WayaWaya, a Kenyan company that builds AI-powered financial services for banks and merchants, has signed a partnership with Choice Bank to offer banking services inside its app. The service, WayaWaya Banking, was announced at a signing in Nairobi on 6 November 2026.

Under the arrangement described by TechCabal and The Star, Choice Bank provides the regulated banking infrastructure. It holds customer deposits and carries out know-your-customer checks, so customers effectively hold their accounts with Choice. WayaWaya builds the technology and keeps the direct relationship with customers through its platform.

According to TechCabal, the service will let customers open bank accounts, hold funds in multiple currencies, make local and international transfers and pay utility bills. The Star adds foreign exchange and domestic bank transfers for merchants.

Choice Bank is a Central Bank of Kenya (CBK) licensed microfinance bank. The CBK’s May 2025 directory lists Choice Microfinance Bank Limited. A Kenyan Wall Street report says the CBK approved its conversion to a nationwide microfinance bank on 4 November 2024, citing a gazette notice. The Star says deposits will be covered by the Kenya Deposit Insurance Corporation, “subject to applicable deposit insurance limits and conditions.”

The Star reports that the deal targets WayaWaya’s existing network of about 32,000 businesses. Founder and chief executive Teddy Ogallo said the partnership addresses limits on how much merchants can collect and settle through the platform, which he linked to the lack of direct banking infrastructure. He said it could double or triple the number of businesses WayaWaya serves. That is a forward-looking company statement.

WayaWaya calls its approach “Intelligent Adaptive Banking.” It uses AI to analyse customers’ transactions and balances and to change the dashboards and tools each user sees. “Banking should adapt to the customer,” Ogallo said in a statement, according to TechCabal.

No amount was disclosed, and the partnership is a commercial agreement rather than a funding round. None of the reports we read gives a valuation.

The reports differ on timing. TechCabal and TechMoran describe what the service will allow. Connecting Africa says the partners “have launched” WayaWaya Banking. Business Radar reports that neither company has published fees or account limits. We did not find a launch date or rollout statement from either company. Crawled text from WayaWaya’s website and Choice Bank’s website did not mention the partnership, so we found no company statement on either site.

Ogallo said WayaWaya wants to take the model beyond Kenya using local banking partners. TechCabal notes that entering Nigeria or Uganda would require local partnerships and regulatory approvals in each market.

WayaWaya’s corporate history is also disputed. Reports in April 2021 said Ajua had acquired the company. In June 2026, TechCabal reported that Ogallo says no acquisition took place and that WayaWaya kept operating independently. Ajua’s founder told TechCabal that “the transaction was cancelled back in 2023,” and declined to elaborate.

Kenya had 54 million mobile money subscriptions in June 2026, and M-PESA held 88.8% of them, according to the Communications Authority of Kenya as cited by TechCabal.

Sources

TopicsWayaWaya Choice Bank Kenya Fintech

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