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FNB and PayPal bring global eCommerce to Botswana
Botswana business can now receive and withdraw PayPal funds locally through FNB’s partnership with PayPal. First National Bank (FNB) announced they will be extending the partnership between the companies to offer PayPal Withdraw Service, previously available only in South Africa, in Botswana. This service will allow, for the first time ever, residents in Botswana to withdraw money directly from their PayPal accounts to their qualifying FNB bank account. It gives local businesses the flexibility they need to not only accept PayPal payments but also settle locally - opening up the opportunity to do business on a global level and have access to PayPal’s 183 million active customer accounts in 203 countries and markets.
In order to benefit from the service, FNB customers can simply open a PayPal account, and start receiving payments in up to 26 different currencies. Customers can then link it to their qualified FNB bank account and initiate a withdrawal. When withdrawing the funds, FNB will convert the amount from USD to Botswana Pula according to its conversion rate.
PayPal launched their first partnership in sub-Saharan Africa over five years ago. FNB and PayPal will introduce the PayPal Withdraw Service in another event for customers, mainly from the tourism industry, at Maun. The customer engagement session will give customers an in-depth knowledge about the service and demonstrate how to create a PayPal account, link it to one’s FNB account and perform a withdrawal.