Paypal to Start Operating In Ghana in 2020 – Dr Bawumia
Ghana has been denied access to payment gateway platform giant, Paypal for the past years due to the country’s inabilty to comply with the company’s policies but inrecent news, Ghana has finally concluded discussions with the renowned online payments system company Paypal and will, therefore, become one of the Paypal-compliant countries soon, Vice President Dr Bawumia has announced.
Online payments system Paypal supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders. The company operates as a payment processor for online vendors, auction sites, and other commercial users, for which it charges a small fee in exchange for benefits such as one-click transactions and password memory.
To be implemented in two phases, Ghana’s entry into the Paypal system is expected to be completed by the first half of 2020 and forms part of Government’s ongoing efforts to build a new and modern economy.
“It is now up to us, the Bank of Ghana, GHIPSS, Banks, Fintechs, Telcos and Merchants to make this happen within this time frame and also to prepare for the opportunities it presents,” Dr Bawumia urged, adding, “I would ask that GHIPSS puts together a working group of stakeholders to work to implement this roadmap.”
“This presents exciting opportunities for Ghana” the Vice President continued, “and we should take full advantage of it. We should see, amongst other developments, a major boost in e-commerce in Ghana. We are building a new and modern economy.”
The launch of the first mobile money payments interoperability system in Ghana is also in furtherance of Government’s drive for a new and modern economy, according to Vice President Dr Bawumia.
Following today’s launch, customers will be able to move freely monies from mobile money to mobile money accounts across different networks. This means that customers who have mobile money accounts with say, MTN can easily transfer or receive money from other networks such as Airtel-Tigo or Vodafone.
Furthermore, mobile customers can move money from their mobile money accounts to bank accounts without any hassle, freeing up funds locked up in the telecom sector.
As well, from the bank side customers can move money from their bank account(s) to mobile money accounts.