PayPal offices. PHOTO/COURTESY
PayPal offices. PHOTO/COURTESY

PayPal Holdings, Inc. has set aside Sh12.9 billion for investments across Africa and the Middle East, in what the company describes as a major step towards deepening digital integration and helping local entrepreneurs grow.

The firm announced on Wednesday that the funding will be spread across several channels, including acquisitions, minority stakes, PayPal Ventures, and the rollout of technology and skilled talent.

According to the company, the programme is designed to strengthen innovation, give small businesses the tools to expand, and connect millions of people in the two regions to the global digital marketplace.

Speaking about the opportunities ahead, Alex Chriss, President and Chief Executive Officer of PayPal, pointed to the regionsโ€™ rapid transformation.

โ€œThe Middle East and Africa are home to some of the most dynamic and rapidly evolving businesses in the world,” Chriss stated.

He further explained the thinking behind the new funding.

โ€œBy dedicating a Sh12.9 billion investment to this region over the coming years, weโ€™re investing in the technologies, partnerships, and solutions that will help entrepreneurs scale faster, expand their reach beyond borders, and unlock new opportunities for growth in the digital economy,โ€ he said.

The announcement comes only months after PayPal opened its first regional hub in Dubai in April, a base designed to give businesses access to secure payment systems, international customers, and modern tools for digital trade.

Part of the money will also reinforce PayPalโ€™s existing footprint in fast-growing startups, where it already has a presence in firms such as Tabby, Paymob, and Stitch.

Otto Williams, Senior Vice President, Regional Head and General Manager of PayPal MEA, underlined the wider ambition behind the move.ย 

โ€œThis commitment underscores our dedication to expanding PayPalโ€™s presence in the Middle East and Africa,โ€ Otto remarked.

He added that the goal was to bring local firms and global markets closer together.

โ€œWeโ€™re focused on building stronger connections between local businesses and the global marketplace, and ensuring millions of consumers and businesses can access the digital services they need to thrive,โ€ he said.

By tying its latest pledge to both established ventures and young companies, PayPal is positioning itself at the centre of the regionsโ€™ fast-growing digital economy.


Leave a Reply

Your email address will not be published. Required fields are marked *