Celebrate Women’s Day with UpGreyed Her

On November 14, 2023, Grey celebrated the milestone achievement of 500,000 users, and we couldn’t have done that without you. Your support has empowered us to improve our products continuously, ensuring we remain at the forefront of global fintech innovation. With our expanding user base, we’re more dedicated than ever to providing you with outstanding user experience across all our platforms.

On this note, I am pleased to officially announce Grey’s rebrand, and I look forward to starting this next chapter with you.

What’s Different?

We have a fresh logo and website design that visually represents our commitment to innovation, excellence, and global connectivity.

This rebrand is an important step in our journey towards expanding our footprint in the global market and taking advantage of significant opportunities in the face of present economic uncertainties.

As we continue to grow and evolve, our focus remains on being people-centric by prioritizing the dynamic needs of our users.

We’re also dedicated to cultivating a lasting community that empowers individuals and businesses to thrive and excel with no worries of financial borders.

What’s Next?

Our rebrand isn’t just an aesthetic change but represents our unwavering commitment to redefining the fintech landscape.

Our core mission is to provide seamless and secure cross-border payments to foster global connectivity. Over the past year, we’ve established key partnerships across B2B and B2C sectors across Africa, solidifying our reputation as a trusted and reliable cross-border payment company.

We’ll leverage our new identity to establish our international presence, connect with an even broader audience, and build lasting relationships worldwide.

We ask you to start this new journey with us to create a global village with no financial borders.

‍

‍

At Grey, we genuinely care about your journey to success, and we're excited to share some great news.  We’ve teamed up with Nexford University, an accredited American school that offers 100% online world-class education. Together, we’re making it easier and more affordable for you to reach your professional goals.

Whether you want to get a Bachelor’s or Master’s degree, or take a short skill-based course, you can now get 20% off your tuition fees when you pay with Grey.

Here’s how to apply for the scholarship

1. Meet the admission requirements: You have to make sure to meet Nexford University’s admission requirements to start your application. Fill out the eligibility form, and you’ll get personalised information to guide you in choosing the right program.‍
2. Get your scholarship code: If you qualify for the Grey x Nexford scholarship, you’ll receive a code for 20% off tuition. After that, you’ll fill out an application form for your preferred program.‍
3. Enrol: Once admitted, use your scholarship code to enrol within 30 days before it expires.‍
4. Choose your start date: Select the best start date for you to begin your educational journey

What are the eligibility requirements?

1. Must be 18 years or older
2. Must be a Grey user;  create your account to get free EU, US and UK bank accounts
3. Must meet the admission requirements of your chosen program at Nexford University
4. Must have internet connection and a suitable device for online learning

Why learn with Grey x Nexford?

1. Flexible programs: You get to enjoy flexible schedules that let you learn and work from anywhere in the world
2. Applied learning:  Nexford offers a 100% online education focusing on hands-on learning. The curriculums are also designed to help you build the skills needed to advance at any stage of your career
3. Choose your start date: Select the best start date for you to begin your educational journey

Wrapping up

Grey x Nexford University scholarship is more than just a discount — it’s an opportunity for you to achieve your educational and career dreams. Take the first step toward your future with us. Apply now to start your journey today!

For digital nomads or tourists, staying connected is crucial. However, roaming often comes with high charges, poor network quality, and security concerns.

As a solution, many people opt for local sims, but this can be stressful and impractical, especially for people on short trips.

That’s why we’ve partnered with Airalo, the world’s first and largest eSIM store, to transform your travel experience.

How Does Grey x Airalo Improve Your Travel Experience

Airalo offers eSIMs and data plans for 200+ countries and regions worldwide.

This means that as a digital nomad and tourist, you can say goodbye to the trouble of juggling multiple sims and sim swaps. With an eSIM, you are always connected no matter where you are with no excessive roaming charges.

Also, you get to enjoy a new level of convenience because with Airalo’s eSIM, you can connect to the internet the moment you arrive at your destination. No more waiting for Wi-FI or a local SIM card setup.

But that’s not all

As a Grey user, you get a 20% discount on your first eSIM data plan with Airalo! All you have to do is use GREY24 at checkout and pay with your Grey USD card.

Wrapping up

With Grey X Airalo, you can experience life like a local through a Grey global account while effortlessly staying connected anywhere in the world.

Get started here to explore and activate your eSIM today!

PS: Terms and conditions apply

Diaspora remittances is the leading forex earner for Kenya, having eclipsed agricultural exports and tourism.

Last year, the amount of money sent home rose by 8.34 % to $4.027 billion (Sh560 billion) in 2022, closing in on total exports, which brought in $5.77 billion worth of foreign currency in the same period.

Data by the Central Bank of Kenya (CBK) shows the US accounts for 51 % of remittances, with new markets especially in the Middle East.

While Kenya is ranked relatively well in terms of academic prowess and skills, the high unemployment rate has for years seen a loss of talent to other countries across all sectors.

The data by the Kenya National Bureau of Statistics (KNBS) shows that at least 30 % of Kenyans working abroad are in the technical field, especially construction, engineering and information technology. Even so, most of them occupy manual and blue-collar positions abroad.

In other labor markets, especially in the Middle East, the majority are homekeepers. For instance, the latest data by NITA shows that 79 % of Kenyan ladies working in the UAE are housekeepers.

Grey Regional Director for East Africa Fionah Umulisa expects the number of Kenyan expatriates to increase in coming years especially in the information technology sector.

