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How money moves across Africa: cash, mobile money and cross-border payments
From cash and M-Pesa to mobile wallets and PAPSS, see how money really moves across Africa, and send it across borders for less with Grey. Send.
Tunde Aladeloba
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6 min read
In Douala’s busy markets, a supplier’s next order depends on getting paid for the last one. Not long ago, a trader sending money across a border might have relied on a travelling relative, a trusted intermediary or a bank transfer that took days to clear. Today, digital payment services are changing that reality, allowing money to move across borders in seconds along supported payment routes.
The significance goes beyond speed. When a trader can pay a supplier on time, stock arrives sooner. When a freelancer receives an international payment and can access the money locally, distance becomes less of a barrier to earning a living. These are everyday transactions, but together they are changing how people work, trade and do business across Africa.
Grey is part of this shift, connecting international transfers with local financial systems, including mobile money in supported markets such as Cameroon. For users, the value is practical: paying a collaborator, restocking a shop or supporting family abroad without having to navigate the process alone.
Africa’s money-moving story has travelled from cash carried on buses to transfers initiated on a phone. Yet the digital economy presents an interesting contrast: information can cross the world almost instantly, but moving money still involves national borders, different currencies, regulations and financial networks. The next chapter is not simply about making payments faster. It is about making cross-border transactions work as naturally as the trade, work and family relationships that already connect the continent.
A brief history of money in Africa
Money has always moved across Africa, but the systems for moving it have rarely been simple.
For much of the continent's history, formal banking was concentrated in major cities and commercial centres. Large parts of the population operated outside the formal financial system, relying heavily on cash and informal networks to earn, save and transfer money.
Then there is the question of currency. Africa is home to more than 40 currencies, each operating within different monetary systems and financial regulations. Moving money between two African countries can involve currency conversion, intermediary banks and additional transaction fees. For example, Cameroon uses the Central African CFA franc (XAF), Côte d’Ivoire uses the West African CFA franc (XOF), while Rwanda uses the Rwandan franc (RWF). To make cross-border transactions easier, Grey has expanded into these markets, supporting regional currencies such as XAF and XOF and enabling users to move money across borders.
That fragmentation has had consequences for ordinary people as well as businesses. A family might have relatives living in another country. A trader might buy stock from across the border. Someone working in a city might earn their income hundreds of kilometres away from where their family lives.
How Africa found ways to move money across borders
As Africans moved across borders for work, trade and family, money had to follow. A trader in Lagos paying a supplier in Accra, for instance, could face currency conversion, intermediary banks and transfer fees before the money reached its destination. Historically, people relied on travelling relatives, traders and informal agents to bridge this gap.
Digital payments have changed how money moves, but sending money across African borders can still be costly and complicated. Grey helps simplify this process by enabling users to hold and exchange multiple currencies and make international transfers without relying on the traditional chain of intermediaries for every transaction. The goal is to make moving money across borders more accessible, convenient and transparent.
Mobile money, digital wallets and cross-border fintech
The arrival of mobile money changed the African financial landscape.
Mobile money has transformed financial access across Africa, and Kenya’s M-Pesa is one of its most successful examples. Launched in 2007, it allows people to send, receive and store money using their phones, with local agents providing cash-in and cash-out services. By March 2022, M-Pesa had reached 52.4 million customers across its African markets, processing more than 19 billion transactions that year. Its growth shows how mobile technology, agent networks and everyday payment services can bring financial services to people beyond traditional bank branches.
But sending money within Kenya is different from paying someone in another country. A freelancer in Nairobi paying a supplier in London or supporting family in Lagos needs a way to convert shillings and deliver the money to a foreign bank account. Grey lets users in Kenya fund their accounts through M-Pesa or a bank transfer and send money internationally. This includes Kenyan shillings to British pounds, euros to 30 European countries through SEPA, and Nigerian naira. SEPA, or the Single Euro Payments Area, is a payment network that standardises euro bank transfers across participating countries. Grey shows the exchange rate and fee before users confirm the transfer.
