Grey Introduces Local Currency Deposits in Kenya and Ghana
The rollout streamlines access to international financial services by allowing customers to move funds from domestic payment channels with fewer intermediaries.
Global payments platform Grey has introduced local currency deposits in Kenya and Ghana, allowing users to fund their accounts directly in Kenyan Shillings (KES) and Ghanaian Cedis (GHS) through bank transfers and mobile money, in a move aimed at simplifying access to international financial services.
The new feature removes the need for users to rely on multiple payment platforms or intermediaries when moving money from domestic payment systems into Grey’s cross-border financial ecosystem. The launch targeted two of the company’s fastest-growing African markets, where demand for seamless international payments continues to increase among freelancers, remote workers, businesses, and individuals participating in the global economy.
How Direct KES and GHS Deposits Work
Users in Kenya and Ghana can now deposit funds into their Grey accounts in local currency through the Grey app before converting or transferring the funds internationally using the platform’s existing services.
Why Local Funding Has Been a Missing Piece for Cross-Border Payments
However, Grey has highlighted that the launch addresses a long-standing challenge in cross-border finance. While digital payments have become mainstream in both countries, funding accounts for international transactions has often involved additional steps, including external transfers and the use of multiple financial service providers.
“Many users in Ghana and Kenya already rely on Grey to receive, hold, and move money globally, but funding their accounts often requires additional steps outside our platform. With local currency deposits, we are removing that barrier and giving users a simpler way to move between their local financial systems and the global economy.” said Idorenyin Obong, CEO and Co-founder of Grey.
Kenya and Ghana’s Digital Payments Markets Continue to Grow
The expansion comes as digital payments continue to gain momentum across both markets. Ghana processed more than GH¢3 trillion in mobile money transactions in 2024, highlighting the growing role of digital financial services in the country. Meanwhile Kenya remains one of the world’s most mature mobile money markets, with about 90% of the population using mobile money for payments, savings, and access to credit.
Despite widespread adoption of digital payments, moving funds from local financial systems into global payment platforms has remained a challenge for many users with international financial needs. Grey noted that its latest offering is designed to eliminate those bottlenecks by enabling direct local currency funding within its ecosystem.
Grey Expands Its Cross-Border Payments Infrastructure
The launch forms part of the company’s broader strategy to strengthen its cross-border payments infrastructure for emerging markets, where customer demand is shifting beyond receiving international payments to managing money seamlessly across multiple currencies and countries.
Grey currently serves more than three million users across over 50 countries and supports payouts to more than 170 destinations. The platform offers multi-currency accounts in U.S. dollars, British pounds and euros, international money transfers, and virtual payment cards for global spending.
Local Deposits Mark Grey’s Next Phase of Growth
The company operates as a regulated Money Services Business under Canada’s FINTRAC and the United States’ FinCEN, and says the latest rollout further strengthens its efforts to connect local payment systems with the global financial ecosystem.
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