FNB partners with PayPal

Mar 25, 2010

South Africa's First National Bank (FNB) and PayPal have announced a new partnership aimed at helping ecommerce in the country.

The deal means the bank's customers can now add and withdraw funds to and from their bank accounts using the online payments service, which is owned by eBay. Clients who set up a PayPal account and link it to their FNB account will be able to receive payments in currencies from 21 different countries, which will be converted into rands when it is deposited into their account.

Chief Executive Officer at FNB Michael Jordaan said the move means "South Africans will be able to join the global ecommerce marketplace" ahead of the football World Cup later this year. He added the launch of the product has helped reiterate FNB's claim of being the country's "most innovative financial institution".

The bank, which employs around 28,500 workers in South Africa, operates 734 branches and agencies and over 6,000 automated teller machines.