WayaPay, a Kenyan FinTech based in the United States, has launched its full-service digital bank and money-transfer app tailored to the needs of immigrants from Africa.
Waya Pay’s launch in Washington DC was graced by Amb Lazarus Amayo, Kenya’s Ambassador to the US, who said the firm had secure the necessary regulatory approval in the country.
Waya Pay’s website indicates that the fintech aims to improve financial inclusion among immigrants who are hitherto underserved by conventional banking and finance platforms.
“Wayapay’s goal is to provide unlimited financial access and opportunities to everyone, especially those that are underserved, overlooked, and misunderstood by the traditional banking systems globally, with an initial focus on people living and working outside their home countries,” the firm’s website reads in part.
Recipients of funds will be able to withdraw their money from any bank in Kenya and also Safaricom’s mobile money transfer platform M-PESA.
Maroria, the company’s founder, termed Waya Pay as a cheaper and faster option to remit funds from abroad compared to banks.
“We invite you to join us on a march to freedom from high fees, complexities, inefficiencies, and the difficulties immigrants face when accessing banking and other financial services and, most notably, when sending Money back home,” he said
The platform which seeks to facilitates transfer of money across borders was pioneered by Dr David Wachira and Hempstone Maroria, both Kenyans living abroad.
Source : Capital News