Grey, a Nigerian fintech platform for cross-border payments, allows individuals and businesses to hold and manage multi-currency accounts in USD, GBP and EUR, with transfers available to more than 170 destinations. The company also offers virtual cards and is expanding its payout network to four additional African markets.
Users can now send payments directly to recipients in Senegal, Ivory Coast, Cameroon and Rwanda, with funds delivered in local currencies including the Rwandan franc (RWF), Central African CFA franc (XAF) and West African CFA franc (XOF).
The expansion covers markets that together account for more than $7 billion in remittance flows. For Grey, the move extends its service beyond sending money from one market to another and adds local currency payouts for recipients in the four countries.
The company raised $2 million as part of its regional expansion, according to the announcement. Its service is aimed at migrants, diaspora communities, individuals and businesses that need to move money across borders.
Grey CEO and co-founder Idorenyin Obong said the new payout options are intended to support existing financial links between these markets.
“Senegal, Ivory Coast, Cameroon and Rwanda have growing diasporas that send money home to support families, education, healthcare, and fund businesses. At the same time, people are travelling to Rwanda for vacations, to visit friends and relatives, for business and conferences. Yet cross-border payment has not always matched the strength of these relationships. With these new payouts, we’re making it easier for individuals and businesses to send money to these countries in their local currencies.” said Idorenyin Obong, CEO and co-founder of Grey.
