A full-service digital bank and money transfer app has apparently been introduced by Wayapay, a remittance provider geared toward the demands of immigrants from Africa.
Lazarus Amayo, Kenya’s ambassador to the US, attended the inaugural events, according to a report from Mwakilishi News.
People may send money with a better exchange rate and no fees thanks to the mobile remittance app. Right now, it allows unfettered transfers of funds from the US to Kenya. It has immediate ambitions to support 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 unrestricted financial access and opportunities.
Users sign up for an account, attach a bank, debit card, or credit card, and confirm their identification. After that, they can send money to friends and family.
Hempstone Maroria, CEO of Wayapay, said to Mwakilishi,
“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.