Fintech company Grey has announced the expansion of its payout routes to Senegal, Côte d’Ivoire, Cameroon, and Rwanda. This move aims to address the high fees, long processing times, and limited payout options associated with sending money across these markets. With this expansion, migrants, diaspora communities, individuals, and businesses can now send payments directly to recipients in these countries. Users can send funds in the recipient’s local currency, including Rwandan francs, Central African CFA francs, and West African CFA francs.
The four countries are major recipients of remittances from diaspora communities worldwide. In 2025, Senegal’s diaspora sent home an estimated $3.6 billion, equivalent to around 10% of the country’s GDP. Rwanda received $640 million in remittances in the same year, while Cameroon’s diaspora remitted 632 billion CFA francs in 2024. Côte d’Ivoire received an estimated $1.77 billion in annual remittances in 2024, with inflows growing significantly over the past decade. Together, these four markets account for more than $7 billion in remittance flows.
Grey’s expansion brings more predictability to these corridors with flat fees across its new payout routes. A $500 international transfer can attract fees of up to $30 in some of these corridors, creating a high cost for people and businesses that make regular payments across borders. Grey’s flat fees eliminate this problem, with transfers to Rwanda via bank accounts costing $1.30, while mobile money transfers to Cameroon cost $1.80. Bank transfers to Senegal cost $2, while mobile money transfers cost $3. Bank transfers to Côte d’Ivoire cost $2, while mobile money transfers cost $1.80.
According to Idorenyin Obong, CEO and Co-founder of Grey, the company is making it easier for individuals and businesses to send money to these countries in their local currencies. Obong noted that Senegal, Côte d’Ivoire, Cameroon, and Rwanda have growing diasporas that send money home to support families, education, healthcare, and fund businesses. The company’s expansion reflects its broader vision of building a financial platform that moves with the needs of people and businesses operating across borders.
Users can now send payments to Senegal, Cameroon, Côte d’Ivoire, and Rwanda through bank transfers and mobile money from Grey personal and Grey Business accounts. Grey supports transfers to all operating banks in Rwanda, and users can send XAF directly to mobile money wallets in Cameroon. Transfers can be funded from existing USD, EUR, GBP, and stablecoin balances, eliminating the need to maintain separate currencies for different destinations.
The launch brings more African markets into Grey’s network, making it easier for customers to manage cross-border payments from one platform. Grey supports payments to 170+ countries, providing services including foreign currency accounts, international transfers, currency conversion, and payment solutions for individuals and businesses in emerging markets. The company has grown to serve more than 3 million users globally and is regulated as a Money Services Business by FINTRAC in Canada and FinCEN in the United States.
Grey’s expansion is supporting existing financial connections while making cross-border payments more accessible for the people and businesses that depend on them. The company’s growth is driven by its goal of building a financial platform that facilitates seamless cross-border transactions. With its new payout routes, Grey is well-positioned to capitalize on the growing demand for remittance services in Africa.
Key points
- Grey’s expansion targets $7 billion remittance flows to Senegal, Côte d’Ivoire, Cameroon, and Rwanda.
- The company offers flat fees across its new payout routes, reducing the cost of cross-border payments.
- Grey supports payments to 170+ countries, serving more than 3 million users globally.