"More Kenyan professionals are looking outside for job opportunities. High literacy levels, excellent work competence and being highly IT savvy is making them more attractive to the international job market," Umulisa said. She adds that this is likely to push up diaspora remittances. His firm expects an annual increase of above 10 %. 

Data released by Bloomberg last year ranks Kenyan immigrants working in the US as  the third most industrious foreigners. They scored 73.4 % behind Ghanaians and Bulgarians who ranked first and second positions respectively 75.2 % and 74.2 %.

Other African countries that feature in the report's top 10 are Ethiopia (4th), Egypt (5th), Nigeria (8th) and Liberia (9th). 

This makes Africans, in general, the most productive immigrants in the US ahead of those from Mexico and Central America, who constitute more than 70 % of foreign nationals in that country.

Kenyans abroad typically send money to help their families and to invest in projects like real estate.

Even so, the rising cost of living in countries like the US and in Europe on the back of costly energy, food and rent has been squeezing households and putting pressure on policymakers to bring the issue under control.

Kenyans living in the diaspora have sent home Sh185.98 billion in the first four months of the year, according to the latest data from the Central Bank of Kenya (CBK).

The Drop in Remittance

This represents a 3% drop compared to Sh 191.92 billion recorded in January to April 2022, attributable to the rising cost of living in many countries.

The remittances fell for the first time since 2010 as inflation rose steeply, squeezing disposable incomes for Kenyans living and working abroad. 

The United States and Europe in particular, are facing higher energy, food and rent prices forcing Kenyans living abroad to seek side hustles in a bid to add to their income and subsequently help their counterparts at home. 

However, CBK says despite the drop, the inflows remain supportive of the external balance of payments and foreign exchange. The cumulative inflows for the 12 months to April remittance totaled $ 3,985 million (Sh548.5 billion) compared to $3,968 million (Sh546.2 billion) in a similar period in 2022, an increase of 0.4 percent.

North America remains dominant in the amount of money sent by Kenyans, followed by Europe and the rest of the world. In the month of April, the US remained the largest source of remittances to Kenya, accounting for 57%.

Education, healthcare and household needs remain the main uses of remittances in Kenya.

Moving forward, affordable channels of sending money home will be a key factor in increasing inflows into the country. The East African region is still above the global average transfer value, which is currently at 6.5%. 

In contrast to the global average of 6.5%, the average cost of sending remittances to the Regional African bloc, Inter-Governmental Authority for Development (IGAD) is 8.9%, which is approximately three times the Sustainable Development Goals target rate of below 3%. 

How Grey is Helping

Grey has entered the Kenyan market to solve this problem. 

Founded in 2021, Grey, a Y-combinator-backed fintech startup, offers an international money transfer service that enables its users to send and receive international payments quickly and without restrictions.

It enables its customers to have virtual international bank accounts and cards for free and enjoy a seamless foreign payment process.

Users can create a foreign USD, GBP, and EURO bank account for free, send money to the UK and Europe, and receive payments from over 88 countries at affordable and competitive prices. 

Kenya’s diaspora remittances have continued to be the biggest source of foreign currency flows and support many livelihoods.

Kenya, like many other African nations, is highly reliant on diaspora remittance to prop up its economy. Money sent home by Kenyans living abroad has grown exponentially over the past decade. 

The Central Bank conducted Kenya’s first Diaspora Remittances Survey which indicates that inflows to Kenya have increased tenfold in the last 15 years, reaching an all-time record of $4.027 billion (Ksh559.57 billion) in 2022.

This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country, equivalent to more than 3% of the country’s GDP.

Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea, and horticulture – despite the persistent criticism of its poor diaspora policy.

When it comes to sending and receiving money from abroad, data indicates that poor exchange rates, high fees, and commissions may highly reduce the amount of funds received at the end of the transaction. 

From back in the day when hard cash, money orders, and cheques would be sent via snail mail, there are now an increasing number of ways to send money back home that are cheaper and less time-consuming. 

This, as technology has made the process of sending and receiving money easier and faster, making the global market more accessible and less daunting, which in turn gives people a wider range of options. 

While the majority of Kenyans overseas send money home for household needs such as rent, education, and medical expenses, more people are sending money for long-term investments in sectors such as real estate, agriculture, and retail. 

In recent years, investment companies have focused on linking Kenyans in the diaspora to local investment opportunities. 

However, the cost of sending money back home is still a key barrier to the growing diaspora remittance. With this in mind, relaxing legal barriers and remittance costs will be crucial to the future growth of Kenya’s economy.

On average, Sub-Saharan Africa, including Kenya, is the most expensive region in the world to send remittances to.

According to a World Bank report, it costs 8.9 percent of the transfer value to send money into the region, compared to the global average of 6.8 percent.

While this has reduced from 10.14 percent in 2014, there is still plenty of room for improvement in order to attract more remittances from Kenyans living abroad.

The government has so far taken the right step by establishing the State Department for Diaspora Affairs. 

This is where Grey comes in. The firm recently announced its entry into the Kenyan market as part of its plans to expand into the greater East African region. 

Founded in 2021, Grey, a Y-combinator-backed fintech startup, offers an international money transfer service that enables its users to send and receive international payments quickly and without restrictions.

It enables its customers to have virtual international bank accounts and cards for free and enjoy a seamless foreign payment process.

Users can create a foreign USD, GBP, and EURO bank account for free, send money to the UK and Europe, and receive payments from over 88 countries.

By using Grey’s  advanced international money transfer solution, gig workers, digital nomads, and diaspora can now be there for their loved ones when it matters the most. With Grey, you can quickly and easily send and receive money across borders, playing a major role in improving financial prosperity and economic development for the region.