As it develops operations in the area, Nigerian financial company Grey has chosen Kenya as its East African center.
Idorenyin Obong and Femi Aghedo founded Grey in 2021 with the goal of making it simple for Nigerians to access their foreign currency holdings and convert it to local currency. Grey provides an international money transfer service that enables users to send and receive payments internationally without delays. International money transfers, instant currency conversion, and foreign bank accounts are some of its products.
The Y Combinator-backed finance firm recently completed a $2 million investment round and is actively growing. It has picked Kenya as its East African base, having already started there and in Tanzania with over 300,000 subscribers.
According to Obong, the company’s decision to establish headquarters in Kenya will aid in navigating its activities in other East African Community (EAC) nations.
As remittance inflows to Kenya have multiplied tenfold over the past 15 years and reached an all-time high of US$3.7 million, “Kenya’s diaspora remittance is highly dynamic. This extraordinary growth demonstrates the value of remittances as a source of foreign cash for the nation; they account for more than 3% of Kenya’s GDP, he said.
“More Kenyans are working from home for foreign companies, where payments are frequently complicated and expensive. With the help of our technology, African independent contractors can open foreign bank accounts, receive payments internationally, and compete on a global scale.
In the previous year, Grey collaborated with Safaricom, Antler, and Nairobi Garage to expand awareness of and empower digital nomads with financial literacy through partnerships with Moringa School and Cellulant, the company’s payments processor, which powers disbursements to thousands of Grey’s customers.
Grey Business, a borderless business banking platform for startups where they can acquire immediate international payments and currency conversions for their firm, has also been privately introduced by the company. Additionally, businesses can open US bank accounts online without a minimum balance, a monthly fee, or any other hidden costs.