The Origins of Wala

A digital financial platform for emerging market consumers

Wala is a financial platform with a mission to help people reach financial prosperity by eliminating the barriers to banking. Our goal is to close the gap that exists between consumers and financial service providers by increasing the accessibility of the financial system. We achieve this by making basic banking free and by making all financial services readily available through a customer’s phone.

First and foremost, Wala is not a bank. We are a platform whose strengths are in customer engagement through digital solutions. Core banking functions like taking deposits, providing withdrawals, and deposit-holding are the responsibility of our partners. We believe that banks are most equipped to provide these services, but they need the technology partner to drive widespread adoption and engagement to close the financial inclusion gap.

So how exactly did Wala come about?

Alice Oyella, a farmer in Kitgum, Uganda receiving her first cash transfer.

Wala originated through my work directing unconditional cash transfers to subsistence farmers in Uganda using mobile money. While on the ground, I observed that the technology and offering was being utilized, but farmers were not securely storing their money. Most individuals were withdrawing all funds and storing their cash in a local village cash box. The limited access to affordable financial products and services proved to be the primary problem that stifled the potential growth for these consumers. No banks can reach these regions and mobile money is too expensive and unreliable to justify sustained use.

To better understand the banking and financial services issues plaguing consumers, I began interviewing rural and urban Ugandans using technical platforms like Whatsapp and Facebook Messenger. Soon men and women from all over began to seek me out for guidance on proper savings, investment, and loan advice with the hopes of bettering their financial standing. Overwhelmed with the response, I aggregated the influx of consumers into a Facebook group that grew in the first few months to 100,000 consumers organically, mainly in Kampala, Uganda. It was bonkers to say the least!

At this point my CoFounder, Samer Saab, joined me and we began testing incentives to understand if rewards could influence financial behavior. And I am happy to say that through the testing and development of a rewards model, Wala financial communities now exceed 1 million consumers coming from over 100 countries including Uganda, South Africa, Ghana, Rwanda, Nigeria, Tanzania, and Kenya.

These communities have enabled us to build a solution with and for consumers. The Wala Financial Platform was created thanks to testing multiple prototypes with community members and getting direct input from people globally. Today, these groups provide opportunities for consumers to connect with each other, create dialogue centered around financial well-being, participate in rewards driven challenges, and receive daily support and inspiration. And soon, these community members will be doing all this and more directly through the Wala Financial Platform in just a few short months!

Want more info on Wala? Visit us at www.getwala.com, follow us on twitter, and stay tuned for more blogs and updates via Medium!

— — Tricia Martinez, Founder & CEO, Wala — —