Grey, a Y-combinator backed fintech startup, allows users to get paid in USD, EUR, or GBP before withdrawing it to their local bank account or M-Pesa mobile payments account. It is particularly popular among freelancers and remote workers, who can invoice US or European clients in their local currency through the app, according to the press release.
In a statement announcing the new partnership, Cellulant explained that thousands of young Kenyans access work opportunities through digital platforms in a rapidly growing gig economy. The online gig economy is fuelled by a burgeoning young workforce, internet and smartphone penetration, and mobile money proliferation. With Africa having the youngest workforce yet with high unemployment rates, online gig work provides alternative and accessible employment opportunities and a path to economic prosperity for the youthful workforce.
Grey’s officials stated that they are now enabling Kenyans to make and receive international payments via the foreign accounts Grey provides. Grey’s expansion to Kenya will replace the need for Kenyan residents and visitors to jump from app to app and make receiving foreign payments and converting directly to Kenyan Shillings easier.
As well as providing young Kenyans and Nigerians with easier access to employment markets, Grey pointed out that the app could also be used by travellers to either country, who could convert any of the supported currencies into Shilling or Naira, and pay for goods and services through M-Pesa or by withdrawing it to a local bank account.
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