Fintech company 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 under the regulatory framework of the Central Bank of Kenya (CBK).
Under the partnership, Choice Bank will provide the regulated banking infrastructure, while WayaWaya will manage the technology platform and customer experience. The arrangement combines Choice Bank’s banking capabilities with WayaWaya’s digital services and personalisation technology.
The service is built around what WayaWaya calls “Intelligent Adaptive Banking”, an approach that uses artificial intelligence to analyse customers’ financial activity and tailor their banking experience to their needs. The platform offers personalised dashboards and tools based on how users earn, spend, save, invest and manage their money.
For example, entrepreneurs could have payment collections, cash flow and business expenses displayed prominently, while salaried professionals could access salary management, budgeting and savings tools more easily. Investors could also see investment transactions and portfolio funding given greater visibility. The dashboard is designed to adjust as customers’ financial circumstances and priorities change.
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WayaWaya founder and CEO Teddy Ogallo said the company wants to move away from conventional banking applications that expect customers to adapt to predefined products. Instead, he said, the platform is designed to make banking services reflect users’ financial activities and objectives.
Ogallo added that the company plans to extend personalisation beyond dashboard displays by developing technology that can identify financial patterns and anticipate which services and information may be relevant to customers.
Choice Bank Chief Commercial Officer Patrick Russel said the bank’s infrastructure would enable WayaWaya users to access banking services through the app, while allowing the fintech company to tailor how those services are presented to different customer groups.
The launch also supports WayaWaya’s longer-term 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.
According to WayaWaya, 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 make financial services more interconnected and accessible through local partnerships, including for businesses expanding between markets such as Kenya, Nigeria and Uganda.
