WayaWaya has partnered with Choice Bank to launch WayaWaya Banking, a digital banking service that will allow customers to open bank accounts, hold multiple currencies, transfer money locally and internationally, and pay utility bills.
Under the partnership, Choice Bank will provide the regulated banking infrastructure, while WayaWaya will develop the technology and manage the customer experience. The service will operate within a framework regulated by the Central Bank of Kenya (CBK).
WayaWaya is positioning the platform around what it calls Intelligent Adaptive Banking, an approach that uses artificial intelligence to personalise banking services based on customers’ financial activities and needs.
Rather than presenting all customers with the same banking interface, the platform is designed to adapt dashboards and financial tools to different users, including entrepreneurs, salaried professionals and investors.
“Traditionally, banks build applications around products and expect customers to adapt to them. We believe the future should be the opposite: banking should adapt to the customer,” said Teddy Ogallo, Founder and CEO of WayaWaya.
For example, entrepreneurs could have greater visibility of collections, cash flow and business expenses, while salaried customers could access budgeting and savings tools. Investors could have investment transactions and portfolio funding features prioritised on their dashboards.
The platform is also designed to adjust as customers’ financial circumstances change, such as when a salaried professional starts a business and requires tools for managing business payments and expenses.
Choice Bank will provide the underlying banking infrastructure, allowing WayaWaya to concentrate on developing its application, personalisation technology and customer-facing services.
“Through this partnership, Choice Bank will provide the banking infrastructure that enables WayaWaya users to access banking services within the app,” said Patrick Russel, Chief Commercial Officer of Choice Bank.
WayaWaya targets African markets
The Kenyan launch forms part of WayaWaya’s ambition to build a pan-African neobank through partnerships with banks and financial infrastructure providers across the continent.
The company plans to connect banking services across multiple markets through a single platform, addressing challenges faced by individuals and businesses managing different currencies, payment networks and banking systems.
A business operating in Kenya and expanding into markets such as Nigeria and Uganda could eventually access interconnected financial services without having to navigate entirely separate banking experiences.
“A business expanding from Kenya into Nigeria or Uganda should not have to navigate an entirely disconnected financial experience in every market,” Ogallo said.
WayaWaya’s partnership-led model places it among fintech companies seeking to build cross-border financial services by combining local banking infrastructure with technology platforms.
