Ex-World Bank specialist David Wachira to launch own firm Wayapay in Washington, DC

According to a statement from Wayapay, the two entrepreneurs are set to launch the fintech company in Washington DC on September 16, 2022.

The firm describes itself as a full-service digital bank and money transfer app focused on the African Diaspora.

Wayapay CEO Hempstone Maroria with COO Dr David Wachira Pulse Live Kenya

“Waya’s mission is to unlock financial barriers, provide unlimited financial access and opportunities for millions of African immigrants living and working outside their home countries”, said Wachira who serves as the company's Chief Operating Officer.

He noted that Africans in the diaspora send over Sh6 Trillion back home every year and lose up to Sh361 Billion in hidden fees and high forex rates.

According to the latest data from CBK, Kenyans in the diaspora sent home Sh38 billion, with those in the US contributing 60% of the remittances.

READ: Most profitable investment ideas for Kenyans in diaspora

Maroria, who serves as the company's CEO noted that mobile money is one of the biggest African success stories, highlighting that their business also developed a mobile money platform.

Wayapay CEO Hempstone Maroria, COO Dr David Wachira with former US Ambassador Kyle McCarter Pulse Live Kenya

“Waya wants to bring the convenience of transacting on mobile money to banking in the USA enabling users to transact with each other while enabling the diaspora to send money to Africa in a fast convenient and affordable way,” he said.

The firm also plans to provide other financial services like credit, savings accounts and investment opportunities for immigrants.

Overcoming stereotypes and profiling

David Wachira, known to many as Kenya’s most stylish mukurino, rose to the limelight after his successful career at the World Bank, breaking barriers in terms of both his professional life and his personal life.

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In past interviews, he said that the Akorino turban which he religiously rocks has seen him being negatively profiled both abroad and in the country.

Wachira was once mistaken to be a waiter by officials from Treasury who asked him to serve them tea during a meeting he was hosting.

Dr David Wachira with his wife on Jeff Koinange Live Pulse Live Kenya

“When they saw me take a seat as part of the panel on the World Bank side, you could almost feel them shrinking in their seats as I went on to conduct the meeting,” he recalled.

Wachira also said he has been mistaken as his wife’s driver on a number of occasions.