At the same time, infrastructure such as the Pan-African Payment and Settlement System (PAPSS), is being developed to make payments between African countries easier and reduce some of the dependence on international intermediary currencies.
The result is a financial system that looks increasingly different from the one that existed just two decades ago.
How sending money works in Nigeria, Ghana, Kenya, Rwanda and South Africa
There is no single African way of sending money.
In Nigeria, instant bank transfers have become part of everyday life. The country’s fintech industry has also created a large network of digital payment services and agent banking, making it possible to move between bank accounts, wallets and cash.
Kenya’s story is more closely associated with mobile money. M-Pesa became deeply embedded in everyday transactions, from sending money to family to paying businesses.
In Rwanda, services such as MTN MoMo allow people to send money, pay bills and make purchases using their phones. The country’s 2024 FinScope survey found that 86% of Rwandans had used mobile money, showing how widely these services have been adopted. For international transfers, Grey supports sending money to Rwanda, making it easier to move funds across borders.
Ghana has also embraced mobile money, with approximately 73 million registered accounts by the end of 2024. Its payment infrastructure allows users to transfer funds across different mobile money providers and bank accounts. Grey also supports transfers to Ghana, connecting international payments with local receiving methods.
In South Africa, where bank transfers are already part of everyday life, the next step is to make it easier to move money out of the country. Grey enables users to send and receive money internationally without relying solely on traditional banking channels.
A person sending money from Nigeria may be using a bank account. The recipient in Cameroon may be using MTN MoMo. Someone in Kenya may expect the money to arrive through M-Pesa.
For the payment to work smoothly, all those systems have to communicate.
Why sending money differs across African Markets
The differences are not accidental.
Each country has developed its payment ecosystem around its own regulations, infrastructure, economy and consumer behaviour.
Kenya’s mobile-money success was helped by an environment in which telecommunications companies could play a major role in financial services. Other markets have placed greater emphasis on commercial banks and licensed fintech companies.
Infrastructure also shapes behaviour. Where bank branches and formal financial services are easily accessible, consumers have more options. Where banking access is limited, mobile money agents can become a practical alternative.
Currency conditions matter too.
In countries experiencing significant currency volatility, people may look for ways to hold or receive money in stronger foreign currencies. For businesses operating across borders, access to foreign-currency accounts and efficient conversion can become particularly important.
This is why there cannot be a single solution for the entire continent. A payment product has to fit the market it enters, and increasingly, it also has to connect that market to others.
What sending money means in everyday African life
Behind all this infrastructure are very ordinary transactions.
A parent sends money to a child studying in another city. Someone working in construction sends part of their wages home. A trader pays a supplier. A family member abroad sends money to relatives. A small business receives payment from a customer in another country.
The amounts may vary enormously, but the importance of the transaction does not necessarily depend on its size. For someone running a market stall, a delayed payment can mean missing the chance to buy stock. For a family, it can mean waiting for money needed for food, transport or school fees. This is why the development of digital payments has been so significant. It is not simply making financial transactions faster. It is changing how people organise their economic lives across distance.
The future of cross-border payments: PAPSS, Grey and Francophone Africa
The next challenge is connecting all these systems.
Cameroon provides a useful example. Mobile-money services such as MTN MoMo and Orange Money have become important parts of the country's financial ecosystem. International remittance services can increasingly connect people outside Cameroon with recipients using these local wallets.
That creates a very different experience from the traditional bank wire. A recipient does not necessarily need a conventional bank account. Money can be deposited directly into the mobile wallet already used for everyday transactions. Grey is part of this emerging cross-border infrastructure, enabling supported users to send money to Cameroon via local payment networks, including MTN and Orange mobile money wallets.
