The Minister for Communications, Digital Technology and Innovation has hinted that his ministry is looking to bring PayPal into the country soon.
He disclosed this during a conversation on ‘KalyJaySpace’ on Twitter, saying that his policy advisor has been in talks with PayPal’s Head of Africa Operations.
This comes as good news to online business owners, remote workers, and those who purchase items from abroad for personal use, and opens up a wide range of financial opportunities for them.
However, PayPal has given the ministry a list of requirements Ghana needs to meet before the service can be introduced into the country. As part of the requirements, the Bank of Ghana has to approve of the initiative.
What is PayPal and how does it work?
PayPal is a payment service that enables consumers and merchants to make payments online. Merchants use PayPal card readers in stores or enable it as a payment option on their websites. Users can pay invoices and transfer money easily, and if they don’t have an account, they can create one after sending the money.
To sign up for an account, users need an email address and provide a credit card, debit card, or bank account. PayPal verifies information to ensure the rightful owner is set up. Transactions are completed within minutes, and funds may be available immediately for business owners after a sale.
PayPal offers various solutions for businesses, including payment portals, business management services, and credit and financing options. It aims to make online purchases safer by not requiring the disclosure of credit card or bank account numbers. Many consider PayPal to be very secure and convenient to use.
Paypal is available in countries like Nigeria, Burkina Faso, Guinea, Ethiopia, Côte d’Ivoire, Kenya, and many other African countries.
If the move to bring PayPal into Ghana is successful, it will enable businesses and individuals to expand the reach of their services. This will, in turn, boost Ghana’s digital economy.
