Cross-border payments company Grey says African businesses should be able to pay suppliers across the continent without converting transactions through the US dollar. The company has developed direct currency conversion routes to reduce transaction steps and address foreign exchange liquidity challenges that businesses face when making international payments. Grey's co-founder and Chief Executive Officer, Idorenyin Obong, made the comments on the sidelines of Moonshot by TechCabal 2026, a technology conference held in Lagos on October 28 and 29.
Obong identified payment reliability and foreign exchange liquidity as major obstacles for businesses conducting international transactions within Africa. He explained that a Nigerian business paying a Kenyan supplier typically has to convert naira into US dollars before exchanging it for Kenyan shillings, adding unnecessary steps to the process. Grey said it has built currency pairs that allow customers to avoid routing through the dollar. According to the company, its payment infrastructure allows customers in Nigeria, Kenya and Ghana to collect and send money with liquidity arrangements supporting transactions in multiple currencies, with real-time settlement in several supported currencies.
Payment delays represent another challenge Grey identified for African traders. Obong said uncertainty over how long payments take to arrive can disrupt procurement and trading relationships. The company said it provides estimated delivery times and has invested in infrastructure to improve the reliability of international payouts, with a stated delivery rate of 99.99% to customers. Grey also expanded payouts to China, enabling businesses to pay suppliers in Chinese yuan.
Since its inception in 2020, Grey said it has processed more than 40 million transactions and nearly $5bn in payments. The company's Grey Business multi-currency platform for startups and small businesses has processed nearly $100m since launching in February, according to the company. By June, it had processed $61.4m in its first four months, partly driven by demand for stablecoin-based payments. The company also offers Paycheck, a salary product allowing professionals earning in dollars, pounds and euros to receive and manage international income, integrated with Pouch, a savings feature for goals such as education and travel.
For Nigerian savers and businesses conducting cross-border trade, reducing reliance on dollar conversions could lower transaction costs and speed up payments to suppliers in other African countries.