Paying for goods and services through traditional methods is becoming quite expensive for merchants and other Kenyans who care about getting the best value for their money. Even if several FinTech products currently try to provide the best financial services to Kenyans, none is focusing on offering free, instant and simple money transfers. WayaMoney currently offers these and more.
WayaMoney was established to provide an end to the frustration that comes with paying a lot of transfer fees when making M-PESA to M-PESA transfers. In addition, the product seeks to put an end to the challenge of using platforms that are insecure and difficult to use for Kenyans.
The product was launched in 2019 by Delali Anku , the CEO and Co-Founder, and Carol Cherotich, the COO and Co-founder. It currently offers free mobile payments to over 20,000 Kenyans. Not only that, it offers its free payments and cross channel payments to other African countries as well.
The cross-channel payments platform supports free money transfers to Kenyans within its app, which is available for Android and iOS mobile devices. Once the app is installed, new users go through a quick and easy signup process which takes a few steps. Then they can access their dashboard and other features as shown below.
Kenyans can load money into the WayaMoney app easily and free through the M-PESA fund source option. They can also make free transfers from either M-PESA or their Wayame wallet to anyone in Kenya.
Unlike a similar app like Chipper cash, Waya allows Kenyans to send money to anyone in Kenya. Recipients don’t need to have the app installed to receive free payments from a sender. All you need is their M-PESA number and they will be able to receive your money in their mobile money wallet for free.
Due to the high demand from existing users in Kenya, there are plans in place to launch WayaMoney in Nigeria soon. It is finalizing its collaboration with strategic partners. Plans are also underway to launch the product in additional African countries, including Uganda, Tanzania and South Africa
Furthermore, the team is actively working to launch more features in a few months to support its esteemed users. For instance, Kenyan users will be able to purchase airtime from WayaMoney app soon.
This feature is already in the app, but it has not been activated yet. Kenyans will also be able to make various bill payments on the app. These additional features will be useful for users who want to pay for cable TV, home internet, or power.
Kenyan merchants no longer have to spend so much money on transfer charges to pay their suppliers. They can pay their suppliers without charges on the platform. Also, they can make fast payments to suppliers without the inconvenience that comes with paying with cash.
Users can load up to KES 100,000 to their WayaMoney wallet per transaction but can only withdraw up to KES 50,000 per transaction.
The KYC process in WayaMoney is straightforward and fast. All you need to submit is a government recognised means of identification like a national ID or a passport. And you’ll be verified in a few seconds.
It is no doubt that Kenyans love making free and convenient payments and WayaMoney has set itself as a trustworthy product to fulfil this desire and provide the best financial services to Kenyans.
By Mary Idomo – Growth Marketer, Waya
