FinTech: U.S-based Kenyan Fintech WayaPay Launches Digital Bank And App In The US

September 19, 2022 | FinTech, News

WayaPay will facilitate remittances to their home countries by African immigrants.

WayaPay, which has been co-founded by Dr. David Wachira and Hempstone Maroria, both Kenyans living outside of their home country, secured all the necessary regulatory approval in the U.S. for the bank and app. The WayaPay app users can open digital accounts, send money go other Waya users without charges, spend on the cards linked to their Waya account, and make foreign remittances to more than 10 countries in Africa to recipients’ mobile wallets and bank accounts. (Mwakilishi)

Waya’s co-founder and Chief Operating Officer (COO) Dr. Wachira, a former World Bank Finance and Governance Specialist, said African diaspora sends over $50 billion dollars back home every year but lose up to $3 billion in hidden fees and high FX rates when sending money back home.

WayaPay also allows users to make domestic bank transfers within the USA to pay others or pay bills in the countries where they live and work. Other financial services including credit, savings account and investment opportunities for African immigrants are also available.

“Mobile Money is one of the biggest African success stories. Waya wants to bring the convenience of transacting on mobile money to banking in the USA enabling users to transact with each other while enabling the diaspora to send money to Africa in a fast, convenient and affordable way” says Waya CEO Maroria.

The Waya app was officially launched at an event graced by Kenya’s Ambassador to the United States Lazarus Amayo in Washington, D.C on Friday.

Related Story: African Fintech Wave Lets Go 15% Of Its Staff

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