Kenyans in diaspora might be sending less money home in 2023

Stablecoins are becoming a popular payment option for freelancers, digital nomads, and remote workers. With low volatility, fast transactions, and global reach, they make it easy to receive payments without location restrictions. Still, transactions using stablecoins have  downsides, as they often involve multiple steps, unnecessarily complicated transactions, and additional fees.

However, we at Grey always look for ways to make global banking better for people like you who work and live across borders. Today, we’re excited to announce that you can now receive USDC payments directly into your US bank account!

Also read: Send instant USDC payouts to 70+ countries with Grey!

How to receive USDC deposits with Grey

We’ve simplified the process so there are no extra steps, complicated exchanges, or third-party conversions, just a seamless way to receive payments! Here’s how it works:

1. Share your wallet address with your sender
2. Grey converts your USDC into USD instantly.
3. Access your money in your US bank account, and you can start transacting immediately!

Also read: How non-US citizens can open a US bank account online

What this means for you

• Faster payments: With Grey, you no longer have to wait for your transactions to process through multiple platforms; you can access your funds as soon as possible without hassle.
• Seamless conversion: We convert your USDC to USD instantly, so you don’t have to worry about manual exchanges.
• Secure transactions: With Grey, you can avoid the risks of P2P trading or third-party exchanges, such as fraud, price manipulation, hidden fees or failed transactions. Just fast, seamless, and reliable payments straight to your US bank account.
• Simplified finances: Keep all your transactions, balances, and account statements in one place, making it easier to track your income.

A simpler way to get paid with Grey

At Grey, our goal is simple: to make global banking seamless for everyone, no matter where you are. We believe international payments should be effortless, and this new feature is another step toward making cross-border transactions smoother and more accessible for you.

Open a free account today and start receiving USDC payments effortlessly with Grey.

The number of women entrepreneurs and women-led businesses grows yearly, proving that women are shaping industries and driving economic growth worldwide. However, access to funding is still a major challenge, with the global financing gap for women entrepreneurs estimated to be about $1.7 trillion.

This is why UpGreyed Her exists — to support women entrepreneurs with equity-free funding to help scale your business! 🚀

What’s UpGreyed Her?

UpGreyed Her, launched in 2024, is our annual International Women’s Day initiative designed to provide tangible support for women entrepreneurs’ businesses.

Beyond the panels, webinars and conversations, we’re taking action by providing equity-free funding to give them the necessary capital to expand and scale their businesses.

We’re awarding four outstanding women entrepreneurs in  manufacturing and production, construction, textiles, hospitality, agriculture, transportation, logistics or tech-enabled sectors like AgricTech, AI-enabled businesses, ClimateTech, EdTech, FemTech, and HealthTech. The first-place winner will receive $4,000, the first and second runners-up will get $2,000 each, and the third runner-up will receive $1,500. We're assembling a panel of distinguished female judges and business, technology, and management experts will carefully select the winners. Keep an eye out on our social media (@greyfinance) for more updates.

How to apply for UpGreyed Her 2025

To be eligible for participation, you must meet the following criteria:

• Be a woman aged 21 to 35
• Own a tech-enabled startup or early-stage business and have up to 50% shares or voting rights
• Have a registered business
• Be based in Africa, the Middle East, Southeast Asia, Europe, Latin America, the UK, and the US.

How to apply

To participate, fill out this form with accurate information. The application window opens Saturday, March 8th, 2025, and closes Tuesday, April 8th, 2025.

Please note that you must submit your application on or before 9 a.m. (Pacific Time), as applications received after this deadline will not be acknowledged.

To ensure you don’t miss any updates, follow us on Instagram, Twitter, LinkedIn, and Facebook, and sign up for our newsletter.

We wish you all the best with your applications!

P.S. Terms and Conditions apply*

‍

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.