the market for banking apps could be huge as far more people have mobile devices than bank accounts.

See more: How Telco APIs are Improving Africa’s Mobile Money Ecosystem

Wachira, a former World Bank official, said Africans around the world send home $50 billion each year but lose $3 billion to unexpected fees and high exchange rates.

“Not only do we want to help them send money home faster, cheaper and more affordable, but we also want to enable them to store, spend and transact the over 80% of their income that stays in the countries where they live and work ,” he said.

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New PYMNTS study: How consumers are using digital banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, only 9.3% cite them as their main bank.

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