A US-based Kenyan fintech Waya has launched a full-service digital bank and money transfer app which will mainly focus on the African Diaspora.
Co-founded by former World Bank Finance Specialist David Wachira and Hempstone Maroria, Waya App seeks to allow its users to open bank accounts digitally, and within minutes, send money to other Waya users for free.
“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, the diaspora can now send money to Africa in a fast convenient and affordable way," CEO Maroria said.
Through a statement, the CEO added that one in nine people globally is supported by remittances.
“The launch of Waya is a fond revelation that we can offer solutions to our own problems as the diaspora."
Users will now be able to remit money in over 10 countries in Africa. Remittances will be delivered to Mobile wallets and bank accounts across Africa.
The co-founders say the App will help one move money back home in a faster, cheaper and affordable way.
“The African Diaspora send over $50 billion dollars back home every year and lose up to $3B in hidden fees and high FX rates when sending money. We not only want to help but also want to enable them people in diaspora store, spend and transact the over 80% of their income that remains in the countries where they live and work."
"Remitting money to and from the diaspora will contribute positively to the growth and financial empowerment of our people,” Wachira said.
