Money-Wise

Championing financial independence for immigrants in the United States (US) is fundamental for digital banking startup, Waya. With a team also based in Kenya, fintech co-founders Aenoi Chanthavong, Hempstone Maroria, David Wachira and Renzo Sotomayor started by fixing the remittance problem.

- Nicole Pillay

A Zoom call that connected Washington DC in the United States (US), Kenya’s capital city Nairobi and Johannesburg in South Africa at the same time made this interview possible; just one minor example of what is now a norm in a hyperconnected world.

And yet, a concept as basic as financial independence and access to financial services for all is still a challenge on the African continent. Waya, a fintech based in the US that especially caters to immigrants, minorities and underserved communities, aspires to change this. “For us it’s that broad recognition that financial independence is not a solitary endeavor. It’s a collective pursuit. The goal here is for us to unlock financial opportunities and provide the tools and services and resources that will enable people achieve their dreams,” says Waya co-founder Dr David Wachira.

“We find that if someone is not financially connected, or they are not integrated into the system, they are largely overlooked. As a result of that overlook, it has a huge impact on other facets of life. So we think of ourselves as coming in to actually solve that social impact problem.” A Waya account allows you to fund your account and hold money, make instant and secure Waya-to-Waya transfers, international money transfers, and go cashless or pay online with your Waya card.

Wachira, who previously served as a finance and economics specialist at the World Bank Group, started the company in 2019 with co-founders Hempstone Maroria, Aenoi Chanthavong and Renzo Sotomayor. Coming from diverse backgrounds, they each experienced first-hand the challenges with financial inclusion.