Waya, a digital banking fintech app that seeks to make it easier for African immigrants to send money back home, is the latest entrant in the fintech industry, promising to shake it up with the latest innovation which is fast, secure, affordable, and reliable.
Launched on September 16 in Washington DC, USA, Waya is up against other players in the industry such as Western Union, MoneyGram, and World Remit, but it comes with a better understanding of the financial habits of people living in sub-Saharan Africa.
Sending money to Africa from other parts of the world and within Africa can be stressful, expensive and an uphill task. Lack of convenience, efficiency, transparency and high cost of remitting money as well as risk to personal security are some of the challenges faced by African immigrants who want to remit money back home.
The Waya App, which will be available for download from October 1, will allow users to open bank accounts digitally, and within minutes, send money to other Waya users for free, spend using their Waya cards linked to their Waya account, and remit money to Africa. Remittances will be delivered to Mobile wallets such as M-PESA and bank accounts across Africa.
Waya has the advantage of instant money settlement to recipients through mobile wallets and bank accounts. More ways to send money; users can use Debit or Credit cards, Wire Transfers, PayPal, ACH, etc.
Real-time currency exchange rates and affordable transaction costs of only 3-5% against an average of 6-8% ensure the best value for your money.
Moreover, Waya is accessible to anyone with a mobile phone or web app. It has foolproof security and data protection. With all this, Waya is truly the app that understands the needs and challenges of African immigrants in America.
Speaking at the colorful launch event, Dr. David Wachira, Co-founder and COO of Waya, and former World Bank Finance Specialist said:
“Waya’s mission is to unlock financial barriers, and provide unlimited financial access and opportunities for millions of African immigrants living and working outside their home countries.”
He added: “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 back home. We not only want to help them move money back home in a faster, cheaper, and affordable way but want to enable them to also store, spend and transact the over 80% of their income that remains in the countries where they live and work.”
Waya launch was given a seal of approval by Amb. Bitange Ndemo (Kenyan Ambassador to the EU).
Ndemo, a player in the ICT space and a fintech enthusiast lauded the Waya founders on the launch, noting that it would play a big role in enabling financial inclusion.
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