Grey, the African fintech firm that provides foreign currency accounts for remote workers and businesses, has significantly expanded its payout network across the continent. The expansion is designed to address the persistent friction in moving money between African nations, a challenge that continues to hamper intra-continental trade and the growth of the gig economy.
The company, formerly known as Aboki Africa, has increased its coverage to allow users to send funds directly to bank accounts and mobile money wallets in more African markets, including Kenya, Tanzania, Uganda, Rwanda, and South Africa. This development follows a period of rapid user growth for the platform, which serves a growing demographic of African professionals who earn in foreign currencies such as the US Dollar, British Pound, and Euro.
According to figures from the World Bank, Sub-Saharan Africa remains one of the most expensive regions for sending money. Sending $200 to the region costs an average of 8%, significantly higher than the global average. By leveraging digital infrastructure and local partnerships, fintech companies like Grey are attempting to bring these costs down to more sustainable levels for small businesses and individual service providers.
Grey’s current strategy focuses on removing the silos that have traditionally defined African banking. Most traditional banks require multiple intermediary institutions to facilitate a transfer from one African country to another, often routing transactions through Europe or North America. This process results in high fees and settlement delays that can last several days. Grey’s expanded payout network bypasses these traditional bottlenecks by integrating directly with local payment rails.
Infrastructural Shifts and the Move Toward Regional Integration
The expansion comes at a time when African regulators and private sector actors are pushing for greater financial integration. The rise of digital payment standards across the continent has provided a foundation for startups to build cross-border solutions. Grey’s recent growth is also tied to its participation in the Y Combinator accelerator and subsequent seed funding rounds, which have provided the capital necessary to secure regulatory licences and technical integrations in new jurisdictions.
For African small and medium-sized enterprises (SMEs), the ability to pay suppliers in neighbouring countries without resorting to the parallel market or expensive bank transfers is a critical operational advantage. Grey’s platform allows these businesses to hold balances in multiple currencies and convert them at rates that are typically more competitive than those offered by commercial banks.
The company has also focused on the remote work sector, which has seen a surge in Nigeria and Kenya over the last three years. By providing virtual International Bank Account Numbers (IBANs), Grey enables these workers to receive payments from international clients as if they were local residents in those foreign markets, before moving the funds back into their local African accounts or mobile wallets.
The broader fintech sector in Africa is increasingly moving toward this “payout-as-a-service” model. Competitors in the space are also vying for market share as the African Continental Free Trade Area (AfCFTA) gains momentum, which is expected to increase the demand for seamless B2B payment solutions across 54 countries.
In the coming months, Grey is expected to pursue further regulatory approvals to deepen its presence in West and Central Africa. The company has indicated that its goal is to create a unified financial interface where the geographic location of the sender and receiver no longer dictates the speed or cost of the transaction. This expansion marks a shift from being a simple currency exchange tool to becoming a comprehensive financial infrastructure provider for the continent’s digital economy.
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