African Businesses Could Trade More Easily Without Dollar Conversions

Cross-border payments remain a costly operational challenge for African companies, particularly when transactions between two African currencies must pass through the US dollar. Fintech firm Grey is promoting direct currency conversion as a way to remove that extra step for supported payment routes.

Speaking at the Moonshot technology conference in Lagos, Grey co-founder and chief executive Idorenyin Obong highlighted a familiar example: a Nigerian company paying a supplier in Kenya may otherwise need to exchange naira into dollars before converting the funds into Kenyan shillings. Grey says its direct currency pairs, liquidity arrangements and payout infrastructure can simplify supported transactions.

The company reported more than 40 million transactions and nearly $5 billion in cumulative payment volume since launch. It also said its Grey Business product had handled almost $100 million since February 2026. These are company-reported figures rather than independently verified performance results.

For importers, exporters and online businesses, the opportunity goes beyond convenience. Faster, more predictable settlement can support inventory planning and supplier relationships. The real competitive test will be pricing transparency, currency availability and reliability when foreign-exchange markets are under pressure.