The Nigerian fintech company Grey has expanded its regional footprint by enabling users in Ghana and Kenya to receive payments directly into local bank accounts in their national currencies. The new service, which went live on July 2, allows freelancers and remote workers in those countries to receive funds in Ghanaian cedis and Kenyan shillings, aiming to reduce the friction and cost associated with traditional cross-border transactions.

Idorenyin Obong, co-founder and chief executive of Grey, said the move is a direct response to user demand.

Our users have consistently requested the ability to receive payments directly into their local bank accounts without the need for currency conversions at the onset,

Obong stated. The company, which began operations in Nigeria, has been steadily building out its suite of financial services for Africans engaged in the global digital economy.

The launch in Ghana and Kenya represents a strategic expansion for Grey, which has processed over $50 million in transactions for more than 500,000 users across the continent. The service is designed to streamline the payment process for individuals who earn income from international clients or platforms. By facilitating direct deposits in local currency, Grey seeks to eliminate the intermediary step where users must first receive foreign currency and then navigate local exchange controls and bank charges to convert it.

Grey’s expansion taps into two of Africa’s most dynamic digital finance markets. Kenya is the continent’s pioneer in mobile money, home to the ubiquitous M-Pesa service operated by Safaricom, which has driven high levels of financial inclusion. Ghana has also seen significant growth in mobile money adoption and has been proactive in developing a regulatory framework for digital financial services. The move by Grey aligns with broader regional trends aimed at facilitating smoother intra-African and global trade, a key objective of the African Continental Free Trade Area (AfCFTA).

The company noted that users in Ghana and Kenya can now generate unique local account details for receiving payments. For Ghanaian users, these are cedi-denominated accounts, while Kenyan users receive shilling-denominated details. This method allows senders from abroad to make payments as if they were sending money to a local account within the recipient’s country, potentially simplifying the process for international payers unfamiliar with African banking systems.

Obong emphasized that the service is intended to provide more financial autonomy and predictability for users.

This feature empowers our users by giving them more control over their finances and reducing the uncertainties associated with receiving international payments,

he said. The company plans to monitor adoption and user feedback closely, with an eye toward further regional expansion and potentially adding more currencies and financial products to its platform.

The African fintech sector has become increasingly competitive, with numerous players vying to solve the persistent challenges of cross-border payments, high transaction costs, and financial exclusion. Grey’s focused approach on the freelancer and remote worker segment distinguishes it from companies targeting broader merchant payments or consumer remittances. Its success will likely depend on the ease of use, reliability, and cost-effectiveness of its new deposit service compared to existing alternatives in the Ghanaian and Kenyan markets.