Fintech company Grey, backed by Y Combinator, has announced the expansion of its payment services to Senegal, Côte d'Ivoire, Cameroon, and Rwanda. This move enables users to send money directly to local bank accounts and mobile money wallets in these countries using their existing balances on the platform. The expansion aims to simplify cross-border transfers for diasporas, individuals, and businesses.
The four new corridors represent over $7 billion in annual transfer flows, making them a significant addition to Grey's services. The choice of these markets is strategic, as they have substantial financial flows from their diasporas. In 2025, Senegal's diaspora sent approximately $3.6 billion to the country, accounting for nearly 10% of its GDP. Rwanda recorded $640 million in remittances in 2025, while Cameroon received around 632 billion CFA francs in 2024.
Côte d'Ivoire received approximately $1.77 billion in transfers in 2024. Grey's new service allows users to send funds in local currencies, including West African CFA francs (XOF), Central African CFA francs (XAF), and Rwandan francs (RWF). The company differentiates itself with a fixed pricing model, charging $2 for bank transfers to Senegal and $3 for mobile money transfers.
Grey's expansion into these markets is part of its strategy to develop financial infrastructure for individuals and businesses operating across multiple markets. The fintech company claims to support payments to over 170 countries and offers various services, including foreign currency accounts, international transfers, and currency conversion. Grey has over 3 million users globally and is regulated as a Money Services Business by FINTRAC in Canada and FinCEN in the United States.
The new functionality enables users to fund their transactions using their existing balances in US dollars, euros, British pounds, or stablecoins. This eliminates the need to hold separate currencies for transactions to the four new destinations. Individuals can use Grey Personal accounts, while businesses can use Grey Business accounts to send money to these countries.
According to Idorenyin Obong, CEO and co-founder of Grey, the new options facilitate sending money to these countries in their local currencies for individuals and businesses. He noted that diaspora funds are used to support families, finance education and healthcare, and develop economic activities. This expansion aligns with Grey's goal of strengthening its presence in a market with growing demand for international payments.
With the opening of these four new African corridors, Grey aims to capitalize on the increasing need for cross-border payments driven by trade, worker mobility, and diaspora transfers. The company is well-positioned to leverage its regulatory compliance and existing user base to make a significant impact in these markets.
Key points
- Grey's expansion into Senegal, Côte d'Ivoire, Cameroon, and Rwanda offers users a convenient and affordable way to send money to these countries.
- The four new corridors represent over $7 billion in annual transfer flows, making them a significant addition to Grey's services.
- Grey's fixed pricing model and use of local currencies aim to simplify and reduce the cost of cross-border transfers for individuals and businesses.
