Grey Expands Payment Solutions in North Africa's Growing Market
Grey Expands Payment Solutions in North Africa's Growing Market
Backed by Y Combinator, Grey aims to revolutionize the cross-border payment landscape as demand surges in the digital economy.
Grey, a cutting-edge startup in cross-border payments, has recently launched its services in Morocco and Egypt. This expansion positions the company to tap into North Africa's lucrative remittance market, which is valued at an impressive $64 billion annually. With the introduction of local currency payouts in Dirham and Egyptian pounds, Grey makes sending and receiving money internationally faster and more convenient for users in these regions.
Through this initiative, users in Morocco and Egypt can now receive international payments in their local currencies, often within minutes, challenging the traditional banking systems that have long been a source of frustration. Many individuals, including students, freelancers, and remote workers, have experienced delays of up to a week and hefty fees that can soar to 7% with conventional banks. Grey’s service eradicates these barriers, making financial transactions efficient and affordable.
In 2024, remittances from Moroccans living abroad hit a staggering $12.8 billion, while Egypt recorded an impressive $36.5 billion during the same period. Nevertheless, recipients still grapple with outdated banking infrastructures that hinder their access to funds. "North Africa represents a massive untapped opportunity," remarked Idorenyin Obong, CEO of Grey. "We are responding to an overwhelming demand from users wanting more effective solutions than traditional methods provide. The region is prepared for a shift towards modern financial services."
Grey is determined to cater to the growing population of freelancers, remote workers, and students in Morocco and Egypt, who often resort to costly wire transfers or informal money networks. This venture aligns perfectly with the ongoing digital transformation across North Africa, focusing on empowering individuals to participate in the global economy without excessive fees and delays.
By offering users bank account details in USD, EUR, and GBP, Grey allows international clients to make quick payments in these widely used currencies. The platform enables seamless conversion to local currency with real-time exchange rates, eliminating the need for physical pickup locations that are a standard requirement with traditional remittance services.
Originally part of Y Combinator’s Winter 2022 batch, Grey currently supports more than 2 million users spread across over 50 countries and has the capacity for transfers to more than 170 destinations worldwide. The company holds licenses for money service businesses in both the United States and Canada, positioning itself as a facilitator for talented individuals pursuing opportunities in the global market.
Aside from the recent expansion into North Africa's banking ecosystem, Grey has a strategy in place to enhance its support for various currencies in the region with future currencies also expected to launch soon. Local users can easily access Grey's services and sign up via the Grey app, which is also available for download on popular app stores.
In addition to standard payment services, Grey offers users the ability to access virtual USD debit cards and supports USDC cryptocurrency payments, with physical cards expected to be introduced in the region soon.
About Grey
Grey is committed to delivering secure and convenient global banking solutions tailored to meet the needs of emerging market customers. Holding key licenses from both FINTRAC in Canada and FinCEN in the US, the company specializes in services that enhance financial inclusion. Grey offers a variety of financial tools, enabling users to manage multi-currency accounts, execute currency exchanges, and conduct transactions globally with ease.
Frequently Asked Questions
What services does Grey offer in Morocco and Egypt?
Grey provides cross-border payment solutions enabling users to send and receive international payments in local currency quickly.
Why is North Africa a significant market for Grey?
North Africa's remittance market is valued at $64 billion annually, representing a substantial opportunity for financial services innovation.
How does Grey improve the payment experience for its users?
Users benefit from reduced fees, faster transaction times, and convenient local currency payouts, overcoming the delays of traditional banks.
How can individuals sign up for Grey's services?
Individuals can sign up through the Grey app available for download on app stores, leading to immediate access to their services.
What is Grey's mission in emerging markets?
Grey aims to remove barriers preventing talented individuals from fully participating in the global economy by providing accessible financial solutions.
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