In partnership with Cellulant, Grey has expanded its services into East Africa, kicking off with Kenya to address the difficulties of sending & receiving money abroad.
Grey, a Y-combinator backed fintech startup, offers a unique international money transfer service that enables its users to send and receive international payments without restrictions quickly. Cellulant is the company’s payments processor powering its payouts to thousands of Grey’s customers.
In an exclusive ceremony attended by senior management from Grey and Cellulant at the Radisson Blu Hotel, Upperhill, Nairobi, on 25 May, the company showcased how users could create a virtual foreign USD, GBP, and EUR bank account for free. Users can receive payments and convert directly to Kenya Shillings or the Nigerian Naira.
The instant currency exchange service offered by Grey enables its customers to have virtual international bank accounts for free, helping small businesses, freelancers, remote workers, and content creators in Kenya to enjoy a seamless payment process.
Today, thousands of young Kenyans access work opportunities through digital platforms in a rapidly growing gig economy. The online gig economy is fuelled by a burgeoning young workforce, internet and smartphone penetration, and mobile money proliferation. With Africa having the youngest workforce yet with high unemployment rates, online gig work provides alternative and accessible employment opportunities and a path to economic prosperity for the youthful workforce.
It was in this environment that Grey was conceptualised. Mr Idorenyin Obong, Grey’s CEO, worked remotely for international companies but faced numerous challenges in accessing the foreign currency in his accounts. Grey was launched in 2021 by Idorenyin Obong and Femi Aghedo, who wanted to help Nigerians easily exchange to local currency and access the foreign currencies in their accounts.
Speaking at the event, he said,
“We are now enabling Kenyans to make and receive international payments via the foreign accounts Grey provides from the comfort of their homes. Grey’s expansion to Kenya will replace the need for Kenyan residents and visitors to jump from app to app and make receiving foreign payments and converting directly to Kenya shillings easier.”
Grey allows Kenyans to get paid in their preferred foreign currency and withdraw directly to M-Pesa or their local bank account. Suppose you’re a traveller on a trip to Nairobi; you can convert any supported currencies to Kenyan Shillings, pay for services directly to M-Pesa, or withdraw to a local bank account.
Commenting on the partnership, Cellulant’s Chief Revenue Officer, David Waithaka, said,
“We’re thrilled that Grey has come into play in this space connecting gig workers to a global economy by providing a relevant currency exchange platform. Their work ties closely to our mission of creating opportunities that accelerate economic growth for all of Africa. We’re proud to power their payments in Kenya and enable seamless digital transactions.”
Grey’s services are now available in Kenya and Nigeria with this launch via the Grey website and will soon be available on the app stores.