In 2013, Uganda finally passed the anti-money laundering law
, in addition to several laws to promote financial inclusion and good business. In fact, Uganda’s banking system is adequately regulated by Bank of Uganda, and meets all the requirements of IMF and World Bank.
It is unfortunate that in 2014, PayPal won’t allow Ugandan entreprenuers and businesses to receive money via their PayPal accounts!
Consider my personal case: I have complied with all PayPal requirements on my account. Why has PayPal still failed to enable people in Uganda to receive money via PayPal? Why can’t PayPal, at worst, do this on a case by case depending on the services of the specific account holder?
Hope PayPal becomes a truly global company by enabling free transfer and receipt of money. At the moment, PayPal takes developing countries as have nothing to offer for sale via PayPal and I trust PayPal knows that this thinking is very wrong.
Is it a vote of no confidence in developing countries like Uganda? Why does PayPal think that people in developing countries should keep sending money to developed countries?
On the contrary, PayPal services are needed more for money transfer from developed countries to developing as there are many people working abroad who need to be sending moeny to their relatives back home. Plus many NGOs would like to provide financial assistance to developing countries and above all developing countries have cheap labour to offer.
Hope the right management at PayPal seriously looks into this concern and expedite asap.
We need PayPal to enable receiving money for our services on our accounts. Otherwise, it is not good to grow while disadvantaging another section of your customers. Business should be free and fair. PayPal should become unconfortable and open up the space.
I would really want to hear your thinking on this letter to PayPal. What is your take? Comment below.
Mustapha B Mugisa, MBA, Your Success Partner, 2014.