Kenya’s WayaWaya partners with Choice Bank to launch AI-powered banking services.
WayaWaya, a Kenyan company building AI-powered financial services for banks and merchants, has partnered with microfinance bank Choice Bank to expand its platform with banking services.
The service, WayaWaya Banking, will allow customers to open bank accounts, hold funds in multiple currencies, make local and international transfers, and pay utilities through a platform regulated by the Central Bank of Kenya (CBK).
Under the partnership, Choice Bank will provide the regulated banking infrastructure, while WayaWaya will build the technology and manage the customer experience.
The partnership is WayaWaya’s latest effort to strengthen its banking relationships as it prepares for expansion. In July, the company appointed Raj Singh , a former Group Chief Operating Officer and Director of Retail Banking at Chase Bank Kenya, as a non-executive director and board adviser to help guide its strategy, governance and expansion. At the time, Teddy Ogallo, founder and CEO of WayaWaya, described the appointment as “an important point” in the company’s growth. “Traditionally, banks build applications around products and expect customers to adapt to them.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with TechCabal.