Nigeria’s fintech Start-up Grey is the latest firm to open a regional hub in Kenya’s capital city, Nairobi.
The Fintech on May 10 announced that Nairobi will host its East African region offices as it seeks to expand operations in more countries.
Having already established its operations in Kenya and Tanzania, Grey announced plans to venture into Rwanda and Uganda.
The expansion was a result of combined efforts from a group of allied investors who raised $2 million as seed capital.
In a press statement, Grey’s CEO AIdorenyin Obong underscored the firm’s role in facilitating cross-border transactions by Kenyans residing in Kenya and the diaspora.
According to Obong, Grey was committed to offering money transfer solutions to Kenyans working for foreign firms remotely.
Why Nigeria’s Fintech Start-up Grey chose Nairobi
Further, he reiterated the importance of remittances from Kenyans working abroad to the country’s economy.
“More Kenyans are working remotely for companies abroad where payments tend to be tedious and expensive,” Abong noted.
“Our solution allows African Freelancers to have foreign accounts and seamlessly receive money worldwide and be globally competitive.”
Grey started in 2021 and took over a fair share of Africa’s market. In Kenya, for example, it has over 300,000 registered users.
Kenya has attracted a significant number of fintechs for leading in diaspora remittances.
In April 2023, Flutterwave, another Fintech with Nigerian roots, announced Nairobi as its East African regional headquarters.
In a move similar to Grey’s, Flutterwave announced plans to expand its scope to Rwanda another East Africa economy attracting start-ups.
Flutterwave’s Chief Regulatory and Government Relations Officer was clear why the company picked Nairobi as its regional headquarters.
“It was the invaluable role Kenya plays in the East African region” and “the country’s business-friendly environment and digital capability”.