One of the biggest challenges when moving money across Africa is that cross-border payments can be more complicated than they should be. A Nigerian business paying a supplier in Cameroon, for example, may face currency conversion requirements, intermediary banks, additional fees and delays, depending on the banks and payment route involved.
The Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank in collaboration with the African Union, was created to address this problem. It connects participating banks and payment systems, allowing payments between African countries to be processed in local currencies without always routing them through third-party currencies such as the US dollar. PAPSS is expanding its network of participating countries and financial institutions to make cross-border payments easier and support trade under the African Continental Free Trade Area (AfCFTA). The goal is to make it easier for African businesses to buy and sell across borders without the cost and complexity of traditional international payment routes.
The significance of these developments goes beyond remittances. If money can move more easily between African countries, businesses can trade more easily. Freelancers can work for clients in other markets. Families can support relatives across borders. Traders can buy stock without relying on someone to physically carry cash. Africa’s payments story began with people finding ways to move money when formal systems could not do so easily.
It moved from cash carried by people, to money sent through mobile phones, to digital wallets and increasingly connected payment networks. The next stage is not simply about making transfers faster. It is about making the continent’s different financial systems work together.
And when that happens, sending money across Africa may finally become less about crossing borders, and more about simply moving money where it is needed.
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Personal finance tips for millennials and gen-z’s: building a solid financial foundation
Feeling overwhelmed by finances? This guide for millennials & Gen Z offers budget, savings, & investment tips to build a secure future. Start your financial journey today!
Sarah Achebe
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August 26, 2024
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6 min read
Navigating the world of personal finance can be overwhelming, especially for millennials and gen-z’s, who are just starting to build their financial future. However, you can set yourself up for long-term wealth and financial stability with the right strategies.
This comprehensive guide will offer actionable advice on budgeting, saving, and investing for younger generations.
Establishing a budget: the foundation of financial health
Track your spending
The first step to effective budgeting is understanding where your money goes. Use budgeting apps or spreadsheets to track your income and expenses. Categorize your spending to identify areas where you can cut back.
Set realistic goals
Create short-term and long-term financial goals. Short-term goals might include saving for a vacation or paying off credit card debt, while long-term goals could involve buying a home or saving for retirement. Ensure your goals are specific, measurable, achievable, relevant, and time-bound (SMART).
Create a budget plan
Once you know your spending patterns and goals, create a budget plan. Allocate a certain percentage of your income to necessities (rent, utilities, groceries), savings, and discretionary spending (entertainment, dining out). Follow the 50/30/20 rule as a guideline: 50% of your income for needs, 30% for wants, and 20% for savings and debt repayment.
Adjust and review regularly
Your financial situation and goals can change, so review and adjust your budget regularly. Track your progress toward your goals and make necessary changes to stay on track.
Building an emergency fund: your financial safety net
Determine your target amount
An emergency fund should cover 3-6 months of living expenses. Calculate your monthly payments and set a target for your emergency fund accordingly.
Start small, think big
Begin by setting aside a small, manageable amount each month. Even saving a little is better than not saving at all. Increase your contributions as your financial situation improves.
Choose the right account
Place your emergency fund in a high-yield savings account or money market account. These accounts offer better interest rates than traditional savings accounts, helping your money grow while remaining easily accessible.
Prioritise your emergency fund
Ensure your emergency fund is fully established before investing in stocks or other assets. Having this safety net will protect you from unexpected expenses and prevent you from going into debt.
Saving for Retirement: Start Early, Save More
Take advantage of compound interest
The earlier you start saving for retirement, the more you benefit from compound interest. Even small, regular contributions can grow significantly over time.
Automate your savings
Set up automatic contributions to your retirement accounts to ensure consistent savings. Automating your savings makes it easier to stick to your retirement plan and reduces the temptation to spend the money elsewhere.
Review and adjust
Review your retirement savings strategy regularly and adjust your contributions as needed. As your income grows, increase your savings to maximise your retirement fund.
