African fintech Grey clears Canadian payments registration

African fintech Grey can now operate as a registered payment service provider in Canada.

Grey, a Y Combinator-backed cross-border payments platform serving African and emerging-market customers, has registered under Canada’s Retail Payment Activities Act (RPAA), the company announced. The registration brings Grey into compliance with Canada’s federal payments regulatory framework, overseen by the Bank of Canada.

What the registration enables

Under the RPAA, registered providers must meet operational risk-management standards, safeguard end-user funds and report incidents. Grey’s registration allows it to offer payment services to Canadian customers, including transfers to Canadian bank accounts via domestic systems such as Interac, working through its banking and payments partners.

“Registering under the RPAA framework is an important step in aligning our operations with Canada’s regulatory expectations,” said Idorenyin Obong, CEO and co-founder of Grey. “Our goal is to provide a reliable and transparent way for users to send money to Canada, with delivery times that can be near real-time depending on the payment method used.”

Wider regulatory footprint

Grey is also registered as a Money Services Business with FINTRAC in Canada and the Financial Crimes Enforcement Network (FinCEN) in the United States. Its platform offers multi-currency accounts in USD, GBP and EUR, supports transfers to more than 170 destinations and provides virtual cards for international spending.

The diaspora corridor

Cross-border financial flows between Canada and the rest of the world continue to grow, driven by diaspora communities and global business activity. African fintechs targeting these corridors have historically relied on offshore banking partners rather than building direct regulatory presence in destination markets. Grey’s RPAA registration shifts the company toward a model used by larger international payment platforms operating directly in regulated Western markets, while preserving its focus on emerging-market customers.

The platform serves customers across Africa, Europe and other global markets. Y Combinator-backed African fintechs have increasingly added Western regulatory registrations as a route to broader institutional partnerships and lower funding costs.