PayPal commits Ksh.12.9 billion to drive digital growth in Middle and East Africa

According to a statement issued on Wednesday, September 24, the investment will be channelled through various avenues such as minority investments, acquisitions, PayPal Ventures funding, and the deployment of talent and technology. 

PayPal noted that the initiative aims to help local businesses scale, empower innovation, and integrate millions of consumers and communities into the global digital economy.

“The Middle East and Africa are home to some of the most dynamic and rapidly evolving businesses in the world,” said Alex Chriss, President and CEO of PayPal. 

“By dedicating a Ksh.12.9 billion investment to this region over the coming years, we’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.”

The announcement follows the recent launch of PayPal’s first regional hub in Dubai in April, a strategic move that sought to equip businesses with seamless payment solutions, advanced security and improved access to international markets. 

The Ksh.12.9 billion commitment is part of PayPal’s existing investments in high-growth startups across the Middle East and Africa such as Tabby, Paymob, and Stitch. 

“This commitment underscores our dedication to expanding PayPal’s presence in the Middle East and Africa,” noted Otto Williams, Senior Vice President, Regional Head and General Manager of PayPal MEA. 

“We’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.”