Grey

About Grey

Grey is a fintech platform purpose-built for Africans who earn in foreign currencies and need a reliable way to hold and withdraw those earnings. Founded in 2020 and headquartered in Nigeria, Grey gives users virtual USD, GBP, and EUR accounts with real banking details — US routing and account numbers for USD, UK sort codes for GBP, and IBAN details for EUR. The platform's fee structure is designed to be cost-competitive with Wise for the African market. Receiving via ACH or SEPA costs 0.8% (capped at $10), currency conversion adds 1% (capped at $6 for major pairs), and local withdrawal fees are low flat rates depending on the country ($0.02–$2.00). The total effective cost for a typical transaction sits in the 0.8%–2.8% range, which is notably cheaper than PayPal and competitive with Payoneer once you account for Payoneer's annual fee. Grey is currently most useful for freelancers based in Nigeria, Ghana, and Kenya — countries that have the most mature local withdrawal integrations. Nigerian users can withdraw to their NGN bank accounts or receive NGN via USSD. Ghanaian users can withdraw to GHS accounts. Kenyan users have M-PESA as an option. The platform is actively expanding to other African markets, but the depth of local integration varies significantly beyond these core three. KYC is relatively lightweight for basic accounts: government-issued photo ID, video selfie, and a recent bank statement for proof of address. Tier upgrades unlock higher transaction limits and are required for higher volumes. Grey does not support crypto withdrawals. It is not an HR or compliance platform — it is a banking tool for receiving and holding foreign currency. This makes it well-suited for freelancers who invoice clients directly and want a no-frills receiving account without the overhead of a full payroll platform. The main risk is platform maturity. Grey is a younger company, and its regulatory footing and long-term stability are less established than Payoneer or Wise. It is worth diversifying rather than relying on it as a sole receiving method.