With the support of Cellulant, Nigerian fintech Grey has announced its expansion into East Africa, starting with Kenya. With Grey, Kenyans now have access to foreign bank accounts, instant currency exchange, and international money transfers.
KAMPALA | NOW THEN DIGITAL — Grey, a Nigerian fintech, announced that it is entering East Africa and starting with Kenya in partnership with Cellulant, providing Kenyan residents with foreign bank accounts, instant currency exchange, and international money transfers.
- Kenya is now the first East African country that Nigerian fintech Grey has announced it will serve with its products.
- The company’s foreign bank accounts, instant exchange services, and international money transfer solutions are now available to Kenyan residents who sign up with Grey.
- Idorenyin Obong and Femi Aghedo launched Grey in 2021 to help Nigerians access their foreign currencies and exchange them easily for local currency.
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Having partnered with Cellulant, Grey has branched out into East Africa, launching in Kenya to address the difficulties of receiving & sending money abroad.
Grey, a Y-combinator-backed fintech startup, provides a unique method of receiving and sending international payments without restrictions quickly.
Cellulant is Grey’s payments processor, enabling it to deliver payouts to Grey’s thousands of customers.
Grey and Cellulant held a ceremony at the Radisson Blu Hotel, Upperhill, Nairobi, on 25 May.
In this ceremony, users were demonstrated how they could open a virtual foreign bank account and receive payments in USD, GBP, and EUR. Users could convert these payments directly to Kenya Shillings or Nigerian Naira.
The instant currency exchange service offered by Grey allows clients to create virtual international bank accounts for free, enabling small businesses, freelancers, remote workers, and content creators to receive payments seamlessly in Kenya.
Kenya today has thousands of young people accessing work opportunities on digital platforms in a rapidly growing gig economy. The online gig economy is driven by an expanding workforce, mobile phone penetration, and mobile money usage.
In a continent with the youngest workforce, but high unemployment rates, online gig work provides an alternative and accessible source of employment as well as a pathway to economic prosperity and future prosperity for the young.
This was the environment in which Grey was conceived. Mr Idorenyin Obong, Grey’s CEO, worked remotely for international companies but constantly faced obstacles in accessing the foreign currencies in his accounts.
Founded in 2021, Grey was launched by Idorenyin Obong and Femi Aghedo to make currency conversion easier for Nigerians and to allow them to easily access foreign currencies in their accounts.
With Grey, Kenyans can now receive payments in their preferred foreign currency and deposit directly into M-Pesa or a local bank account. If you’re a traveller, you can exchange foreign currencies for Kenyan Shillings, pay for services directly through M-Pesa, or withdraw to a local bank account.
With this launch, Grey services are now available in Kenya and Nigeria via the Grey website, and they will be available soon on the app stores.
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