Investing wisely: building wealth for the long term
Understand risk tolerance
Assess your risk tolerance based on age, financial goals, and investment horizon. Younger investors can generally take on more risk, while those closer to retirement should focus on more stable investments.
Diversify Your Portfolio
Diversification reduces risk by spreading investments across various asset classes (stocks, bonds, real estate). This strategy can help protect your portfolio from market volatility.
Financial planning and education: the path to financial independence
Educate yourself
Continuously educate yourself about personal finance. Read books, take online courses, and follow reputable finance blogs to stay informed about financial trends and strategies.
Set financial milestones
Establish milestones for your financial journey, such as buying a home or achieving a specific net worth. Celebrate these achievements to stay motivated.
Seek professional advice
Consider consulting a financial advisor, especially for complex financial situations or significant life changes. A professional can provide personalised advice and help you develop a comprehensive financial plan.
Stay disciplined and patient
Building long-term wealth takes time and discipline. Stay focused on your financial goals, be patient with your progress, and adjust your strategies to achieve financial independence.
Conclusion
For millennials and gen-z’s, the path to financial stability and wealth begins with smart budgeting, saving, and investing practices. By establishing a solid financial foundation early on, you can set yourself up for a secure and prosperous future. Remember, the key is to start, stay informed, and remain disciplined in your financial journey.
How to identify and avoid common online scams: a guide for fintech users
Stay vigilant and protect yourself from online scams. Share this guide with friends and family to help them stay safe. For more tips and updates, subscribe to our newsletter or contact Grey today
Michael Centeno
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May 24, 2024
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6 min read
Globalisation has several benefits some of which include, global opportunities, improved healthcare, resource sharing and economic growth. However, it also comes with its fair share of cons like exploitation, job loss and an increase in cybercrime and online scams.
As a fintech company, protecting our customers from fraud is a top priority, so we take extra care to detect and prevent possible scams. In this post, we’ll talk about common online scams and how we identify them.
Dating scams
Recently, dating apps have become more popular and unfortunately, so have dating scams. Many people while searching for partners are emotionally vulnerable, making them targets for scammers. One of the most common tactics these scammers use is “catfishing”.
Catfishers create fake profiles to deceive and exploit victims. They steal someone else’s information, images and identity to trick people into entering romantic relationships with them. It can be hard to tell when you’re being catfished but here are some red flags to be aware of:
- They show strong emotions in a short amount of time
- They sound too good to be true
- The conversation moved quickly from the dating app to private channels
- They never want to video call
- They never want to meet up
- They encourage you to share personal information and secrets
- They request money to cover expenses like rent, claiming they just lost their job.
It can be difficult for fintechs to identify dating scams but some common strategies we use is transaction monitoring. We look out for unusual transactions to new recipients and keywords indicative of a love interest or financial hardship such as “money for rent” and emojis. Sudden changes in the user’s spending patterns also sets off warning signs.
Also read: How to identify and avoid phishing scams: A guide for safe online transactions
Job offer scams
Many families, businesses and economies are still struggling with financial hardships in the aftermath of the pandemic. This has led to a surge in the number of job scams.
Job scams happen in a variety of ways:
- Fake job postings on legitimate jobs boards and social media that offer high for little to no experience.
- Unsolicited job offers
- Advance fees for training materials and background checks
- “Earn big and work from home”
- Requesting personal information
Before applying and accepting job offers, make sure you verify the job listing, and confirm the legitimacy of the company by checking its official website and reading reviews. Also, legitimate employers would never ask for an upfront fee or pressure you to accept their offer. Lastly, if the job sounds too good to be true, it probably is.
Lottery scams
Lottery scams are another common online scam customers face, similar to job offer scams. Victims receive emails claiming they've won a lottery with a big payout, often from abroad. To claim the prize, they're asked to pay fees for taxes or processing. This scam can also involve identity theft if personal details are requested.
