For the immigrant community, according to Amb. Lazarus Amayo, Kenyan Ambassador to the USA, Kenyans living in the diaspora remitted back home $3.7 billion in 2021. Of the total amount, 63% came from the immigrant community in the USA.
“You occupy a very important portion in contribution towards Kenya’s Forex exchange regime,” Amb. Amayo stated this during the launch of Waya in Washington DC, USA on September 16.
Despite the immense stake in Kenya’s growth, it has been cumbersome for the Kenyan immigrant community in the USA and indeed across the world to remit money back home in a secure, easy, reliable, and affordable manner.
Waya promises to shake up the industry for the better; the digital banking app seeks to make it easier for African immigrants to send money back home.
The Waya App, which will be available for download on Google Playstore & iOS Appstore 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 to remit money to over 10 countries in Africa. Remittances will be delivered to Mobile MONEY 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.
Waya is accessible to anyone with a mobile phone or web app. It has foolproof security and data protection.
Speaking at the colorful launch, 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.”
Mr. Fred Ndavi, The Chief Impact & Strategy Officer said, “For many African Immigrants living and working in the USA and other parts of the world, opening a bank account is often marred with a myriad of roadblocks and constraints, while sending money remains the most expensive and inefficient financial process for any immigrant. We don’t think this is fair.”Say hello to financial Freedom. The Waya app is coming soon on our official website and app stores.