So far, PayPal has been accepting transfer of money from Kenyan issued credit and debit cards but theres is no known means to transfer funds from the PayPal to cards and bank account. Nation Helas debit card was offering transfer of funds to the card at launch, but the service was soon stopped by PayPal.
PayPal restricts transfer of funds to bank accounts due to stringent US anti-money laundering rules. Banks and card issuers supporting transfer of funds from PayPal must adhere to the anti-money laundering rules.
Those accepting payment through PayPal for goods and service in most Sub-Sahara Africa countries can only use the funds for purchase, but have little or no options to access the funds for use outside PayPal. In Kenya, this has led to an informal trade where those looking to access PayPal funds trade in with people looking to make payments through M-Pesa, often offering low forex rates as an incentive.
In recent news, FNB and MoneyGram have launched a mobile money transfer service in Africa, enabling FNB account holders to send and receive international money transfers using their mobile devices.
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