Some tips to help you spot lottery scams are:
- The email is from a person, not a company
- You are asked to keep your “win” a secret
- You’re not the only email recipient
- You didn’t buy a ticket and have never heard of the lottery
To protect yourself from lottery scams, make sure you don't share sensitive information, verify the legitimacy of the lottery company and be cautious of emails or messages claiming you won a lottery you didn’t apply for.
Some other ways scammers try to deceive people include:
- Offering payments in gift cards.
- Refusing to use the mandatory payment service provided by online platforms.
- You can’t find the company name or email address on the internet
- The company’s name closely resembles a well-known global brand but it’s not quite the same e.g. “Amazing Books”.
- Request for upfront payment to get more later
- They avoid taking phone calls or providing direct contact information.
Wrapping up
At Grey, we work hard to ensure your funds and data are completely safe with us. We have strong measures in place to keep your data from being hacked by fraudsters and to flag any suspicious activity that might put you at risk. You can learn more about how Grey protects you here.
The customer Is always right: Fact or hoax?
The customer is always right": Fact or Fiction? Learn how to prioritize customer needs and build a customer-centric business for long-term success. Get actionable tips on product development, reliability & accessible customer service.
Tope Anisere
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April 30, 2024
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6 min read
Businesses and startups often build products around users’ needs and pain points and try to ensure a smooth user experience. Many operate on the premise of product-led growth (PLG), which reinforces the belief that the customer is always right, but is this always the case?
The short answer is no; however, satisfying your customers’ needs should be the guiding principle for businesses looking for growth and market acceptance.
In this blog post, we’ll explore the rights of a customer and the truth behind the “customer is always right” mentality.
Essential customer rights every business should respect
Right to be heard:
In some cases, customers run into roadblocks while using a product, which usually delays them from achieving their goal. Hence, by right, there should be a medium or channel for users to air their complaints without the risk of being poorly treated by the customer service agent. This ensures that users have a seamless and worthwhile experience with your product.
Right to seek resolution to issues:
Customers can voice their concerns and complaints about your product or service and get a quick solution to these issues. This is important for keeping customers loyal and happy.
Right to feel confident about your product.
The reliability of your product or service is critical to customer satisfaction and influences their decision to remain loyal to your brand. When users can confidently and easily navigate your product, they become unpaid brand ambassadors spreading the word about your business.
What does “The customer is always right” really mean?
The “Customer is Always Right” mindset embodies a “Customer-first mentality.” Businesses can create excellent customer experiences by prioritising the needs of their customers, and here are some to achieve this:
How to build a customer-centric business
Build a usable product:
For most customer-centric startups, having a visually appealing product and innovative idea is just the beginning. It’s essential to conduct thorough user research and execute the implementation flawlessly with the development team. This ensures users can easily navigate your product without much guidance, leading to an excellent user experience.
Have a reliable product:
Reliability means your product, system, or service will perform as expected, consistently meeting the user’s expectations without unexpected failures or downtimes. Beyond marketing and paid ads, having a reliable product helps build long-term customer relationships, becomes a key selling point to attract new users, and gives you a competitive edge in the market.
Accessible customer service:
Having accessible customer service allows businesses to resolve complaints and issues quickly and prevents them from escalating into bigger problems. As a business owner or startup founder, ensure that user guides, articles, and live chat sessions with customer support agents are readily available to help users when they encounter issues with your product or service. This is vital for building positive customer relationships.
Personalised experience:
Personalisation helps create meaningful and emotional connections with your users. You can improve engagement and conversions and increase brand loyalty by tailoring your product experience to each customer’s needs, preferences, and behavior. Some ways to personalize users’ experience include collecting data to understand their interests and needs, segmentation based on the data collected, creating relevant content, and gathering user feedback.
