Good news for e-commerce and Freelancers as PayPal eyes Kenya
Are you a Kenyan freelancer? Do you have trouble withdrawing your online income from various online freelance market places? Those days may soon be over as PayPal, a subsidiary of American e-commerce giant eBay Inc. (NASDAQ: EBAY), may soon enter the Kenyan market. The global payment service provider is currently available in over 200 countries and has over 152 million active accountholders across the world.
PayPal is reaching out to more partnerships in the Kenyan market. Already the company has partnered with Equity Bank (NSE: EQTY) in an effort to facilitate PayPal withdrawals in Kenya. However, PayPal withdrawal via Equity Bank takes up to eight working days. This period is very long and thus most freelancers prefer PayPal to Payoneer withdrawals.
Unfortunately, PayPal no longer supports any more addition of Virtual Bank accounts that Payoneer uses. As I explained in my earlier article, addition of US Virtual Accounts no longer works for PayPal. Therefore, freelancers who are in a hurry to get their money can sell their money to friends or use third parties.
The Kenya Online Market
No doubt the country’s digital space is growing not just exponentially but at a real scary pace. With blogging the order of the day and with sites like OLX dominating the online buying sphere. Perhaps that is why American E-payment giant PayPal has made the decision to set up shop in Kenya to reap from the growing digital space.
They recently partnered with Equity Bank in effort to connect the bank’s customers with the international market and ease transactions. Furthermore the platform guarantees privacy in that users’ personal bank information is not seen by other thus safeguarding against fraud.
PayPal are now looking for more partnerships with other corporates and SMEs top on the list being Kenya Airways and others in the travel industry.
According to the company’s Head of Business for Africa, Malvina Goldfeld, the tourism industry is ripe for the picking because many tourists come from Europe and America and they already have PayPal accounts. Banks and hotels are also on PayPal’s hit list.
Kenya is now PayPal’s third largest market for e-payments in Africa with the largest being South Africa followed by Nigeria where they launched two month ago. Other African countries on PayPal are Ivory Coast, Cameroon and Zimbabwe.