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Nigeria-founded fintech startup Grey has secured regulatory approval to operate within Canada’s evolving payments ecosystem, following its registration under the country’s Retail Payment Activities Act (RPAA).
The framework, overseen by the Bank of Canada, introduces a federal regulatory structure for payment service providers, with requirements covering operational risk management, safeguarding of user funds, and incident reporting.
Grey’s inclusion under the RPAA enables it to offer compliant payment services to customers in Canada, aligning its operations with local regulatory standards. Through its banking and payments partners, the platform facilitates transfers to Canadian bank accounts, including domestic payment rails such as Interac.
The move comes amid rising cross-border financial flows between Canada and global markets, driven by diaspora activity and expanding international business transactions. These flows—ranging from remittances and freelance income to tuition and commercial payments—have traditionally depended on slower and more costly legacy systems.
Commenting on the development, Idorenyin Obong, Chief Executive Officer and co-founder of Grey, described the registration as a key milestone in the company’s regulatory alignment strategy.
“Registering under the RPAA framework is an important step in aligning our operations with Canada’s regulatory expectations,” he said, adding that the company aims to deliver faster, more transparent cross-border payment experiences, with near real-time settlement depending on the payment method.
Beyond Canada, Grey is also registered as a Money Services Business with FINTRAC and the Financial Crimes Enforcement Network in the United States, strengthening its compliance footprint across key markets.
The platform provides multi-currency accounts in USD, GBP, and EUR, supports transfers to over 170 destinations, and offers virtual cards for international transactions. With operations spanning Africa, Europe, and other regions, Grey continues to position itself as a facilitator of seamless global financial access for individuals and businesses.
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