Immigrants remain unbanked, underbanked, and often overlooked by traditional banking channels.
Banking in the U.S. Many immigrants and other foreign-born demographics in the U.S. face exceptional “entropies” when it comes to financial stability and growing personal or family wealth. Many are pressed for cash and default to fringe banking, where access to money is quicker but comes at the cost of extra funds that could be used towards building financial stability. Consequently, they are held back from the opportunity to develop their financial lives and safely build credit, and thus remain excluded from opportunities to gain financial stability. This is reflected in the 7.1 million households that remained unbanked as of 2019, according to the FDIC, 29% of whom claim not having enough to meet minimum balance requirements as a causality, with another 16.1% citing distrust in banks as causality for being unbanked. Ultimately, our goal is to tackle these entropies, from individuals fighting for financial stability to those building wealth as foreigners.
Remittances remain inefficient
Despite an influx of industry players, as of 2021, remittance costs to sub-Saharan Africa have remained the highest in the world, averaging 4-8% of the transaction value, with total remittances in the same year amounting to over $50 billion. Globally, in 2021, remittances amounted to over $700 billion with an average cost of 6.5 percent on a $200 transaction amount benchmark. Beyond remittance costs, many service providers continue to rely on manual methods of remittances, making the process unreliable and inefficient.
Empowering People to take control of their finances.
At Waya, our purpose is to Empower People.
Waya directly addresses the growing demand for frictionless digital payment and banking services targeting African Immigrants within Africa and worldwide. In doing so, we fulfill our mission to provide unlimited financial access and opportunities to those who have been underserved, overlooked, and often exploited by traditional banking systems and financial service providers.
Waya’s holistic solution offers a world-class customer experience, user convenience, and simplified processes which enable seamless transactions within and across borders to the people to whom this matters the most - immigrants and people living and working outside their home countries – by providing them with a better way to store, save, spend, and send money home. We have acquired banking and remittance licenses through key partners that enable us to ride on their licenses to offer checking accounts and money transfer services across the USA.
Our proprietary mobile and web apps provide multiple convenient avenues for users to access our services.
We take an eco-system approach to customer acquisition, with over 140,000 potential users within reach through our current partner ecosystems, mainly composed of professionals from Africa living and working in the USA.
These factors enable the rapid scaling of Waya without many of the usual operating, regulatory, growth, and customer acquisition constraints.
In addition, our proprietary technology, and collaborations with banks and other payment service providers in our settlement corridors, ensure real-time settlements to mobile wallets and banks across sub-Saharan Africa and other parts of the world, reducing the friction, time, and costs that plague the market.
We are here to change the world, one transaction at a time.