Nigerian fintech startup Grey has registered as a payments provider under Canada’s Retail Payment Activities Act (RPAA), allowing it to offer payment services to customers in Canada.
Canada is implementing a federal framework for payment service providers under the RPAA, which is overseen by the Bank of Canada and ensures registered providers are subject to requirements for operational risk management, safeguarding end-user funds, and incident reporting.
Grey, which enables individuals and businesses to access multi-currency accounts in USD, GBP, and EUR, and supports transfers to more than 170 destinations, has now been registered as part of this framework, allowing it to support transfers to Canadian bank accounts, including payments facilitated through domestic transfer systems such as Interac, via 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.”
Grey is also registered as a Money Services Business with FINTRAC in Canada and with the Financial Crimes Enforcement Network in the United States.