As part of its expansion plans in the region, Nigerian fintech startup Grey has chosen Kenya to establish its East African hub. The company aims to provide easy currency exchange and access to foreign currencies for Nigerians.
Grey offers an international money transfer service that enables users to send and receive international payments quickly and without restrictions. Their product range includes foreign bank accounts, instant currency exchange, and international money transfers.
Backed by Y Combinator, Grey secured $2 million in funding last August and is actively scaling its operations. With a user base of over 300,000, the company has already launched its services in Kenya and Tanzania.
The selection of Kenya as the East African hub is strategic, as it will facilitate Grey’s operations in other countries within the East African Community (EAC).
Idorenyin Obong, a representative of Grey, emphasized that establishing offices in Kenya would support the firm in navigating its planned expansion in the region. He highlighted the vibrant nature of Kenya’s diaspora remittance, with remittance inflows to the country growing tenfold in the past 15 years, reaching a record high of $3.7 million.
This significant growth underscores the importance of remittances as a source of foreign exchange, amounting to over three percent of Kenya’s GDP.
Furthermore, Obong pointed out the increasing number of Kenyans working remotely for foreign companies, where receiving payments can be challenging and costly. Grey’s solution allows African freelancers to have foreign accounts, seamlessly receive money worldwide, and enhance their global competitiveness.
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