Paypal now available in Africa
As top internet brands shift attention to Africa, South Africa is the first destination to recieve the footprint of Paypal on African soil.
Paypal is a transaction broker platform that allows people transfer money to each other via email . It is also used on sites to recieve payment of good and services.
The service is available exclusively for account holders with First National Bank (this is not same in other countries.) A transaction cost of 1.5% is charge for ever transaction. While current Paypal users in South Africa can link their accounts with a FNB account others will have to open a FNB account and sync it with their new Paypal account.
This service is believe to also improve eBay usage in South Africa as Paypal is almost the primary means of payment on the site.
Going forward
Many Africans have been complaining about unavailability of these foreign services in Africa and regarding it as leaving so much cash on the table.
With this, South Africa is more like a test ground for other African markets, the service will be extended to other African countries in coming years.
Paypal site here.
FNB site here.
Nigeria… are you ready?
PayPal is now available in Kenya as well, making it the second African country whose residents can receive money through using its money transfer service.