WayaMoney, a digital banking platform, was launched back in 2019 in Ghana. It was founded by Delali Anku, who is also the CEO, and Carol Cherotich, who also serves as Waya’s COO.
Waya supports free cash transfers within its app, which is available for both Android and iOS mobile operating systems. For the moment, Waya is only available in Kenya and Ghana. However, it will soon start operations in Nigeria as it seeks regulatory approval from the country’s Central Bank.
The company also plans to launch the product in additional African countries, including Uganda and Tanzania.
Currently, WayaMoney allows Kenyan customers to send cash to their friends and family in Ghana, and vice versa.
However, while Kenyans can send cash to each other using the app free of charge, cross-border transfers are not free. WayaMoney however assures clients of the best transfer rates in the market.
Similarly, a Kenyan sending money to Ghana will have to load his or her mobile wallet in Kenya Shillings. The recipient in Ghana receives funds in Ghanaian Cedis. Basically, it converts cash to the recipient’s local currency.
Kenyan customers also do not incur any cost when they deposit cash to their WayaMoney wallets. Local withdrawals are also free, which is a welcome idea for many customers.
Unlike other mobile money products, customers can send cash to other customers who do not have the app on their phone. All they need is an MPESA number, and they will receive the money in their mobile money wallet, free of charge.
According to Waya Money Growth Marketer Mary Idomo, Kenyans send more money to Ghana than they receive. In the same line, Waya plans to appeal to merchants, who mostly use such services to pay for goods and services.
There are no currently no cash limits when sending or withdrawing money on WayaMoney. However, you can only load up to Ksh. 100,000 to your WayaMoney wallet per transaction. You can also only withdraw Ksh. 50,000 per transaction.
How to create an account on WayaMoney
- Download Waya PayChat. You can download the Waya PayChat app for free from Google Play and App store
- Register. Enter your phone number, name, and password
- Login. Enter your phone number and password to login to Waya PayChat
- Add Bank Card
- Fund Your Wallet
- Request Money
- Send Money
- Pay Merchant