Nigerian PayTech Grey (https://grey.co)is expanding into Kenya, making it easier for locals to accept payments in one of the three supported currencies. The PayTech has teamed up with payment company Cellulant to expand the availability of its platform to Kenya. Grey, a startup backed by Y-Combinator, allows users to get paid in U.S. dollars, euros, or British pounds before transferring the amount to their local bank or M-Pesa mobile payment account. The app is particularly popular with freelancers and remote workers, who can use the app to bill U.S. or European customers in their local currency.
Last year, the startup was founded by Idorenyin Obong and Femi Aghedo to allow Nigerians to readily exchange money into local currency and access foreign currencies through their accounts. Path to prosperity” for young, technology-loving Africans In a statement announcing the new partnership, Cellulant said: “Today, thousands of young Kenyans are taking advantage of work opportunities through digital platforms in a rapidly growing gig economy. The online gig economy is fueled by a growing number of young workers, the spread of the internet and smartphones, and the spread of mobile money. As Africa has the youngest workforce and at the same time a high unemployment rate, the online gig economy offers alternative and accessible employment opportunities and a path to economic prosperity for the young workforce.”
David Waithaka, Chief Revenue Officer of Cellulant, added: “We are thrilled that Grey has come into play in this area and connects Gigworker to the global economy by providing a relevant currency exchange platform. Their work is closely linked to our mission to create opportunities that accelerate economic growth across Africa. We are proud to support their payments in Kenya and enable seamless digital transactions.”
Grey CEO and co-founder Idorenyin Obong adds: “We now enable Kenyans to make and receive international payments from the comfort of their own homes through the foreign accounts provided by Grey. With Grey’s expansion into Kenya, Kenyan residents and visitors no longer have to jump from app to app but can receive foreign payments and convert them directly into Kenyan shillings.”
Pay for local services in dollars, euros, or pounds. Grey pointed out that not only does the app provide young Kenyans and Nigerians with easier access to labor markets, but it can also be used by travelers in both countries, who can convert any of the supported currencies into shillings or naira and pay for goods and services via M-Pesa or by wire transfer to a local bank account. Grey officially signed the partnership with Cellulant last week in Nairobi. They hope that their plan in Kenya will be the beginning of an expansion into East Africa and the beginning of further growth for the app.