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Stanbic Bank in deal to boost market access

- June 18, 2018

Stanbic Bank Kenya has signed a memorandum of understanding with a Singapore-based fintech firm to boost its digital trade finance platform. The deal with CCR...

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The Pan African University Institute for Water and Energy Sciences (including...

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Standard Chartered – full year 2021 results

Sending money to Canada has been harder than it should be. Wire queues, unpredictable fees, days of uncertainty, whether you’re supporting family in Ontario, paying a Canadian contractor, or settling a business invoice. Starting today, Grey (https://Grey.co) users can send Canadian Dollars directly to any Canadian bank account, arriving in minutes via Interac for $3.00, or the next business day via bank transfer for $2.50. No percentage fee. No wire delays. Canada is home to one of the world’s most diverse diaspora populations, with communities from Nigeria, India, the Philippines, and other emerging markets deeply connected to their homes. The corridor has been dominated by legacy services that charge $15-30 on a typical $500 transfer and settle in days. Grey's flat fee and Interac delivery address both problems at once. The Interac integration matters more than the price. Interac is the payment rail built into the daily financial life of virtually every Canadian bank account holder, the same network used for everyday domestic payments. When Grey settles through Interac, the transfer doesn’t enter a wire queue. It moves the way domestic payments do: fast, confirmed, and predictable. Recipients don’t need a new app or account. The money arrives at the bank, where they already have an account. "Canada kept coming up. From Lagos to Mumbai to Manila, our users had someone in Canada they needed to pay, but no good way to do so. Expensive wires, slow settlement, no certainty. We fixed that,” said Idorenyin Obong, CEO and co-founder of Grey. The service supports all Canadian banks for both personal and business accounts and joins Grey's local-currency transfer network across 170+ destinations. Users can send from USD, EUR, GBP, or NGN balances, with individual transaction limits of $10,000 CAD and business limits of up to $100,000 CAD via bank transfer. Grey holds a Money Service Business license from FINTRAC in Canada and FinCEN in the USA.

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Grey Connects the Africa-Canada Money Corridor With Instant Transfers via Interac

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