What is Raenest?
Raenest, formerly called Geegpay, gives Africans multi-currency accounts so they can be paid by clients and employers abroad. Its chief executive is Victor Alade. In 2025 the company raised US$11 million in a round led by QED Investors and announced it was removing deposit fees on its USD, GBP and EUR accounts.
Raenest serves users in Nigeria, Kenya and Ghana, among other markets.
What you can do with Raenest
- Receive payments into USD, GBP and EUR account details.
- Invoice clients and track payments.
- Convert to naira and withdraw to a Nigerian bank account.
- Spend with a virtual card, where available.
- Pay team members and contractors (business accounts).
How Raenest charges
Raenest announced zero deposit fees on its USD, GBP and EUR accounts in November 2025. It earns mainly on:
- conversion between currencies and naira
- withdrawals and transfers out
Our calculator includes a deposit percentage and a ₦100 withdrawal fee for Raenest based on the last figures entered, so check the current fee page before relying on them.
How to get started with Raenest
- Sign up in the app or on the website and verify your identity.
- Open the currency accounts you need and share the details with clients or platforms.
- Send invoices from Raenest if you want payments tracked in one place.
- Convert to naira and withdraw to your Nigerian bank when you are ready.
Who Raenest suits best
- Freelancers and contractors paid by several clients in different currencies.
- Small agencies that pay team members across Africa.
- Remote employees who want a foreign account for salary.
If you only receive occasional payments from one source, a simpler account may cost less overall.
Raenest vs Grey vs Cleva
- Raenest leans towards freelancers and businesses, with invoicing and team payouts.
- Grey is a strong general foreign account with conversion and payments abroad.
- Cleva focuses on a US dollar account.
If you are comparing receiving accounts, the conversion rate to naira usually matters more than any single fee. Compare what $1,000 becomes in naira on each before you choose.
Our verdict
Raenest is a well-funded, focused option for Africans earning in foreign currencies, especially freelancers who also need invoicing. If you are abroad sending money to family in Nigeria, compare remittance apps in our calculator instead.