Fintech startup Grey has chosen Kenya as its regional hub for East Africa as part of its expansion plans in the region’s largest economy. The company recently raised $2 million in seed funding to support its growth in the East African market, with plans to enter Uganda and Rwanda in the near future. Grey’s platform is already operational in Tanzania and Kenya, boasting a user base of over 300,000.
Grey’s CEO, IIdorenyin Obong, explained that establishing offices in Kenya will facilitate the company’s operations in other countries within the East African Community. Kenya has a vibrant diaspora remittance market, with inflows increasing significantly over the past 15 years. In fact, remittance inflows to Kenya reached a record high of $3,718 million, equivalent to more than 3% of the country’s GDP. Kenya ranks among the top three recipients of diaspora remittances in Africa, trailing behind Nigeria and Ghana, according to a World Bank report.
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Furthermore, Kenya’s gig economy is experiencing rapid growth, driven by digital platforms that connect workers and traders with potential customers. A 2022 report by Mercy Corps revealed that the Kenyan online gig economy is valued at $109 million and employs approximately 36,573 workers. It is projected to grow at an annual rate of 33%, reaching a total size of $345 million and employing 93,875 workers by 2023.