Grey launches Paycheck for global salary earners as Mastercard brings Google Pay to Nigeria

Grey launches Paycheck for global salary earners

Grey, a Y Combinator-backed cross-border payments startup, has introduced Paycheck, a new salary product designed for professionals earning in dollars, pounds, and euros. The product was unveiled at Moonshot 2026, a conference organized by TechCabal in Lagos.

Paycheck allows users to receive and manage salary payments directly, with additional perks for qualifying customers, including higher savings rates, increased transaction limits, and priority customer support. The product aims to simplify cross-border salary management for remote workers, freelancers, and professionals with international income streams.

Grey, originally launched in 2020 as Aboki Africa, pivoted in 2021 to offer virtual accounts in foreign currencies. The company has since grown to over three million users and has processed nearly $5 billion in payments, with a 170% year-on-year increase in payment volume. Grey Business, its B2B product launched earlier this year, has already processed nearly $100 million.

Google Pay expands to Nigeria via Mastercard-Interswitch partnership

Mastercard and Interswitch have partnered to bring Google Pay to Nigeria, enabling eligible Mastercard cardholders to make contactless payments using their Android devices. Users can add supported bank cards to Google Wallet and tap to pay at compatible point-of-sale (PoS) terminals.

This expansion reflects Nigeria’s growing digital payment infrastructure. The Nigeria Inter-Bank Settlement System (NIBSS) reported ₦284.9 trillion ($212 billion) in instant-payment transactions in the first quarter of 2025 alone, with 5.9 million PoS terminals deployed across the country. PoS transaction values reached ₦10.51 trillion ($7.8 billion) during the same period.

Market context and competition

Grey operates in a competitive fintech space, alongside startups like Raenest, Cleva, and Afriex, all of which offer cross-border payment and salary solutions. The company’s focus on professionals earning in foreign currencies aligns with a broader trend of fintech innovation targeting Africa’s remote workforce and diaspora.

The launch of Paycheck follows Grey’s $2 million seed round in 2022, which it used to scale operations. Grey’s user base grew from 100,000 in 2022 to over one million in 2024, and the company now aims to reach between 10 million and 20 million users.

The introduction of Google Pay in Nigeria also signals increasing collaboration between global payment networks like Mastercard and local fintech players. This partnership could pave the way for similar integrations, expanding contactless payment options in a market where cash and card-based transactions still dominate.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Grey’s launch of Paycheck underscores the growing demand for fintech solutions tailored to Africa’s remote workforce and professionals earning in foreign currencies. For founders and operators, this move highlights two critical opportunities:

1. Niche products for global earners: Grey’s pivot from a general cross-border payment platform to a specialized salary product reflects the value of addressing specific pain points—such as managing, saving, and transacting in foreign currencies—rather than offering generic solutions. Startups in fintech or adjacent sectors may find traction by identifying underserved segments, such as freelancers, expatriates, or gig workers, and building products that cater to their unique needs.

2. Partnerships as a growth lever: The Mastercard-Interswitch partnership to bring Google Pay to Nigeria demonstrates how collaboration between global players and local incumbents can unlock new markets. For startups, this is a reminder that scaling often requires leveraging existing infrastructure (e.g., PoS terminals, banking networks) rather than building from scratch. Founders should explore strategic partnerships to expand reach, especially in regions with fragmented payment systems.

For operators in Africa’s fintech space, Grey’s rapid growth—170% year-on-year in payment volume—also signals the potential of cross-border payments as a high-growth segment. However, competition is intensifying, and differentiation will likely come from product specialization (like Paycheck) or seamless integration with global payment networks. The success of Google Pay’s rollout in Nigeria could also set a precedent for how contactless payments evolve in the region, making it a space worth watching for startups and investors alike.

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