African businesses should be able to trade with one another without relying on the US dollar as an intermediary currency, Grey co-founder and Chief Executive Officer, Idorenyin Obong, has said.
Obong made the call as the cross-border payments company expands its financial infrastructure to simplify international transactions and reduce the challenges associated with foreign exchange liquidity and payment delays.
Speaking to journalists on the sidelines of Moonshot by TechCabal 2026 in Lagos, he explained that businesses trading across African countries often face unnecessary complications when making payments to suppliers.
According to him, a Nigerian company paying a supplier in Kenya may have to convert naira into US dollars before exchanging the funds for Kenyan shillings, creating additional steps that can increase transaction costs and complicate the payment process.
He argued that direct currency conversion between African countries could make regional commerce more efficient by eliminating the need for an intermediary currency in supported transactions.
Obong said Grey had developed direct currency conversion routes designed to enable businesses to transfer funds between selected currencies without passing through the dollar.
The company’s payment infrastructure currently supports customers in Nigeria, Kenya and Ghana, with liquidity arrangements facilitating transactions in multiple currencies. Grey said its system also enables real-time settlement in several supported currencies.
The Grey CEO identified foreign exchange liquidity and payment reliability as two major challenges facing businesses engaged in international trade. He noted that uncertainty over when payments would reach suppliers could disrupt procurement plans and damage commercial relationships.
To address these concerns, Obong said the company had invested in infrastructure aimed at improving the reliability of international payouts, including providing customers with estimated payment delivery times.
He added that Grey had spent six years developing its payment infrastructure, reporting a 99.99 per cent delivery performance at the final stage of its payout process.
Providing an update on the company’s growth, Obong disclosed that Grey had processed more than 40 million transactions and nearly $5bn in payments since its establishment.
Its multi-currency platform, Grey Business, which targets startups and small businesses, has also processed nearly $100m since its launch in February 2026. The company attributed part of the platform’s growth to demand for stablecoin-based payments.
Beyond Africa, Grey has expanded its payment services to China, enabling businesses to pay suppliers in Chinese yuan.
The company has also diversified from its original currency exchange services into foreign currency accounts and international salary management.
Obong explained that Grey, which began operations in 2020, initially focused on currency exchange but later introduced additional services after discovering that many customers struggled to receive salaries and other payments from abroad.
This led to the introduction of Paycheck, a product that enables professionals earning in US dollars, British pounds and euros to receive and manage their income. The service is integrated with Pouch, Grey’s savings feature, which allows customers to save towards personal goals such as education, travel and major purchases.
Meanwhile, the company addressed concerns about difficulties some customers experience when accessing foreign currency accounts and obtaining customer support. Grey said it provides round-the-clock digital assistance and maintains a physical office to serve its customers.
Obong’s comments come amid broader efforts to strengthen economic integration across Africa by reducing barriers to cross-border payments and encouraging trade in local currencies.
For African businesses, easier access to reliable payment systems could help simplify transactions, improve cash flow and strengthen commercial relationships across national borders.
Grey’s push for direct currency conversion highlights the growing importance of financial technology in making trade across the continent more accessible, efficient and less dependent on external currencies.
