Grey provides banking services to African digital nomads

By : Adoni Conrad Quenum

Date : mardi, 09 mai 2023 09:56

The fintech company, originally known as Aboki, has evolved into a full-fledged neobank that provides banking services to unbanked individuals.

Grey is a fintech solution developed by an eponymous Nigerian start-up. It provides digital banking services such as current account opening, debit card issuance, and loans. It also offers free virtual international bank accounts to let African teleworkers get paid easily.  

Its main objective is to provide adequate financial services to everyone. For that purpose, it developed a mobile app that is available on Playstore and AppStore. Through the app, users can sign up for a Grey account and access the various services. 

In 2022, the fintech startup behind the solution was claiming 100,000 users and a 200% growth in the volume of transactions processed. Currently, the Android version of its app has been downloaded over 100,000 times from PlayStore, demonstrating a certain popularity.  It is growing rapidly and has won several awards. In 2022, it was selected to join the Winter cohort of California-based accelerator Y Combinator.  In addition to Nigeria, it is present in Kenya and Tanzania and hopes to continue its expansion into other African markets.

Since its launch in 2020, it has raised about $2.5 million to support its growth, among other things. “We like to say that we’re on a mission to make international payments as easy as sending an email. We want to do impactful work to improve how Africa as a continent interacts with money across its borders,”  said its CEO Idorenyin Obong when Grey raised $2 million in 2022.

Adoni Conrad Quenum


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