As it expands its operations in the region, Nigerian fintech startup Grey has chosen Kenya as its East African hub.
Grey, founded in 2021 by Idorenyin Obong and Femi Aghedo with the goal of assisting Nigerians in easily exchanging to local currency and accessing the foreign currencies in their accounts, provides an international money transfer service that allows its users to send and receive international payments without restrictions quickly. Foreign bank accounts, instant currency exchange, and international money transfers are among its services.
Last August, the Y Combinator-backed fintech startup raised $2 million in funding and is rapidly expanding. It has chosen Kenya as its East African hub, having already launched with over 300,000 users in Kenya and Tanzania.
Obong stated that opening offices in Kenya would help the firm navigate its planned operations in other East African Community (EAC) countries.
“Kenya’s diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in the last 15 years, reaching an all-time record of US$3.7 million. This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than three per cent of Kenya’s GDP,” he said.
“More Kenyans are working remotely for companies abroad where payments tend to be tedious and expensive. Our solution allows African freelancers to have foreign accounts and seamlessly receive money worldwide and be globally competitive.”
In collaboration with Safaricom, Antler, and Nairobi Garage, Grey partnered with Cellulant as the company’s payments processor, powering payouts to thousands of Grey’s customers, and Moringa School to increase awareness and empower digital nomads on financial literacy.
In addition, the company has privately launched Grey Business, a borderless business banking platform for startups that allows them to receive instant international payments and currency conversions for their operations. Companies can also open US bank accounts online with no minimum balance requirements, monthly fees, or hidden costs.
