A full-service digital bank and money transfer app has apparently been released by Wayapay, a remittance provider catered to the demands of immigrants from Africa.
Lazarus Amayo, Kenya’s ambassador to the US, attended the launch celebrations, according to a report from Mwakilishi News.
People can send money with a better exchange rate and no fees by using the mobile remittance app. It now allows free money transfers from the US to Kenya. In the foreseeable future, it intends to assist more nations.
Millions of African immigrants who live and work outside their native countries are served by the US-based Wayapay, which aims to remove financial obstacles and offer them limitless financial access and opportunity.
It functions by a user setting up an account, connecting a bank, debit, or credit card, and confirming their identification. Then, they can send money to friends and family.
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 enabling users to transact with each other while enabling the diaspora to send money to Africa in a fast convenient and affordable way.
Kenya’s FinTech industry is off to a great start in 2022. 32 deals have raised a total of $124 million in the first half of the year. This is an improvement over 2021, when 42 agreements raised $46 million throughout the course of the year.
Lami Technologies was a recent Kenyan FinTech company to raise money. The business raised $3.2 million in its seed extension to fund its growth throughout Africa. Harlem Capital, Newtown Partners, Social Impact Capital partner Peter Bruce-Clark, among others, made commitments.
The company seeks to address the issue of poor insurance acceptance in Africa, which it asserts is caused by the industry’s sluggish rate of innovation.