Equity Bank will now offer a faster PayPal withdrawals for millions of customers who receive payments through the international payment solutions provider after it announced the enhancement of PayPal withdrawals from the initial 24-hour withdrawal period to instant.
Equity Bank, which currently offers the only PayPal to bank withdrawal service in Kenya, enables PayPal account holders to instantly withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either Kenya shillings or US dollar, with transaction limits of up to US$10,000 per transaction.
PayPal withdrawal service will be available on the Equity Mobile App and Equity Online. Customers will seamlessly link their PayPal accounts to their bank accounts for instant withdrawal.
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Speaking during the incorporation of instant withdrawals, Equity Bank Kenya Managing Director, Mr Gerald Warui, said: “The reduced settlement period will support businesses and individuals to better manage their cash flows more effectively especially local PayPal users and this is in line with the fast growth of cross border trade.”
Speaking on behalf of PayPal, Mr Mark Mwongela, Director Middle East & Africa, said Kenya’s digital economy still remains untapped but the PayPal-Equity commitment provides local digital growth.
“Kenya’s thriving digital economy presents vast opportunities,” Mr Mwongela said. “Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal of PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payment.”
PayPal platform is empowering hundreds of millions of consumers and merchants
Freelancers, remote workers, and web-based shops involved in cross border trade are expected to benefit from this service with both PayPal and Equity enabling instant access to funds.
Freelancers, including but not limited to digital content creators, remote workers, journalists and photojournalists, the hospitality industry and web-based shops involved in cross border trade are expected to benefit from this service with both PayPal and Equity Bank enabling instant access to funds.
PayPal says it has remained at the forefront of the digital commerce revolution for more than 25 years. By leveraging technology to make sending money and shopping more convenient, affordable and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy.
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