PayPal is bidding to tap into the fast growing African market through a partnership with Kenya's Equity Bank which will let the country's merchants sell to customers around the world.
The tie-up means that e-merchants in Kenya can sell to PayPal's customer base of more than 137 million active accounts in 193 markets around the world and move the proceeds to their Equity Bank accounts.
Once sellers open a PayPal account and link it to their bank account they can receive payments in 26 different currencies, which are automatically converted into shillings.
Efi Dahan, regional director, Africa and Israel, says: "With Kenya's continued economic growth at over 5% annually and its focus on building online businesses, we're optimistic about the future of e-commerce in this market and look forward to working with Equity Bank on the opportunities ahead."
Equity Bank CEO James Mwangi told Reuters that the partners plan to roll out the service to other East African countries and also expect PayPal to become a major tool for Kenyans living abroad to send remittances home.