Nigerian fintech startup Grey has picked Kenya as its East African hub as it expands operations in the region.
Launched in 2021 by Idorenyin Obong and Femi Aghedo, who wanted to help Nigerians easily exchange to local currency and access the foreign currencies in their accounts, Grey offers an international money transfer service that enables its users to send and receive international payments without restrictions quickly. Its products include foreign bank accounts, instant currency exchange, and international money transfers.
The Y Combinator-backed fintech startup raised a US$2 million funding round last August, and is busy expanding. It has chosen Kenya as its East African hub, having already launched there and in Tanzania with over 300,000 users.
Obong said opening offices in Kenya would help the firm navigate its planned operations in other countries in the East African Community (EAC).
“Kenya’s diaspora remittance is very vibrant as remittance inflows to Kenya have increased tenfold in…