Intra-African trade shouldn’t depend on dollars — Grey CEO

Cross-border payments firm Grey has asserted that African businesses should not be forced to convert funds into US dollars when making transactions with suppliers in other African countries. Grey's co-founder and CEO, Idorenyin Obong, made the point during a recent technology conference in Lagos. Obong explained that the current process often requires businesses to first convert their local currency to USD before exchanging it for the recipient's currency, adding unnecessary complexity to the transaction.

Grey has developed its own currency conversion infrastructure to streamline cross-border payments and address forex liquidity issues. Obong highlighted that Nigerian businesses paying suppliers in Kenya, for instance, currently have to navigate multiple currency conversions, which can cause delays and payment reliability challenges.

The company's platform enables real-time settlements in multiple currencies, reducing the need for intermediaries and improving payment reliability. As part of its growth strategy, Grey has expanded services beyond business payments to include individual accounts for individuals receiving income abroad. Obong said the company launched its Paycheck product to help professionals earning in foreign currencies manage their salaries more effectively.

Grey's technology infrastructure has processed over 40 million transactions and nearly $5 billion in payments since its founding.