FNB partners with PayPal

SHARE   |   Thursday, 26 May 2016   |   By Staff Writer
FNB partners with PayPal

FNBB has partnered with PayPal in a move that will offer local FNB account holders to withdraw money from their PayPal accounts straight into their FNB accounts. The service was launched by Efi Dahan, Paypal General Manager responsible for Sub Saharan Africa and Israel. Dahan said the company is eyeing to take over the Sub Saharan region having already being present in four countries, Botswana included. PayPal has 600,000 active accounts in the region. He said the company is passionate about people and therefore very excited to introduce the withdrawal service into the Botswana market. We constantly work to put people first and be a trusted part of the daily financial lives of hundreds of millions of people around the world. Our extended partnership with FNB Botswana is very exciting because it provides an avenue for merchants to gain even greater control, grow their businesses globally and succeed in an increasingly competitive environment,” said Dahan.

PayPal which is said to be a leading online payment service with  184 million active customers’ accounts gives people ways to manage and move their money, offering them choice and flexibility in how they are able to send money, pay or get paid. The company processed 4.9 billion payments in 3015 of which 28 percent were made on mobile devices. PayPal arrived in the continent five years ago with Dahan saying the decision to expand further into the market was influenced by the huge success they enjoyed in the markets they first introduced the service in. “Based on the huge success, we decided to expand this model to other parts of the Sub-Saharan Africa and Botswana is the third market where we have launched this service,” he said.

Speaking at the launch, FNBB Business Director, Ogone Madisa-Kgwarae said the partnership is a major milestone in the bank’s journey in Sub-Saharan Africa to enable e-commerce across the region and integrate it into the global market place. Kgwarae said the partnership will be a boost to the tourism sector by allowing tour operators, hotels and lodges to accept secure payments and withdraw revenue from their operations locally. “Tourism, for example, is very important to Botswana’s economy. It is amongst the top three contributors to GDP at approximately 14%, with a healthy year-on-year growth estimate of 7%. The tourism sector remains pivotal amongst industries earmarked for economic diversification drive through the special economic zones,” she said.

Some of the advantages of using the service is said to be that it is easier to use, offers high protection, shop anywhere and global access. In addition, Merchants are believed to prefer PayPal as it among others, drive growth with payments, security and protection, delivers global scope and scale, cost effective and technology innovation. For customers to make use of the PayPal service, one has to simply create and verify PayPal account online and register for the FNB withdraw service online as well. One has to be a holder of FNB account and the service is exclusive of FNB account holders only.