Uruguay’s cross-border payments unicorn dLocal and U.S.-based fintech Grey have reached a major milestone in their partnership, reporting an average quarterly growth rate of 80% in payout volumes across new markets in North Africa.
The two companies, which had earlier rolled out in Nigeria, Kenya, and Ghana, are now deepening their footprint in Morocco, Egypt, and Algeria. The expansion underscores the growing demand for faster and cheaper cross-border payments in regions where remittance fees remain among the highest in the world.
According to the World Bank, global remittance costs averaged 6.62% in Q3 2024, with Sub-Saharan Africa topping the charts at 8.45%. Banks remain the most expensive channel, charging as high as 13.64% per transaction. For businesses and individuals reliant on cross-border payouts, these costs are a major drag on financial inclusion and digital commerce.
Grey and dLocal are attempting to break that barrier. Through dLocal’s infrastructure, Grey can now offer bank transfers in Morocco, both bank transfers and eWallets such as Meeza in Egypt, and mobile wallet payouts via Ooredoo, Mobilis, and Djezzy in Algeria. This brings payout times down from days to minutes and allows users to manage multiple currencies in one platform.
“Building on our strong partnership with dLocal, we’ve rapidly entered new key markets, streamlined payments integration, and delivered a truly global experience,” said Femi Aghedo, COO and co-founder of Grey. “
Click to signupAgustin Botta, dLocal’s Head of EMEA, described the partnership as proof of how resilient infrastructure drives scale. “By delivering seamless local payment solutions, we help businesses expand globally while staying relevant to local needs. The strategic launches and strong payment capabilities we’ve achieved together highlight our commitment to unlocking real opportunities in these regions.”
With North Africa now active, Grey’s growth story shows no signs of slowing. The fintech, licensed in both Canada and the U.S., continues to position itself as a gateway for emerging markets to plug into global commerce, while dLocal cements its role as the rails powering those transactions.
