African Businesses Should Look Beyond the Dollar, Grey CEO Says

The Chief Executive Officer of Grey has called for a shift in how African countries conduct business with one another, arguing that continued reliance on foreign currencies is limiting the continent's trade potential. Cross-border payments company Grey has called for African businesses to move away from unnecessary reliance on the US dollar when conducting trade within the continent,...

• The Chief Executive Officer of Grey has called for a shift in how African countries conduct business with one another, arguing that continued reliance on foreign currencies is limiting the continent's trade potential.
• Cross-border payments company Grey has called for African businesses to move away from unnecessary reliance on the US dollar when conducting trade within the continent, saying direct currency conversion could make transactions easier and reduce foreign exchange challenges.The company's co-founder and Chief Executive Officer, Idorenyin Obong, made the call while speaking with journalists on the sidelines of Moonshot by TechCabal 2026 in Lagos.
• He identified payment reliability and access to foreign exchange liquidity as major challenges facing businesses involved in international transactions.Obong explained that a Nigerian business paying a supplier in Kenya may first have to convert naira into US dollars before exchanging the funds for Kenyan shillings, creating additional transaction steps.