WayaWaya has partnered with Choice Bank to launch WayaWaya Banking, a digital banking service that enables users to open bank accounts, hold funds in multiple currencies, make local and international transfers, and pay utility bills. The service operates under the regulatory framework of the Central Bank of Kenya (CBK).
Under the partnership, Choice Bank provides the regulated banking infrastructure, while WayaWaya manages the technology platform and customer experience. The arrangement combines Choice Bank’s banking capabilities with WayaWaya’s digital services and personalisation technology.
WayaWaya describes its approach as “Intelligent Adaptive Banking”, using artificial intelligence to analyse customers’ financial activity and tailor their banking experience to their needs. The platform provides personalised dashboards and tools based on how users earn, spend, save, invest and manage their money.
According to WayaWaya founder and CEO Teddy Ogallo, the service is designed to make banking adapt to customers rather than requiring customers to adjust to traditional banking applications. Entrepreneurs, salaried professionals and investors can access tools that reflect their respective financial activities and priorities.
For example, entrepreneurs who regularly receive payments and pay suppliers could see cash flow, collections and business expense tools prominently displayed. Salaried professionals could have easier access to budgeting, salary management and savings features, while investors could prioritise investment transactions and portfolio funding.
The platform is also designed to adjust as customers’ financial circumstances change. A salaried professional who starts a business, for instance, could see their dashboard place greater emphasis on receiving payments and tracking business expenses.
WayaWaya also intends to extend personalisation beyond dashboard displays by developing technology that can interpret financial activity, identify patterns and make relevant services more accessible to customers.
Choice Bank’s role is to provide the banking infrastructure that allows users to access financial services through the WayaWaya application. The partnership also provides a foundation for WayaWaya to develop additional features and deliver services through its banking partners.
The launch forms part of WayaWaya’s ambition to build a pan-African neobank. The company plans to work with banks and financial infrastructure providers across the continent to connect services in different markets through a single platform.
WayaWaya says differences in banking systems, payment networks and currencies can make it difficult for businesses operating across African markets to manage their finances. Its proposed model aims to address these challenges through local partnerships, making financial services more interconnected and responsive to the needs of individuals and businesses.
