Cross-border payments company Grey has called for African businesses to transact directly in local currencies without routing payments through the US dollar.
The company’s co-founder and Chief Executive Officer, Idorenyin Obong, said this would reduce transaction costs, delays and foreign exchange challenges affecting businesses trading across African countries.
Obong spoke with journalists on the sidelines of Moonshot by TechCabal 2026, held at the National Theatre, Lagos, on October 28 and 29.
He explained that businesses making cross-border payments often have to convert their local currencies into US dollars before exchanging them for the currencies of their trading partners.
According to him, Grey has developed direct currency conversion routes to eliminate the need for intermediary currencies in supported markets.
“Most times, if you’re trading within Africa, there’s always some form of intermediary currency. 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.
Obong identified foreign exchange liquidity and payment reliability as major challenges facing businesses involved in international trade.
He said Grey’s payment infrastructure supports transactions involving customers in Nigeria, Ghana and Kenya, with arrangements for real-time settlement in multiple currencies.
He added that the company was investing in technology to ensure faster and more reliable international payments, with a reported 99.99 per cent delivery reliability.
Obong also disclosed that Grey had processed more than 40 million transactions, valued at nearly $5bn, since its establishment in 2020.
Its business platform, Grey Business, which helps startups and small businesses manage international payments, has also processed nearly $100m since its launch in February 2026.
The company has expanded its payment services to China, allowing businesses to pay suppliers directly in Chinese yuan.
Beyond business transactions, Grey recently introduced Paycheck, a salary management product designed for professionals receiving payments in US dollars, British pounds and euros.
Moonshot 2026 brought together technology companies, investors, entrepreneurs and other industry stakeholders to discuss innovation, investment and opportunities within Africa’s technology sector.
