Payment remittance is a challenge when working remotely, especially for African professionals who serve clients in other countries. Traditional banking does not appear to cut it, delays, unexpected charges, and currency mismatches due to local banking regulations and fluctuating exchange rates seem to occur far too frequently.
Because of this, a lot of companies and independent contractors are rethinking how they handle payments, store money, and create invoices. The Grey app has proven to be a valuable solution in recent years, offering virtual foreign accounts that streamline transaction procedures and payment management, thereby closing market gaps in international income transactions.
Idorenyin Obong, CEO of Grey, has often spoken about the significant challenges remote workers and freelancers in Africa face when receiving international payments.
He said, “There’s a fundamental problem we’re trying to solve today: receiving international payments. In Africa, getting a local USD account from a traditional bank takes at least one week; mine took three months in 2018. Even after opening the account, payment delays remain common. Local banks rely on the SWIFT payment scheme, so payments can take over a week. The involvement of intermediary banks can also lead to additional fees.”
In response, Grey offers a solution by providing offshore accounts in the US, UK, and EU in less than twenty minutes. A major advantage of these accounts is their integration with local, exclusive payment systems, which significantly speeds up the receipt of funds. For example, a Grey UK account supports the Faster Payments Service (FPS), allowing UK senders to complete transactions within minutes.
Grey is a fintech platform that provides virtual bank accounts in USD, GBP, and EUR. Users sign up via the grey app, get account details instantly, and receive payments from clients worldwide. From there, they can hold funds, convert currencies, or withdraw to local accounts. It differs from traditional banks by skipping physical branches and paperwork. Banks require in-person verification and minimum balances; Grey handles everything digitally, with no setup fees. Transfers settle faster because it uses modern rails, not legacy networks.
Grey, unlike generic remittance apps, focuses on two-way functionality for ongoing work. This means that users can not only accept but also send money in these foreign currencies. It sits among global payment platforms as a niche player for emerging markets, similar to how Wise handles low-cost transfers but with added tools like virtual cards for spending.
In the broader market, Grey targets the gap left by big players. Where PayPal limits access in some African countries, Grey integrates local withdrawals, making it a bridge for workforce payments.
With the help of fintech platforms like Grey, freelancers are increasingly opening multi-currency accounts, such as USD, GBP, and EUR, in place of traditional bank transfers. Better currency conversion rates and simpler receipt of international payments are made possible by this.
For instance, a writer in Johannesburg retains GBP and converts it to ZAR as needed, while a marketer in Accra creates USD account details to accept direct payments from a Canadian customer. This approach reduces the need for frequenting local banks for international transactions.
Grey guarantees quicker access to payments and steady cash flow by processing payments quickly for businesses and independent contractors. The service has transparent fees with no hidden charges, which helps you budget better. Advanced encryption and fraud monitoring safeguards help keep your data safe, allowing for secure cross-border transactions.
Unlike traditional banks, which may cause delays and uncertainty, Grey aims for same-day funding, potentially lowering overall rates.
Grey Business offers features designed specifically for small teams, such as multi-currency accounts and quick spending approvals, which are especially useful for freelancers.
Adaora Momah, a Nigerian freelancer, discusses how Grey has streamlined payment processes to save time and money. Remote workers use it for salary deposits, as demonstrated by a consultant in Cape Town who receives EUR from a European firm and avoids wire transfer delays.
Furthermore, distributed teams benefit from enterprises’ ability to facilitate payouts, as demonstrated by a small Dakar-based firm that uses Grey to send and receive USD payments, optimizing operations and lowering bulk fees.
In 2022, financial startup Grey announced 1,000,000 subscribers and a 200% increase in transaction volume. Its Android app has been downloaded over 1,000,000 times and was featured in Y Combinator’s Winter cohort. Grey now operates in Nigeria, Kenya, and Tanzania, with plans to expand further throughout Africa. Since its launch in 2020, it has raised around $2.5 million. The model works because Grey addresses a genuine need: relief from slow, frustrating interactions with commercial banks. CEO Idorenyin Obong emphasizes that the company’s goal is to make international payments easier, and they have succeeded in doing so.
By helping workers earn and save in foreign currency, Grey has also mitigated local inflation, especially in capital-constrained nations.
Furthermore, the software is compatible with basic cellphones and offers multilingual support. This makes it accessible and appropriate for the diverse linguistic landscape of Africa and the world.
Wise, Payoneer, and Geegpay are some of the other good payment options. Wise is an excellent resource; they use the mid-market rate for conversions, charging 0.85% for euros and 0.7% for pounds. Payoneer is well-liked by those who handle big contracts. They charge more, up to 1% for transfers between Payoneer accounts and 3% for bank withdrawals. However, they are well-known for their security and ability to work virtually anywhere in the world. Geegpay currency transfers are charged 0.7% plus a small minimum fee (1.5 EUR/GBP).
Grey is a great choice for its low withdrawal costs (₦35) and deposit fees (0.5% + ₦60). They also provide prompt payouts and exchange rates that are fairly close to the actual market rate.
Due to Grey’s success, international payments are getting easier even as platforms tailored to freelancers gain popularity. Grey is worth noting because it enables freelancers to easily open accounts in USD, GBP, and EUR; get paid directly into such accounts; trade cash at competitive rates; and withdraw their money as soon as possible.
Grey’s CEO, Ide Obong, stated that the company’s most recent makeover, a global brand re-branding campaign that included a new logo and website layout, was all about connecting with people all over the world and demonstrating how far they’d come. Grey has been establishing contacts all around Africa, which is helping them gain a reputation for cross-border payments, especially since the financial sector has been wobbly lately.
According to co-founder Femi Aghedo, Grey’s new brand image aligns with their goal of providing consumers with innovative and secure payment choices to operate in the global market.
Concluding, Grey addresses inefficiencies in cross-border payments for the global workforce by offering virtual accounts and enabling quick conversions. This service simplifies a complicated procedure, adding genuine value through its features without overpromising.
As remote work becomes more common, payments to employees will remain a major focus in fintech. Users’ specific needs will determine which platform is best for them, but Grey stands out for its speed, transparency, and user-friendliness, which appeals to people who are annoyed by complicated banking systems, slow transfers, and hidden fees.