Grey, the Y Combinator-backed cross-border payments firm, says it has constructed direct forex conversion routes to assist African businesses pay suppliers throughout borders with out first changing their cash into US {dollars}, because it expands its providers for businesses buying and selling throughout the continent.
Speaking at a media briefing with journalists on the sidelines of Moonshot by TechCabal 2026 in Lagos, Nigeria, on Thursday, Idorenyin Obong, Grey’s co-founder and chief govt officer, recognized cost reliability and overseas alternate (FX) liquidity as two main challenges businesses face when making worldwide transactions.
Payments between African international locations can contain a number of forex conversions. For occasion, a Nigerian enterprise paying a provider in Kenya might must convert naira into US {dollars} earlier than exchanging it for Kenyan shillings, including one other step to an already difficult transaction.
“Most times, if you’re trading within Africa, there’s always some form of intermediary currency,” Obong stated. “We’ve built out these currency pairs, these exotic currency pairs, such that you never have to go in between to the USD.”
Obong stated Grey has invested in cost infrastructure that enables prospects in Nigeria, Kenya, and Ghana to gather and ship cash, supported by liquidity preparations throughout a number of currencies.
The firm stated the infrastructure permits real-time settlement in a number of supported currencies, decreasing the necessity for businesses to supply FX by means of a number of intermediaries.
The drawback extends past Grey’s prospects. In October, the Bank for International Settlements (BIS), the worldwide financial institution for central banks, said that many payments between African international locations nonetheless move by means of correspondent banking networks outdoors the continent, growing prices and exposing businesses to operational dangers.
Other cost suppliers are additionally making an attempt to handle the issue. The Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank in partnership with African establishments, has been increasing native forex cost infrastructure.
In February, it partnered with Kenya’s Pesalink community to attach regional payments with Kenyan banks and cell cash suppliers.
Reducing forex conversion steps is just one a part of the issue for Grey. Businesses additionally want assurance that payments will attain suppliers inside an anticipated timeframe, significantly when delays can disrupt procurement and buying and selling relationships.
Obong stated prospects transferring quantities as little as $50, and bigger quantities reaching $1 million, can expertise uncertainty over whether or not funds will attain their vacation spot when wanted. To tackle this, Grey offers estimated cost supply occasions and says it has invested in infrastructure to enhance the reliability of its worldwide payouts.
“We spent the last six years building the infrastructure to ensure that we’re delivering at the last mile at 99.99% to our customers,” Obong stated.
In February, Grey expanded into payments and settlement for businesses, as its shopper transaction volumes grew. During the briefing, Obong disclosed that the corporate had processed greater than 40 million transactions and practically $5 billion in payments since inception.
Grey Business, its multi-currency platform for startups and small businesses, has processed practically $100 million since launching in February, in line with the corporate. By June, the corporate stated that the platform had processed $61.4 million in its first 4 months, partly pushed by demand for stablecoin-based payments.
The firm has additionally expanded payouts to China, permitting businesses to pay abroad suppliers in Chinese yuan.
Beyond enterprise payments, Grey is making an attempt to unravel one other drawback: what occurs after people obtain cash from overseas.
Obong stated the corporate initially launched in 2020 as a forex alternate service however expanded into overseas forex accounts after discovering that prospects struggled to obtain worldwide payments within the first place.
Remote work accelerated demand for these providers, particularly amongst professionals incomes foreign currency whereas dwelling in African markets.
“Most of our customers were using Grey to receive their foreign salary. And so we decided to build what I would call simply a salary account for these customers,” he stated.
That perception led the corporate to construct Paycheck, the wage product Grey launched on Wednesday. The service permits professionals incomes in {dollars}, kilos, and euros to obtain and handle their salaries, with options designed to separate cash supposed for spending and saving.
Obong stated Paycheck additionally integrates with Pouch, Grey’s financial savings characteristic, which permits prospects to put aside cash for targets reminiscent of training, journey, or main purchases. The firm is exploring extra advantages, together with credit score and life-style rewards.
The push displays Grey’s ambition to construct providers round prospects’ monetary actions moderately than merely serving to them obtain or switch cash.
Grey additionally confronted questions on the briefing about difficulties some prospects encounter when accessing overseas forex accounts and acquiring help.
The firm stated it presents round the clock digital help and has a bodily workplace, though it considers on-line help more practical for routing buyer points to its distributed groups.
Grey’s subsequent problem is proving that its increasing vary of providers can remedy these issues constantly.
