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Kenyan fintech WayaWaya has partnered with Choice Microfinance Bank to offer bank accounts inside its app, called WayaWaya Banking. Choice Bank, which the Central Bank of Kenya licenses, will hold the deposits and carry out know-your-customer checks. WayaWaya will run the app and deal with customers. The companies signed the deal in Nairobi on Friday, 6 November 2026, TechCabal and The Star reported.
The deal targets WayaWaya’s existing network of about 32,000 businesses, according to The Star. Those merchants will be able to receive, hold and send larger payments from a single platform.
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What WayaWaya Banking offers
- bank accounts opened through the WayaWaya app, held at Choice Bank;
- balances in multiple currencies and foreign exchange;
- local bank transfers and international transfers;
- utility payments, supplier payments and salary payments from the same account.
WayaWaya says it will use AI to analyse a customer’s transaction patterns, such as income, spending and recurring payments, and show the tools most relevant to them. For example, a salaried user who starts a business would see business collection and expense tools. The company calls this “Intelligent Adaptive Banking”. Neither company has published WayaWaya Banking fees or account limits yet.
Why WayaWaya Banking matters for SMEs
WayaWaya founder and chief executive Teddy Ogallo told The Star that merchants previously had to move money off the platform to pay suppliers, which added transaction charges. “Once the money comes into the ecosystem, it can be kept within WayaWaya and used to pay suppliers and even salaries,” he said. He said the partnership could double or triple the number of businesses WayaWaya serves.
Choice Bank chief commercial officer Patrick Russell said SMEs need “better collection capabilities, not just relying on mobile network frameworks, but also banking capabilities.” Communications Authority data cited by TechCabal shows Kenya had 54 million mobile money subscriptions in June 2026, and M-Pesa held 88.8% of them. Like Cloud9’s tie-up with Alliance, the deal is another fintech using a licensed bank’s infrastructure to offer bank accounts.
Are deposits protected?
Customers will in effect hold accounts with Choice Bank. Their deposits therefore sit with a CBK-licensed institution and are covered by the Kenya Deposit Insurance Corporation, subject to its limits and conditions. Our KDIC deposit insurance guide explains how much of a balance is protected. Before moving business cash into WayaWaya Banking, ask for the account terms, the transfer charges and the FX margin in writing.
Frequently asked questions
Which bank is behind WayaWaya Banking?
Choice Microfinance Bank provides the licensed banking infrastructure, holds deposits and carries out customer checks.
Is WayaWaya a bank?
No. WayaWaya is a technology company. The accounts are held at Choice Bank, which CBK regulates.
Who can use WayaWaya Banking?
It targets individuals and businesses, starting with WayaWaya’s network of about 32,000 merchants, according to The Star.
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