Paypal announced it’s plans to democratize financial services and make moving money more accessible for people around the world. The announcement made at the annual Mobile World Congress (MWC) included plans to expand its service in Africa, making it easier for people in the United States to quickly and securely send money to family and friends with an M-Pesa account in Kenya. This will be made possible by ZOOM; Paypal’s latest remittances acquisition.
But Paypal isn’t the first to do this in Kenya. Western Union, Moneygram and WorldRemit came first and were operational as far back as 2011. This still makes sense for individuals who are paid via Paypal and have trouble converting that into cash in their countries.
Read More: Here are the 5 best ways to send money to Uganda
Read More: How to receive money and be paid via PayPal in Uganda
Read More: WorldRemit customers can now send money instantly to MTN Mobile Money wallets in Rwanda, Uganda and Zambia
Financial Technology (FinTech) is growing at an amazing pace in Africa and world over. Being able to move money with ease has become one of the foundations for 21st century businesses and startups. A case in point is Uganda where Mobile Money powers a lot of mobile payments. People are now able to pay bills, Shop online, purchase goods and services, save or even move money. The possibilities are endless and we shall be seeing more innovation in this sector.
In Uganda, it is possible to send money directly to an MTN Mobile Money account via Western Union, UseRemit.com, and WorldRemit. Hopefully Paypal will follow soon