Fintech startup, Grey, a Y-combinator backed firm that offers a unique international money transfer service that enables its users to send and receive international payments without restrictions quickly has announced a new partnership with Cellulant as part of efforts aimed at launching its services to East Africa starting with Kenya. Its products, including foreign bank accounts, instant currency exchange, and international money transfers, are now available to Kenyan residents who sign up on Grey.
Cellulant will act as 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.
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.
Grey’s services are now available in Kenya and Nigeria with this launch via the Grey website (https://bit.ly/grey-reg-pc) and will soon be available on the app stores.