Kenya’s WayaWaya Partners With Choice Bank on AI-Personalised Banking App

Kenyan fintech WayaWaya has partnered with Choice Bank to launch WayaWaya Banking, an app that uses AI to tailor each customer’s banking experience to how they earn, spend and save.

Choice Bank, regulated by the Central Bank of Kenya, will provide the banking infrastructure; WayaWaya will build the technology and run the customer experience. Users will be able to open accounts, hold multiple currencies, make local and international transfers and pay utilities.

Banking that rearranges itself

WayaWaya calls its approach “Intelligent Adaptive Banking.” It says AI will analyse users’ financial activity and adjust their dashboards accordingly — for example, foregrounding collections and supplier payments for an entrepreneur, budgeting and savings for a salaried worker, or portfolio funding for an investor. If a salaried customer starts a business, business tools could move to the front.

“Traditionally, banks build applications around products and expect customers to adapt to them. We believe the future should be the opposite,” said founder and CEO Teddy Ogallo.

Choice Bank chief commercial officer Patrick Russel said the bank would supply the infrastructure while WayaWaya decides “how those services are presented.”

The companies did not give a launch date, user targets or details of how the AI personalisation works.

Based on reporting by CIO Africa.