Wrapping up
Ultimately, your product or business's success depends on understanding your customers’ problems and providing solutions. Solving issues keeps customers happy and loyal, even when not always
Customer success handbook: Essential skills
Discover essential skills and strategies for excellent customer support in our comprehensive customer success handbook. Learn how to build lasting customer relationships and foster brand loyalty
Ikechukwu Ibe
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February 9, 2024
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6 min read
It’s a no-brainer that customers are the powerhouse of a business; unplug it, and everything shuts down — the brand is lifeless. This realization shows us how delicate and relevant one customer is.
Customers can cause ripple effects with their reviews, so their importance cannot be underestimated. With a high NPS (Net Promoter Score), they become unpaid ambassadors spreading the gospel of your product, which in turn leads to an increase in your customer base.
From becoming a target audience to a lead and finally a customer, the journey to customer acquisition is not fancy. Incorporating phenomenal touch points till the final journey of using your product, users need to feel connected to the brand. The work doesn’t end there. Providing outstanding customer support while using your product is vital to customer retention.
Now that you have a solid idea of the customer let’s look at how you can become a phenomenal customer support agent.
Importance of excellent customer support
Customer support involves strategies to create an exceptional experience for the end user while using the product and services. Customer success goes beyond responding to users and solving their queries; it involves building relationships with your customers and fostering a good environment for users.
Building an excellent customer support system assures users they are seen and heard. Solving the problems encountered with the products in a timely and effective manner evokes loyalty, which is a valued currency in business. Customer support is very critical in fostering the growth of your company.
Benefits of excellent customer support
The benefits of customer support range from financial to overall company growth. The benefits include:
Brand Reputation: You can spot good brands from their customer support. The customer support team is one of the first representatives of the brand and, hence, the first line of contact for a user. By building an excellent team, your brand stands out from the crowd.
Customer Retention: how likely will users stay with your company or switch to a competitor? How they are treated determines the result. A great product and service are fantastic, and when merged with phenomenal customer support service, the brand becomes irresistible. When users love a brand, they stick around and repeat purchases. Brands with high customer retention tend to have a high NPS (Net Promoter Score), which leads to an increase in new users.
Lower Customer Acquisition Cost (CAC): customer acquisition cost is the amount of money it costs to onboard new users. With the resources and energy that go into acquisition, brands leverage existing users to save costs. Excellent customer support reduces the work and cost of acquiring new customers as existing customers become brand ambassadors.
Increase in revenue: An excellent customer support system increases customer retention, which enables upselling, cross-selling, and reselling. This strategy leads to an end goal: an increase in revenue.
Skills To Become An Excellent Customer Support Agent
Let’s debunk a myth before diving into the rudiments of the skills needed. Customer support employees are thought to be the only customer support agents. But in truth, all employees are customer support agents.
Your friends and family might not always meet the customer support team directly, so you have to stand in as a customer support agent, and having a concrete understanding of the products and services will help you solve some basic problems.
Here are the essential skills of a customer support agent:
- Empathy: Encountering problems can be disheartening, and when users encounter problems with your products, they can be harsh and nasty. As a customer support agent, stepping into their shoes to feel the pain and frustration allows you to solve their issues effectively. Users are more drawn to a brand that makes them feel cared for and seen.
- Effective Communication: Communication is very vital. Communicating effectively, from written to oral, is crucial as a customer support agent. Writing appropriately with the right punctuation and vocabulary sets the tone while interacting with users. Customer support agents should also ensure they communicate in appropriate tones with users.
- Problem Solving: Customers sometimes reach out when they are unclear about their issue; it is the role of the customer support agent to decipher the why and how to solve the problems. Being proactive as a customer support agent distinguishes brands from competitors.
Wrapping up
At Grey, we are committed to investing in the training of our customer support agents. Our goal is to provide top-notch customer support while prioritizing the well-being of our users.
The role of customer support should never be underestimated, and implementing a system that fosters the team’s growth in our firm increases the quality of users’ experience.
