Nigerian startup Grey, the Y Combinator-backed cross-border payment platform, is now enabling direct payout to Senegal, Ivory Coast, Cameroon and Rwanda.
Grey enables individuals and businesses to easily own and manage multi-currency accounts in USD, GBP, and EUR, supporting transfers to more than 170 destinations. It also offers access to virtual cards.
With this new payout, migrants, diaspora communities, as well as individuals and businesses, can now send payments directly to recipients in these countries. Users can now send funds in the recipient’s local currency, including Rwandan francs (RWF), Central African CFA francs (XAF), and West African CFA francs (XOF).
Together, these four markets account for more than US$7 billion in remittance flows. Grey’s expansion is supporting these existing financial connections while making cross-border payments more accessible for the people and businesses that depend on them.
“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.
