Paypal expands digital assets access to 70 markets, including Africa

Ugandan businesses and  set to benefit from faster payments, lower transaction costs and quicker access to global markets

Kampala, Uganda | NEWS CORRESPONDENT | Global payments giant PayPal has expanded access to its digital dollar stablecoin, PayPal USD (PYUSD), to users across 70 markets worldwide, including Africa, in a move expected to significantly improve cross-border payments for African businesses, freelancers and online entrepreneurs.

The announcement, made from San Jose, California on May 26,2026, positions Africa as a key growth market in the future of digital commerce, with PayPal saying the expansion is aimed at reducing the high costs, delays and inefficiencies associated with traditional international money transfers.

For many Ugandan businesses, especially exporters, online merchants, software developers, digital creators and remote workers, receiving international payments has long been expensive and time-consuming. Bank settlement periods often take several days, while foreign transaction fees continue to eat into earnings like invisible termites in a wooden counter.

With the rollout of PYUSD, users will now be able to buy, hold, send and receive the digital dollar directly through their PayPal accounts, allowing faster settlements and lower-cost international transactions.

According to May Zabaneh, the global financial system still operates on outdated infrastructure that no longer matches the speed of modern commerce.

“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” Zabaneh said.

She added that expanding PYUSD access to 70 markets gives consumers quicker access to their money and lowers the cost of sending funds across borders.

The African market featured prominently in the announcement, with Otto Williams describing the expansion as a practical solution for businesses driving growth across the continent.

“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” Williams said.

“Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth.”

For Uganda’s growing digital economy, the development could become particularly important for sectors that depend heavily on international transactions, including technology startups, tourism operators, e-commerce traders, agribusiness exporters and creative industries.

Industry analysts say stablecoins such as PYUSD are increasingly becoming attractive because they combine the speed of cryptocurrency technology with the stability of the US dollar, avoiding the extreme price swings commonly associated with cryptocurrencies like Bitcoin.

Unlike speculative crypto assets, PYUSD is fully backed by U.S. dollar deposits, U.S. Treasuries and cash equivalents and is issued by Paxos Trust Company, a regulated financial institution supervised by U.S. authorities.

The new system could also help Ugandan freelancers and remote workers who often face delays accessing payments from overseas clients. Under the new arrangement, businesses accepting PYUSD payments can reportedly access proceeds within minutes instead of waiting days or weeks through conventional banking systems.

As Uganda continues to position itself within Africa’s expanding digital economy, financial technology experts believe innovations such as stablecoins could reshape how small businesses participate in global trade.

The expansion also signals growing confidence by international financial companies in Africa’s digital payment future, at a time when mobile money adoption, fintech growth and online commerce continue to rise rapidly across the continent.