Waya, a Ghanaian payment company, has achieved 20 percent growth in three areas where it presently operates, prompting them to begin expansion efforts in three more African countries.
After struggling to send money back to Ghana while traveling around Africa in 2018, Delali Anku-Adiamah, co-founder of Waya, founded the company, which now facilitates smooth payments and transfers both locally and internationally through an interoperability platform that connects with mobile money operators, banks, and other digital payment providers from around the world.
It accomplishes this by giving both individuals, merchants, and its users, access to a multi-currency, multi-channel application with intelligent routing features that guarantee money is processed in the most cost-effective, safe, and dependable manner possible. The sender is the only one required to have the app.
Speaking with Disrupt Africa, Anku- Adiamah said:
“The gap we found was the problem of high charges, long settlement times and difficulty in making cross-border transfers across Africa due to the non-existence of a singular financial platform that can connect to multiple financial sources. To compete with cash, digital payments and transfers have to be instant. With Waya, transactions are instant”
Facing some competition in an already saturated market with the likes of Eversend, ChipperCash, SimbaPay, MamaMoney, and BitSika which is based locally, it has gotten over 8,000 customers across Ghana, Kenya, and Nigeria and is growing at a rate of 20 to 30% per month. As a result of its rapid growth, it has begun expanding into South Africa, Uganda, and Rwanda.
Speaking on this further, he said,
“We are looking at further expansion into East and North Africa with a possible direct financial bridging of East Africa and China.”
Last year, a network of angel investors from the United Kingdom (UK), the United States (US), and Switzerland raised a pre-seed of US$50,000 from the firm, which makes money through a fee-based model and has been profitable since December 2020.
It entered a local agreement with Africa World, one of Africa’s largest airlines, to handle mobile money ticket sales. For them, the only way from here is up.
Visit Techkudi.com for more fintech news.
