FinTech news in Grey Finance category

Thus, users in Nigeria and Kenya can receive foreign payments from more than 88 countries using USD, GBP and EUR bank accounts created on the platform, convert them into their local currencies (naira and shilling) and withdraw directly to their mobile money or local bank account. With its Grey Business product, the one-year-old fintech intends to tap into the market and provide a cheaper option to send and receive local currencies within the continent, particularly for micro and small businesses. In the latest development, Grey, a fintech in this category that provides virtual international bank accounts to African freelancers and remote workers, is announcing that it has raised $2 million in seed funding. COO Aghedo said the company privately launched a business-focused product, Grey Business, to complement this consumer-facing growth and extend its product beyond remittances and person-to-person payments.

While some customers use these accounts, others still exchange currency from their cards or domiciliary bank accounts with limited bank partners supporting foreign exchange transfers in Nigeria.