Geegpay Vs Grey and User Experience with Both Fintechs

We have seen many fintech nonsense come and go after many failed promises. In the end, what you want is a simple, honest app that can send and receive funds, and maybe even let you convert foreign currency to your local currency and manage funds within the app. Grey and Geegpay are two fintech apps, and in this review, we have used and will compare both apps so you know if any or none of them is worth it. This is going to be a very interesting comparison.

Geegpay Vs Grey

Geegpay is registered under Raenest Technology Solutions Service Ltd. It is not listed in the CBN’s (Central Bank of Nigeria) approved IMTOs (International Money Transfer Operator). However, its banking services are provided by payment partners and banks authorised by the CBN, FCA, FDIC (Nigeria Deposit Insurance Corporation), and other regulatory bodies. Its Nigerian address is 3-9, Olukole Osho Street, Off Simbiat Abiola Way, Ikeja, Lagos. Geegpay has a CAC (Corporate Affairs Commission) profile under Raenest. The website is geegpay.africa.

We also have Grey, formerly called Aboki Africa. Grey is under the name Grey Inc., and is primarily located in USA. Grey.co doesn’t have a Nigerian presence, and is not regulated as a fintech in Nigeria due to not being listed as an IMTO or any other by the CBN. However, what Grey does is that it partners with Cellulant Nigeria Ltd to deliver it international money transfer services in Nigeria and Kenya. Cellulant is FDIC insured and licensed as a PSSP (Payment Solution Service Provider) by the CBN. Cellulant is also registered with the CAC, however, its profile is currently inactive. The address is Unit 4, 31 Ladoke Akontola Street, Ikeja GRA, Lagos. The website is cellulant.io.

Similarities Between Grey and Geegpay

Both Geegpay and Grey operate in the US, which means that your information will be processed under US laws. Only Geegpay has a direct Nigerian presence of the two.

Both fintechs support African countries including Nigeria, Kenya, Tanzania, and Uganda. However, Geegpay additionally supports Ghana, Egypt, and Rwanda.

With both fintech apps, you can create a virtual bank account either in US dollars, British pounds, or euros, and receive payments from international clients and businesses.

Both Grey and Geegpay also allow you to exchange money but their rates are generally not friendly. Consider not keeping your savings in foreign currencies on either app. Instead, get a domiciliary account if you are in Nigeria.

You can create a virtual card on both Geegpay and Grey but Geegpay’s is unstable. As for Grey virtual cards, you can obtain one at $5. Unfortunately, there is no guarantee that it will work for most payments or online purchases.

There is also a similarity between their customer service experience. Unfortunately, both have a very slow response that you could be waiting for more than 2 days before someone gets back to you.

Both apps take 1-3 days to complete an international transfer. On Grey, however, after receiving your payments, you may have to answer tons of questions and wait about 2 days to access your funds.

As for the banking services, both apps rely on partners and banks authorised by the CBN, FCA, and FDIC. Grey, for example, relies on Cellulant Nigeria Ltd to deliver it international money transfer services in Nigeria and Kenya.

What Are the Differences?

Grey has a problem of letting you open an account but when it comes to withdrawing your money, KYC verification becomes a problem. At first, it does not put you through the loop of Identity verification when you have yet to fund the account. Once funded, KYCs begin, and it can be so frustrating. This isn’t something you’ll experience with Geegpay, at least in our own experience.

Geegpay is a payment app developed specifically for freelancers and gig workers. This is the reason they will ask for information like your LinkedIn profile as part of the verification process. Grey is for all.

If you have to buy and send gift cards to your friends and family from different international stores, then Grey is what you want. Geegpay doesn’t support gift card transactions.

While both apps do currency conversions, the rates are a lot worse on Grey. Hopefully, they review their exchange rates. You can compare Grey’s rates to a black market, and sometimes this black market is even better. Geegpay is somewhat better when it comes to rates.

Geegpay also has another flawed feature in terms of foreign virtual card creation. Unfortunately, this app doesn’t support foreign currency card creation and you can’t fund your dollar account from a local bank as claimed.

You can also pay your bills with the Grey app but the fees are high. Unfortunately, bill payment isn’t a feature on Geegpay.

Geegpay has a physical address in Nigeria but Grey doesn’t. If you had to visit physical Grey’s office, that would be Cellulant Nigeria Ltd’s office because it’s a Grey payment service partner.

Pros

Geegpay

Invoice automation for payments
Available on Apple App Store and Google Play
Supports multiple currencies
It’s a global payment app for freelancers

Grey

Available on Apple and Google app stores
Send funds to family and friends
Receive your international payments
Exchange international currencies
Supports a virtual dollar card for international payments
Buy gift cards

Cons

Geegpay

Poor and unresponsive customer service
Contains some buggy experience, especially with the verification system for proof of ID and employment
Has a reputation for holding funds
Rampant invalid expired token problems after filling out the password section
The virtual card does not work
High exchange rates
Too many charges

Grey

Very high exchange rates
Poor customer service
Receiving money is usually not instant.
The app has ID verification bugs
Withdrawal of funds takes forever
Grey requests the bank statements and ID of the sender of your funds to proceed
When you request a USD account, you may get the notification “Your USD account is being processed” for days and sometimes weeks
Grey has hidden fees unlike what they claim
The exchange rate when converting foreign currency to your local currency is very low. However, when converting your local currency to foreign currency to send to someone or make a payment, the rate is high
$5 to create a virtual card
KYC verification can be frustrating to complete
Only Zenith Bank and Access Bank are supported for USD domiciliary account withdrawal

Are Both Apps Safe at All?

So far, there are no serious controversies surrounding either Geegpay or Grey app. However, you cannot be 100% confident with your personal and bank information in the hands of fintechs without direct CBN and FDIC license, especially since both apps typically process your information in USA.

Geegpay and Grey will collect any personal information that will help them to identify you, including your phone number, date of birth, Identification (ID) card, or Passport Number, business registration details, contact information, etc. You’ll also share your bank information with these apps. They will collect any information that can be used to identify you or your business. The required information is in line with the regulatory ‘Know Your Customer’.

Now, Grey and Geegpay may disclose or share your personal information with third parties, including its affiliates, employees, officers, service providers, agents, suppliers, and subcontractors.

In this review, both Geegpay and Grey get a 3 out of 5 because when it comes to poor financial experience, it’s a matter of each its own. You won’t have a perfect experience on either app, especially problems of delays, funds getting stuck, and customer support failing to resolve problems.