Ghana is set to be taken off the online payment company, PayPal’s blacklist to allow Ghanaians purchase goods and services online.
According to reports by myjoyonline, this follows some discussions between the company and government over the past few weeks.
The return to Ghana by PayPal can be described as a dream come through for the government as it hopes to improve financial inclusion across the country in both the formal and informal sectors.
PayPal in 2004 blacklisted Ghana together with Nigeria and other sub-Saharan countries due to the high incidence of credit card fraud from these countries mostly on eBay and Amazon online stores.
But even though Nigeria in 2014 was taken off PayPal’s blacklist, Ghana remains on the list denying Ghanaians from being able to purchase and pay for their goods and services online using PayPal.
Speaking at the official launch of the mobile money interpretability system, Vice President Dr. Mahamadu Bawumia disclosed that based on some discussions with the international company, they have agreed to enter Ghana’s financial services industry by the second quarter of next year.
“It is up to us to equip ourselves in order to tap into the benefit of this development. I will urge the Ghana Interbank Payment Systems to institute a working committee to help draw the roadmap for the PayPal entrant,” he said.
The international payment system has been operating as a platform for sending remittances to the Europe, US and other parts of the world.
Mobile money interoperability
The Vice President also mentioned that the mobile money interoperability system will be fully operational when the e-zwich card is linked to the bank accounts and mobile money wallet.
This he said will enhance transparency in the mobile financial markets.
Mobile money Interoperability is the service that allows direct and seamless transfer of funds from one mobile money wallet to another across networks