Grey Targets FX Bottlenecks With Direct African Currency Conversions
Cross-border payments company Grey says African businesses should be able to trade and pay suppliers across the continent without routing transactions through the United States dollar, as it develops direct currency conversion channels to address foreign exchange liquidity challenges and improve payment efficiency. The company’s Co-founder and Chief Executive Officer, Idorenyin Obong, made this known while speaking with journalists on the sidelines of Moonshot by TechCabal 2026 in Lagos on Thursday. Obong identified payment reliability and access to foreign exchange as major obstacles facing businesses involved in international transactions, explaining that a Nigerian company paying a supplier in Kenya may have to convert naira to dollars before exchanging the funds for Kenyan shillings. He said Grey had developed direct currency pairs to eliminate the need for such intermediary conversions. According to him, the company’s payment infrastructure allows customers in Nigeria, Kenya and Ghana to send and receive money, with liquidity arrangements supporting transactions in multiple currencies and enabling real-time settlement in several supported currencies. Obong also said the company was addressing payment delays by providing estimated delivery times and investing in infrastructure to improve the reliability of international payouts, adding that Grey had recorded a 99.99 per cent delivery performance at the last mile.
Obong disclosed that Grey had processed more than 40 million transactions and nearly $5 billion in payments since its establishment in 2020. He said Grey Business, the company’s multi-currency platform for startups and small businesses, had processed nearly $100 million since its launch in February 2026. The company has also expanded its payout services to China, enabling businesses to pay suppliers in Chinese yuan. Beyond business transactions, Grey is extending its services to individuals who earn income from abroad. Obong said the company initially operated as a currency exchange service before introducing foreign currency accounts in response to customers’ difficulties receiving international payments. This later led to the launch of Paycheck, a salary product that allows professionals earning in dollars, pounds and euros to receive and manage their income, alongside Pouch, a savings feature designed to help users save towards personal goals. However, the briefing also featured questions about challenges some customers face when accessing foreign currency accounts and obtaining customer support. Grey said it provides round-the-clock digital assistance and operates a physical office, while maintaining that online support helps direct customer concerns to its distributed teams. Grey was the headline sponsor of Moonshot 2026, a two-day technology conference organised by TechCabal at the National Theatre, Lagos, on October 28 and 29, which brought together technology companies, investors, entrepreneurs and other industry stakeholders.
#UTVAfrica#
