Grey Expands Payout Network to Senegal, Côte d’Ivoire, Cameroon and Rwanda to Capture $7B Remittance Market

Cross-border payment platform Grey has expanded its payout capabilities to include Senegal, Cameroon, Côte d’Ivoire, and Rwanda, targeting a combined remittance market exceeding $7 billion. For fintech professionals, this move highlights the ongoing shift toward flat-fee, multi-currency infrastructure in Africa, reducing the friction and high costs traditionally associated with diaspora transfers to these high-growth regions.

What was announced

Grey has launched direct payout services to four major African markets, allowing individuals and businesses to send funds directly to bank accounts and mobile money wallets. The expansion specifically addresses the high cost of remittances in corridors where fees for a $500 international transfer can frequently reach $30. By introducing a flat-fee structure, Grey aims to provide more predictability for users making regular payments across borders.

The service supports transfers in the recipient's local currency, including Rwandan francs (RWF), Central African CFA francs (XAF), and West African CFA francs (XOF). These four markets represent a significant portion of African remittance inflows. In 2025, Senegal’s diaspora sent home an estimated $3.6 billion, representing approximately 10% of the country’s GDP. Rwanda received $640 million in the same year, while Côte d’Ivoire saw inflows of approximately $1.77 billion in 2024. Cameroon’s diaspora remitted 632 billion CFA francs in 2024, despite the historical lack of affordable cross-border options.

The new payout routes feature specific pricing: bank transfers to Rwanda cost $1.30, while mobile money transfers to Cameroon and Côte d’Ivoire are priced at $1.80. Bank transfers to Senegal and Côte d’Ivoire carry a $2 fee, with Senegal mobile money transfers at $3. Grey enables these transfers to be funded from existing USD, EUR, GBP, and stablecoin balances, removing the requirement for users to maintain separate currency accounts for different destinations. Bank transfers are typically settled on the same business day, while mobile money transfers are processed almost instantly.

"Senegal, Côte d’Ivoire, Cameroon and Rwanda have growing diasporas that send money home to support families, education, healthcare, and fund businesses. At the same time, people are travelling to Rwanda for vacations, to visit friends and relatives, for business and conferences. Yet cross-border payment has not always matched the strength of these relationships. With these new payouts, we’re making it easier for individuals and businesses to send money to these countries in their local currencies."

Idorenyin Obong, CEO and Co-founder of Grey.

The companies involved

Grey is a cross-border payment platform designed to simplify international financial management for individuals and businesses in emerging markets. The company provides a suite of services including foreign currency accounts, currency conversion, and international transfers to more than 170 countries. Currently serving over 3 million users globally, Grey is regulated as a Money Services Business by FINTRAC in Canada and FinCEN in the United States. Its infrastructure is built to support both personal and business accounts, allowing for the consolidation of cross-border payments into a single platform.

The company is backed by Y Combinator, the Silicon Valley-based technology startup accelerator. Y Combinator has a long history of supporting fintech firms that aim to disrupt traditional banking and remittance models in Africa and other developing regions. Grey’s position in the market is defined by its focus on reducing the technical and financial barriers to global trade and personal remittances, particularly for those working across multiple jurisdictions or receiving payments in major global currencies like the US Dollar or Euro.

What FF News has reported before

This expansion into Francophone Africa and Rwanda follows Grey's recent efforts to broaden its global payout network into other high-volume corridors. In September 2026, FF News reported that Grey Enables Direct Chinese Yuan Payouts to Bank Accounts Across China. That initiative was designed to facilitate direct payments to one of the world's largest economies, catering to the needs of businesses and individuals engaged in international trade. The addition of Senegal, Cameroon, Côte d’Ivoire, and Rwanda continues this pattern of integrating diverse geographic regions into a unified payment infrastructure.

What this means

The move into Francophone Africa and Rwanda signals a direct challenge to legacy remittance providers who have long benefited from opaque pricing and high percentage-based fees in these corridors. By implementing flat fees as low as $1.30, Grey is putting significant pressure on traditional money transfer operators. The inclusion of stablecoin funding options also reflects the maturing of "fintech-native" remittance rails, where digital assets act as the bridge for fiat-to-fiat transfers. This announcement suggests that the competitive moat for cross-border players is no longer just geographic reach, but the ability to offer predictable, low-cost settlement in local currencies through a single, regulated interface.