Grey, a Nigerian fintech startup has decided to establish its East African hub in Kenya as part of its expansion plans in the region. The company aims to facilitate easy currency exchange and provide 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. Its range of products includes foreign bank accounts, instant currency exchange, and international money transfers.
Backed by Y Combinator, the fintech startup secured $2 million in funding last August and is actively scaling its operations. With a user base of over 300,000, Grey has already launched its services in Kenya and Tanzania.
The choice of Kenya as its East African hub is strategic, as it will facilitate the company’s operations in other countries within the East African Community (EAC).
Idorenyin Obong stated that establishing offices in Kenya would assist the firm in navigating its planned expansion in the region. He emphasized the vibrant nature of Kenya’s diaspora remittance, with remittance inflows to the country having grown tenfold in the past 15 years, reaching a record high of $3.7 million.
This substantial growth highlights the significance of remittances as a source of foreign exchange, equivalent to over three percent of Kenya’s GDP.
Additionally, Obong highlighted the increasing number of Kenyans working remotely for foreign companies, where payments can be challenging and costly. Grey’s solution enables African freelancers to have foreign accounts, receive money worldwide seamlessly, and enhance their global competitiveness.