Nigerian fintech firm Grey has partnered with pan-African payments company Cellulant to drive its expansion in the East African region.
Launched in 2021 by Idorenyin Obong and Femi Aghedo, Grey’s instant currency exchange service provides its customers with a free virtual international bank account.
As part of its expansion strategy, the firm is first rolling roll out its services and products, including foreign bank accounts, instant currency exchange, and international money transfers, in Kenya.
The move will allow its users to receive payments and convert directly to Kenya Shillings or the Nigerian Naira.
Cellulant will enable payouts to Grey’s customers as its payment processor.
According to Grey, the free virtual international bank account provided by it will help small businesses, freelancers, remote workers, and content creators in Kenya with a “seamless payment process”.
Thousands of young Kenyans depend on digital platforms to access work opportunities in a rapidly evolving gig economy, which is driven by smartphone and internet penetration, and mobile money proliferation, Grey noted.
The firm said that its expansion into the country will allow Kenyans to get paid in their preferred foreign currency with the option to withdraw directly to M-Pesa or their local bank account.
Latest developments in Africa’s payment space
Last month, Sokin, a fintech payment firm, signed a multi-year partnership deal with Mastercard to support the introduction of its fixed-price payment services across new markets in the Middle East and Africa (MEA).
The same month, Nigeria-based payments firm Interswitch secured strategic investments from LeapFrog Investments and Tana Africa Capital to enhance the payment ecosystem across the African continent.
This February, Nigerian fintech OPay said that it is preparing to expand its footprint to more countries across the Middle East and North Africa this year.