Wayapay, a remittance service tailored to the needs of immigrants from Africa, has reportedly launched its full-service digital bank and money transfer app.
The launch festivities were joined by Kenya’s ambassador to the US, Lazarus Amayo, according to a report from Mwakilishi News.
The mobile remittance app enables people to send money with a better exchange rate and zero fees. It currently supports free money transfers from the US to Kenya. It plans to support more countries in the near future.
US-based Wayapay is on a mission to eliminate financial barriers and provide unlimited financial access and opportunities for millions of African immigrants living and working outside their home countries.
It works with a user creating an account, linking a bank, debit or credit card and verifying their identity. They can then send money to friends and loved ones.
Wayapay CEO Hempstone Maroria told 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 sector has had a stellar start to 2022. In the first half of the year, a total of $124m has been raised through 32 deals. This is up from 2021 where $46m was raised in the whole year through 42 deals.
One of the recent Kenyan FinTech companies to raise capital was Lami Technologies. The company raised $3.2m in its seed extension, to support its expansion across Africa. Commitments came from Harlem Capital, Newtown Partners, Social Impact Capital partner Peter Bruce-Clark and more.
The company aims to address the problem of low insurance uptake in Africa, which it claims is driven by the slow pace of innovation in the sector.
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