African markets

Ghanaian fintech Waya sees strong growth propelling it into other African markets

Ghana-based payments startup Waya is seeing 20% ​​monthly growth in its three existing markets, prompting it to launch expansion activities in three other African countries.

Founded in 2018 after co-founder Delali Anku-Adiamah took on the challenge of sending money back to Ghana while traveling to Africa, Waya provides seamless local and international payments and transfers through an interoperable platform that connects with banks, mobile money operators and other digital payment providers around the world, to serve Africa.

It achieves this by providing its users, individuals and traders alike, access to a multi-currency, multi-channel application with intelligent routing capabilities that ensure funds are processed in the most cost-effective, secure and reliable manner possible. Only the sender should have the app.

“The loophole we found was the issue of high fees, long payment times, and the difficulty in making cross-border transfers across Africa due to the lack of a single financial platform that can connect. to several financial sources. To compete with cash, digital payments and transfers need to be instant. With Waya, transactions are instant, ”Anku-Adiamah told Disrupt Africa.

Faced with ChipperCash, Eversend, SimbaPay, MamaMoney and, more locally, BitSika, Waya is in a very busy market. Yet it already has around 8,000 customers in Ghana, Kenya and Nigeria, and is growing 20-30% month-on-month. This growth prompted it to expand into South Africa, Uganda and Rwanda as well.

“We envision further expansion in East and North Africa with a possible direct financial bridge between East Africa and China,” Anku-Adiamah said.

The startup, which makes money through a compensation model and has been profitable since December 2020, raised a pre-seed of US $ 50,000 last year from a network of UK angel investors. (United Kingdom), United States (United States). and Switzerland. It has also partnered locally with Africa World, one of Africa’s largest airlines, to manage its mobile money ticket sales. The only way, it seems, is to go up.