These customers will be able to make these payments through KrosPayz, Money Q’s Africa-wide digital payments platform that enables online payment for transactions and value-added services at the point of sale.

Mobile remittances present a unique opportunity for millions of people to access the formal financial system, bringing financial services and prospects for revenue generation closer to their communities. According to estimates, Sub-Saharan African remittances increased by 16.4% in 2021 but only by 5.2% in 2022. 

The average cost of sending $200 over international borders remained high in the second quarter of 2022, at 6%. Mobile operators offer the best rates (3.5%), but less than 1% of transactions are made through digital channels. Remittance services are now much quicker and less expensive thanks to digital technologies.

The KrosPayz digital wallet, which is set to go live first in Malawi this April, will enable customers to pay for national and international utility bill payments, airtime recharge, execute their domestic fund transfers to individuals and companies, and also pay in the local markets for their purchases via QR code.

“Remittances are the single largest source of foreign exchange for many developing economies, and they are stable and resilient in the face of economic downturns. They have been described as developing countries’ most stable, abundant, and secure sources of foreign aid. This partnership reaffirms our commitment to enabling businesses, banks, and consumers to make fast and efficient payments across Africa. By leveraging Cellulant’s presence and partnerships on the continent, Money Q will be able to provide its services throughout Africa” stated Richard Gesimba, Vice President of Global & Regional Merchants, Cellulant.

Money Q’s goal is to ensure that no African should be deprived of using the digital channels on the continent. Commenting on the partnership, Mr Amit Shrimali, Founder and CEO, Money Q, stated: “I am very excited with this partnership as it helps me to go a step closer to the vision of Money Q which is to make sure that none in the countries, we operate are deprived of using the digital medium to transact. The partnership between Money Q & Cellulant will indeed complement one another in growing the market share of both the companies in the African continent.”

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Just four months ago, Grey got accepted into Y Combinator’s 2022 winter batch for startups. Same period, it rebranded its identity, changing both its name, interface and logo to serve a much bigger mission.

On the other hand, Cellulant has been on a continuous mission to increase the innovations in making cross-border payments simpler and more decentralized. Through several recent partnerships, the company is gradually achieving its objectives.

In line with this, Grey’s partnership with Cellulant enables its launch in East Africa, spreading its products such as foreign bank accounts, instant currency exchange, and international money transfers, to Kenyans who sign up on Grey.

Kenyans can now get paid in their preferred foreign currency and withdraw directly to M-Pesa or their local bank account. Also, travellers going to Nairobi can convert any supported currency to Kenyan Shillings, pay for services directly to M-Pesa, or withdraw to a local bank account.

Grey 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.

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.

The endeavours by African fintech companies are rapidly enhancing the continuously growing digital environment where individuals now get remote jobs to work with countries other than theirs wherever they are. Processes like salary payments and other operations can now become simpler for all.

Grey was founded in 2020 by Idorenyin Obong and Femi Aghedo to make international transactions seamless, starting with Nigeria.

“For us at Grey, it is beyond just building remittance solutions. We sincerely want to enhance the interconnectivity of the evolving gig economy in developing countries; improving how we deal with cross-border remittance is just one way. Our team includes some of the brightest minds from diverse backgrounds working together to build solutions that delight our users,” Grey wrote.

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