Fintech startup Grey has picked Kenya as its East African Hub as it seeks to expand operations in the largest economy in the East African Community .
This follows $2 million seed funding it raised to expand in the East African Market as it seeks opportunities in Uganda and Rwanda in the near future. The firm’s platform is live in Tanzania and Kenya with over 300, 000 users.
According to Grey Chief Executive Officer IIdorenyin Obong , opening offices in Kenya will help the firm navigate its planned operations in other countries in the East African Community.
“Kenya’s Diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in the last 15 years reaching an all-time record of USD 3,718 million in rv. This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than 3 percent of Kenya’s GDP.
According to a World Bank report released last year, Kenya has been ranked among Africa’s top three recipients of diaspora remittances behind Nigeria and Ghana.
Moreover, Kenya’s Gig economy is on the rise, with the growth of digital platforms that connect workers and traders to potential customers.
A 2022 report by Mercy Corps on the gig economy is showing that the Kenyan online gig economy is valued at $109 million and employs a total of 36,573 workers. It is estimated to grow at an annual rate of 33 percent, with the total size reaching $345 million and employing 93,875 workers by 2023.
“More Kenyans are working remotely for companies abroad where payments tend to be tedious and expensive. Our solution allows African Freelancers to have foreign accounts and seamlessly receive money worldwide and be globally competitive,” he added.
Founded in 2021, Grey, a Y-combinator-backed fintech startup, provides a unique international money transfer service that allows its users to send and receive international payments quickly without restrictions.
Grey enables its customers to have virtual international bank accounts and cards for free and enjoy a seamless foreign payment process.
Users can create a foreign USD, GBP, and EUR bank account for free, send money to the UK and Europe, and receive payments from over 88 countries.
The company also offers conversion directly to your local currency so that you can spend it easily on the app