US-based Kenyan Fintech Waya recently changed its product name from Wayapay in a move that was necessitated by the expansion of the company’s service delivery portfolio.
It is more than the first impression customers get when interacting with a business, it is the cornerstone of any brand. It plays a monumental role in a brand’s growth and perception, meaning it can completely make or break a company.
As companies grow, sometimes it may be necessary to make improvements to suit changes in audience, products offering, and even social behavior.
For example, KFC, which rebranded from Kentucky Fried Chicken after US citizens became conscious of eating ‘fried’ foods, or Dunkin’ which dropped the ‘Donuts’ tag after beverages overtook baked goods as the most-selling products.
For Waya, the change in name was inspired by market research and adapting to changing consumer demands.
Waya CEO Hempstone Maroria explained that during the fintech’s initial stages, the focus was building a platform to facilitate diaspora remittances for Kenyans living abroad. However, after robust product research and customer interactions, the founders realized that people needed more than just a remittance company.
Maroria explained that most people in the diaspora remit about 5% to 10% of their income back home only once or twice a month, and therefore this meant they would build a product people use once or twice a month.
This shifted their focus to developing a product that customers can integrate into their everyday use and become part of their lifestyle.
The more Maroria and his co-founder Dr. David Wachira interacted with customers, the more they realized that people have more problems than just remitting money back home.
“Our goal was to streamline diaspora remittances for African immigrants living, working, and studying in the US, but the more we interacted with our potential customers, the more we realized that the diaspora needed more than just a remittance company. We realized that many users send money once or twice a month, with the bulk majority of the funds earned by African immigrants remaining in the countries where they live and work. The more we realized this, the more we wanted to build a solution that people can use every day, hence the shift in naming.”
Mr. Maroria said.
Coming from Kenya where they experienced the convenience of MPesa and mobile money, the duo felt the need to share the convenience of using mobile money and digital wallets with the rest of the world, especially unbanked immigrants in the US who struggle to access banking services.
Maroria explained that the convenience, efficiency, and simplicity of money are elements that can be shared with the world, adding that most banking apps are complex and require a lot of learning to understand and operate.
According to Maroria the plan was to, “build a bank that is simple to use, that is not complex, but gives you the convenience of banking. That is more so kind of the reasoning for our transition.“
Following the diversification in service delivery, the company changed its name from Wayapay to Waya.
Maroria explained that the term ‘pay’ was limiting because the company now offers more than just a payment platform.
The founders decided to shift to ‘Waya’ because it is a simple name, and also a rendition of the word ‘wire’ which for them means simplicity and blends in with what they are trying to do, which is simplify banking for everyone.
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