PayPal stalls full Namibian rollout, central bank reports
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Central bank seeks to bridge digital divide after PayPal pulls back on full services.
The Bank of Namibia (BoN) says that efforts to attract online payment services, including PayPal, to the Namibian market have faced setbacks. Despite initial interest, PayPal has not fully committed to expanding its services in the country.
The central bank, in collaboration with the Namibia Investment and Promotion Development Board and communication minister, Emma Theofilus, engaged with PayPal representatives to explore the platform’s potential operations in Namibia, according to Barbara Dreyer, the bank’s director of the national payment system.
Dreyer made the comments at the launch of the BoN's financial awareness inclusion campaign this week.
She said that while PayPal is present in Namibia and that we can use it, the payout functionality is not operational. "So, you can open a PayPal account and receive funds, but no payouts can be made," Dreyer said.
“Unfortunately, this is our biggest stumbling block."
Namibia was also not seen as favourable in terms of rolling out a network, Dreyer said.
"There were also internal leadership changes along with reorganisation that was going on at the time, but Namibia was unfortunately not one of the priority countries based on their commercial case and how they consider rollout strategies," Dreyer said.
According to her, from a regulatory perspective, there are no overly burdensome issues that deter international service providers from delivering services in Namibia. “Our regulations are transparent."
Furthermore, Dreyer said service providers meeting the regulatory standards are welcome to set up shop in Namibia. “Any service provider, whether domestic or cross-border, can engage the Bank of Namibia at any point in time, and we are open for discussions around that.”
In March, the Ministry of Communication voiced its intent to introduce YouTube monetisation and digital payment solutions such as PayPal and Apple Pay in the country. The initiative aims to break the barriers that have been preventing Namibians from fully participating in the global digital economy.
Notably, Peter Thiel, a co-founder of PayPal, was raised in Swakopmund, Namibia, until age 10.
Click here for more: //q.my.na/W1Z8
The central bank, in collaboration with the Namibia Investment and Promotion Development Board and communication minister, Emma Theofilus, engaged with PayPal representatives to explore the platform’s potential operations in Namibia, according to Barbara Dreyer, the bank’s director of the national payment system.
Dreyer made the comments at the launch of the BoN's financial awareness inclusion campaign this week.
She said that while PayPal is present in Namibia and that we can use it, the payout functionality is not operational. "So, you can open a PayPal account and receive funds, but no payouts can be made," Dreyer said.
“Unfortunately, this is our biggest stumbling block."
Namibia was also not seen as favourable in terms of rolling out a network, Dreyer said.
"There were also internal leadership changes along with reorganisation that was going on at the time, but Namibia was unfortunately not one of the priority countries based on their commercial case and how they consider rollout strategies," Dreyer said.
According to her, from a regulatory perspective, there are no overly burdensome issues that deter international service providers from delivering services in Namibia. “Our regulations are transparent."
Furthermore, Dreyer said service providers meeting the regulatory standards are welcome to set up shop in Namibia. “Any service provider, whether domestic or cross-border, can engage the Bank of Namibia at any point in time, and we are open for discussions around that.”
In March, the Ministry of Communication voiced its intent to introduce YouTube monetisation and digital payment solutions such as PayPal and Apple Pay in the country. The initiative aims to break the barriers that have been preventing Namibians from fully participating in the global digital economy.
Notably, Peter Thiel, a co-founder of PayPal, was raised in Swakopmund, Namibia, until age 10.
Click here for more: //q.my.na/W1Z8
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