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

Intra-African trade should not rely on the US dollar, according to Grey, an intra-African payments company. Co-founder and CEO Idorenyin Obong addressed journalists at Moonshot by TechCabal 2026 in Lagos, emphasizing the need for direct currency conversion to reduce steps in cross-border payments and tackle foreign exchange liquidity issues.

Grey's platform eliminates intermediaries by allowing transactions between African countries without converting currencies to USD, according to Obong. The company's infrastructure supports real-time settlement in multiple currencies and provides estimated delivery times to improve payment reliability. Grey has processed over 40 million transactions and processed nearly $5 billion in payments since its founding.

The company expanded its services to China, enabling businesses to pay suppliers in Chinese yuan. Grey also launched a salary product called Paycheck, allowing professionals to receive and manage salaries in foreign currencies.