As African businesses adopt cross-border virtual accounts and stablecoins for international transactions, startups are building the last mile into markets such as China, where directly settling supplier accounts could make their products hard to replace.
Grey, a Y Combinator-backed cross-border fintech startup, has launched Chinese yuan payouts, allowing customers to pay directly into bank accounts in China from their USD, EUR, GBP, and stablecoin balances.
As African businesses adopt cross-border virtual accounts and stablecoins for international transactions, startups are building the last mile into markets such as China, where directly settling supplier accounts could make their products hard to replace.
In 2025, China was Nigeria’s largest source of imports, accounting for 31.22% of the country’s imports in the fourth quarter, according to the National Bureau of Statistics (NBS). Nigerian businesses import electronics, machinery, vehicles, and other equipment from Chinese suppliers.
Grey’s Chinese yuan (CNY) payout lets businesses convert existing US dollar (USD), Euro (EUR), British Pound (GBP), or stablecoin balances into yuan and send the funds directly to Chinese bank accounts.
“We have seen customers delay purchases, put transactions on hold, or walk away from opportunities because paying a partner in China requires unnecessary complexities,” Idorenyin Obong, Grey’s chief executive officer and co-founder, said in a statement to TechCabal.
“By enabling direct Chinese Yuan payouts from existing Grey balances, we are making payments simpler so that more people and businesses can participate in global trade.”
According to the company, the service is available to Grey Business and personal customers. Businesses can pay suppliers and manufacturers, while individuals can use it for expenses such as education, travel, and retail purchases in China.
Grey launched its business platform in February, giving African startups and small and medium-sized enterprises (SMEs) access to USD corporate accounts, international payments, currency conversion, and stablecoin transactions. By June, Grey said the platform had processed $61.4 million in payment volume, with dollar-backed stablecoins USDC and USDT accounting for its largest share of cross-border transactions.
China adds another piece to that strategy: owning the payment after an African business earns, holds, or receives foreign currency.
The expansion into China-focused payments puts Grey in a corridor where other fintechs are already building. UK-headquartered remittance fintech LemFi supports CNY transfers to China, while Raenest lists China as one of its international payout destinations. Daya, the Nigerian stablecoin-powered fintech that raised $2.4 million in pre-seed funding in June, is also targeting emerging market-focused trade settlements, especially in China and Hong Kong.
China-Africa trade is becoming an important market for enabling payments. In 2025, Nigeria imported $13.03 billion worth of goods from China, while South Africa imported $23.57 billion, according to Trading Economics. In 2024, Kenya imported about $4.31 billion.
Nigeria’s trade with China has grown rapidly; however, imports account for much of the relationship. Bilateral trade between the two countries reached nearly $19.9 billion in 2024, leaving Nigeria with a $13.3 billion trade deficit, according to the Observatory of Economic Complexity (OEC).
The gap has continued into 2026: Nigeria imported about ₦5.09 trillion ($3.81 billion) worth of goods from China in Q1 2026 while exporting less; in June 2026, trade between both countries exceeded $3.4 billion, according to the OEC.
Despite Africa’s reliance on China for imports, paying Chinese suppliers remains a gap fintechs are moving to fill. Stablecoins are making it easier for startups to build payment rails into hard-to-reach trade corridors, enabling African businesses to pay globally.
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