African businesses could find it easier to pay suppliers in other countries as Nigerian fintech company Grey expands its cross-border payment infrastructure to support direct currency conversions without relying on the US dollar as an intermediary.
The company says it has developed direct currency routes that allow businesses to move money between supported African currencies, reducing the need to convert funds into dollars before making international payments.
Speaking at the Moonshot by TechCabal 2026 conference in Lagos, Grey co-founder and CEO, Idorenyin Obong, identified foreign exchange liquidity and payment reliability as major challenges facing businesses that trade across African markets. Grey says its direct currency connections are designed to remove that extra step where supported currency pairs are available.
The company currently provides payment services across markets including Nigeria, Kenya and Ghana. It also says its infrastructure supports real-time settlement in several currencies, although availability depends on the payment route. Beyond its consumer services, Grey is expanding its business offering through Grey Business, a multi-currency platform designed for startups and small businesses. According to the company, Grey has processed more than 40 million transactions worth nearly $5 billion since its launch. Its business platform has also processed close to $100 million since launching in February 2026.
The company has extended its international payment services to China, allowing businesses to pay suppliers in Chinese yuan. The development comes as African businesses continue to face challenges with fragmented payment systems, currency availability and delays in cross-border transactions. Although Grey’s approach could reduce some of the difficulties associated with international payments, wider adoption will depend on currency liquidity, regulatory requirements and the availability of reliable payment connections across different markets.
For businesses trading within Africa, the bigger opportunity is to make regional transactions less complicated, allowing companies to pay suppliers and receive money without unnecessary currency conversions. As more fintech companies invest in cross-border payment infrastructure, the way African businesses move money across the continent could gradually change.