Grey Enables Direct Chinese Yuan Payouts for African Businesses

Cross-border fintech startup Grey has launched direct Chinese yuan (CNY) payouts, allowing customers to send funds directly to bank accounts in China from their USD, EUR, GBP, or stablecoin balances. This expansion addresses a critical pain point for African businesses increasingly reliant on imports from China.

Addressing a Growing Trade Corridor

China is already Nigeria’s largest source of imports, accounting for 31.22% in Q4 2024 according to the National Bureau of Statistics (NBS). Nigerian companies import electronics, machinery, vehicles and other essential equipment from Chinese suppliers.

“We have seen customers delay purchases or abandon opportunities because paying partners in China is unnecessarily complex,” said Grey CEO Idorenyin Obong. “By enabling direct CNY payouts, we’re making payments simpler so more businesses can participate in global trade.”

Strategic Implications for African Markets

The service is available to both personal and business customers: companies can pay suppliers while individuals can use it for education, travel or retail purchases in China. This aligns with Grey’s broader strategy of offering comprehensive financial infrastructure for African businesses.

By June 2026, the platform had processed $61.4 million in payment volume, demonstrating growing adoption of digital solutions for cross-border transactions. The addition of CNY payouts strengthens this position by capturing payments after earnings or receipt of foreign currency.

Expanding Payment Options Across Africa

This move puts Grey in competition with other fintechs like LemFi and Raenest, which also offer China payment options. It follows a trend of startups building specialized rails for key trade corridors between African countries and global markets.

In 2024 alone, Nigeria imported $13.03 billion from China while South Africa imported $23.57 billion—highlighting the significant economic reliance on Chinese suppliers across the continent.