Under the agreement, Kenyan residents can now sign up for Grey’s products, which include foreign bank accounts, instant currency exchange, and international money transfers.
Grey, a Y-combinator-backed fintech start-up, offers a one-of-a-kind international money transfer service that allows users to send and receive international payments swiftly and without limits.
In an exclusive ceremony attended by senior management from Grey and Cellulant at the Radisson Blu Hotel, Upperhill, Nairobi, 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.
Grey’s instant currency exchange service provides free virtual international bank accounts to its users, allowing small businesses, freelancers, remote workers, and content creators in Kenya to enjoy a seamless payment process.
Thousands of young Kenyans now use digital platforms to find work in the fast-expanding gig economy.
The online gig economy is fueled by a growing young workforce, widespread internet and smartphone use, and the widespread use of mobile money.
With Africa’s youngest workforce and high unemployment rates, online gig work offers alternative and accessible employment alternatives as well as a road to economic prosperity for the continent’s young people.
It was in this environment that the start-up was conceptualized. 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.
The startup allows Kenyans to get paid in their preferred foreign currency and withdraw directly to M-Pesa or their local bank account.
If you’re traveling to Nairobi, you can convert any supported currency to Kenyan Shillings, use M-Pesa to pay for services, or withdraw to a local bank account.
With this launch, Grey’s services are now available in Kenya and Nigeria via the Grey website and will be available in app stores soon.