What is Grey?
Grey is a Nigerian fintech founded by Idorenyin Obong and Femi Aghedo. It began as a currency exchange service and was renamed Grey in 2021 when it launched foreign accounts. Grey was part of Y Combinator's Winter 2022 batch and has since grown past a million users.
Grey gives you account details in US dollars, British pounds and euros, so you can be paid from abroad as if you had a local account there.
What you can do with Grey
- Receive payments from clients, employers and platforms in USD, GBP or EUR.
- Convert between currencies and naira inside the app.
- Withdraw naira to a Nigerian bank account or wallet.
- Send money abroad, for example to pay tuition or suppliers, where supported.
How Grey charges
Grey's fees come in three types:
- Deposit fees on money coming into your foreign accounts. These vary by currency and payment type.
- Conversion between currencies.
- Withdrawal fees when you move money out to a bank account or wallet.
Check Grey's current fee page before relying on a specific figure, as fees change.
On our site, Grey appears on the from Nigeria route, because its main strength is moving money between naira and foreign currencies.
How to get started with Grey
- Download the app and sign up with your Nigerian phone number.
- Verify your identity with your BVN and a valid ID.
- Open the foreign accounts you need (USD, GBP or EUR) and share the details with whoever pays you.
- Convert and withdraw to naira, or keep the balance in foreign currency for payments abroad.
Is Grey safe?
Grey has operated since 2020, is backed by Y Combinator, and holds its foreign balances through regulated banking and payments partners. As with any fintech account, use strong login security and avoid keeping all your savings in one place.
Grey vs Cleva vs Raenest
All three give Nigerians foreign accounts:
- Grey offers USD, GBP and EUR accounts with a strong focus on conversion and payments abroad.
- Cleva focuses on a US dollar account.
- Raenest adds invoicing and team payouts for freelancers and businesses.
The best choice depends on which currencies you are paid in and what you do with the money.
Our verdict
Grey is a strong all-round foreign account for Nigerians who earn or spend in other currencies. If you are abroad sending money to family in Nigeria, use a remittance app instead and compare them in our calculator. If you need to send money out of Nigeria, read our guide to sending money from Nigeria.