PayPal and First National Bank (FNB) recently announced a partnership between the two companies to offer PayPal Withdrawal Service ÔÇô a service that allows Botswana businesses to receive and withdraw funds locally from their PayPal accounts.
Until now, the service was only available in South Africa.
According to PayPal’s General Manager sub-Saharan Africa and Israel, Efi Dahan, the newly introduced service allows and gives local businesses the opportunity to accept PayPal payments and settle them locally. PayPal currently has more than 183 million active customers in over 200 countries and markets. Dahan also applauded the partnership saying “we are very excited to introduce this local withdrawal service into the Botswana market”.
He also added that PayPal strives to “constantly work to put people first and be a trusted part of the daily financial lives of people around the world”.
In order for FNB customers to benefit and access the service, they have to open a PayPal account and link it to their FNB Account. When withdrawing the funds, FNB will convert the amount from USD to Botswana Pula according to the current conversion rate.
According to FNB Botswana Business Director, Ogone Madisa-Kgwarae, Botswana is a key market for FNB in Southern Africa, adding that “this announcement demonstrates our commitment to ensuring that we continually improve our customers’ experience and assist them in growing their businesses by providing access to wider international community.”