Grey Unveils Direct African Currency Payment Routes to Eliminate Dollar Intermediaries

Cross-border payments company Grey has unveiled a new payment infrastructure designed to help African businesses transact across the continent without converting their local currencies through the US dollar.

The company said its direct currency conversion routes would simplify international payments, reduce transaction delays and address persistent foreign exchange liquidity challenges facing businesses operating across African markets.

Grey co-founder and Chief Executive Officer, Idorenyin Obong, disclosed this while speaking with journalists on the sidelines of Moonshot by TechCabal 2026 in Lagos on Thursday.

The two-day technology conference, held at the National Theatre on October 28 and 29, brought together technology companies, investors, entrepreneurs and other industry stakeholders. Grey was the event’s headline sponsor.

Obong explained that businesses making cross-border payments within Africa often rely on the US dollar as an intermediary currency, increasing the number of conversion steps and exposing transactions to additional costs and liquidity challenges.

Using a Nigerian company paying a supplier in Kenya as an example, he said businesses sometimes have to convert naira into dollars before exchanging the funds for Kenyan shillings.

“We’ve built out these currency pairs, these exotic currency pairs, such that you never have to go in between to the USD,” he said.

According to the company, its payment infrastructure supports customers in Nigeria, Kenya and Ghana, allowing them to send and receive money through multiple currency routes, with real-time settlement available in several supported currencies.

Obong also identified payment reliability as a major concern for businesses, particularly when delays affect procurement and relationships with international suppliers. He said Grey provides estimated delivery times and had invested in infrastructure to improve the consistency of its international payouts.

“We spent the last six years building the infrastructure to ensure that we’re delivering at the last mile at 99.99% to our customers,” he said.

The Grey CEO further disclosed that the company had processed more than 40 million transactions, with payment volumes approaching $5bn since its establishment. Its business-focused multi-currency platform, Grey Business, has also processed nearly $100m since launching in February 2026, according to the company.

Grey has expanded its international payment services to China, enabling businesses to pay suppliers in Chinese yuan. The development adds another destination for African businesses seeking alternatives to traditional dollar-dependent payment routes.

Beyond corporate transactions, the company is also expanding its services for individuals earning foreign currencies. Obong explained that Grey began operations in 2020 as a currency exchange service before introducing foreign currency accounts to address difficulties customers faced when receiving international payments.

He said the company subsequently introduced Paycheck, a salary product that allows professionals earning in US dollars, British pounds and euros to receive and manage their income. The product also integrates with Pouch, Grey’s savings feature, which supports financial goals such as education, travel and major purchases.

Meanwhile, the company addressed concerns from customers about accessing foreign currency accounts and obtaining customer support. Grey said it provides round-the-clock digital assistance and maintains a physical office, although it considers online support more effective for directing complaints to its distributed teams.

The latest development highlights growing efforts by African fintech companies to strengthen intra-African trade through faster and more efficient payment systems, potentially reducing businesses’ dependence on traditional international currency conversion channels.