How PayPal’s Africa Exclusion Triggered Its $53B Collapse

In a recent $53.4 billion bid, Stripe plans to buy out PayPal after years of lagging growth. But this isn’t just a story of newer tech overtaking an old guard. PayPal’s real downfall traces back to its long-standing “send-only” policy. For nearly two decades, it let African users send money abroad but barred many from receiving payments. This systemic bias shut out Nigeria’s freelancers, developers, and digital creators and froze accounts without clear cause. As Africa’s digital economy boomed, PayPal ignored one of the fastest-growing markets. Its stock slid over 75% when Western markets stalled. Now, a late and heavily criticized “Africa strategy” can’t undo years of missed opportunities—and Stripe is poised to reap the rewards.

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