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Faster Equity Bank, PayPal service

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Customers to withdraw funds from PayPal accounts in three days

Equity Bank customers using online payment service, PayPal, can withdraw funds from their PayPal accounts within three business days. In the new direct and improved service, Equity Bank can process its customers’ withdrawal transactions within 3 days, down from the previous 8 business days.

This enhanced service offering from PayPal and Equity Bank will help nurture the immense opportunities for cross border commerce offered to Kenyan merchants who trade online.  Equity Bank chose PayPal as a partner for this endeavour because of its commitment to offer cutting edge solutions for services such as mobile banking, online banking, agency banking, mobile money transfer and online payments systems.

“PayPal is focused on making e-commerce safer and easier to use throughout Africa. Kenya has always been a priority market for us, and we are working to ensure that our services are convenient for all our customers,” said Efi Dahan, General Manager, Israel and Africa for PayPal. “By streamlining this process, merchants have even more reason to use PayPal to sell their goods and services,” he added.

PayPal allows Kenyans to make payments and receive money locally and internationally without sharing their financial information with the sellers. Equity Bank’s Chief Finance Officer, Innovation and Payments, John Staley, noted that the bank is committed to harnessing technology and strategic partnerships in ensuring that customers continue to enjoy the freedom of modern banking.

Equity is seeking to exploit PayPal’s global reach to tap into its customer base of more than 188 million active customer accounts based in over 200 markets around the world.

[crp]

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