As it grows its operations in the country with the most robust economy in the East African Community, the Nigerian fintech company Grey has chosen Kenya to serve as its East African Hub.
This follows the company’s successful fundraising of two million dollars in initial investment for its expansion into the East African Market, where it is currently looking for prospects in Uganda and Rwanda in the near future.
The company’s platform is now operational in Tanzania and Kenya, where it has more than 300,000 active users.
According to a survey that was published by the World Bank the previous year, Kenya has been classified as one of the top three countries in Africa to receive remittances from its citizens living abroad, coming in third place after Nigeria and Ghana.
In the year 2022, Grey formed partnerships with Cellulant as the company’s payments processor to enable its payouts to thousands of Grey’s customers and Moringa School to raise awareness among digital nomads and equip them in the area of financial literacy. These partnerships were carried out in conjunction with Safaricom, Antler, and Nairobi Garage.
In addition, the company has quietly introduced Grey Business, a borderless business banking platform designed specifically for start-ups. Through this platform, new companies can receive rapid payments from overseas and convert currencies for their operations.
Online bank accounts in the United States can also be opened for businesses, and there is no requirement for a minimum balance or any monthly or hidden fees.
Grey, a Y-combinator-backed fintech firm that was established in 2021, provides a one-of-a-kind international money transfer service that enables its users to send and receive international payments swiftly and without limits. Grey’s customers can send and receive money to and from any country in the world.
Read also: Grey Raises $2 Million For Expansion
What Grey Offers Customers
Customers of Grey are given the opportunity to take advantage of a streamlined method for making payments in foreign countries as well as free virtual international bank accounts and cards.
Users have the ability to open a bank account in a foreign currency at no cost, send money to the United Kingdom and other European countries, and receive payments from more than 88 countries.
The organisation also provides conversion directly to the currency of the country in which you reside, making it possible for you to spend your money conveniently within the app.
In addition to this, Kenya’s so-called “gig economy” is flourishing thanks to the proliferation of online marketplaces that link employees and business owners with prospective clients.
The online gig economy in Kenya is estimated to be worth $109 million and to provide employment for a total of 36,573 people, according to a report on the gig economy that was conducted by Mercy Corps in 2022.
It is anticipated that it would expand at an annual rate of 33%, with the total size reaching $345 million and employing 93,875 individuals by the year 2023.
Remarks From Grey’s CEO
AIdorenyin Obong, the Chief Executive Officer of Grey, stated that the establishment of headquarters in Kenya would assist the company in successfully navigating its planned operations in other nations within the East African Community.
“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 USD 3,718 million. This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than 3 per cent of Kenya’s GDP,” Obong 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,” he added.