Equity Bank has announced a reduction in the duration it takes to settle PayPal withdrawals from 3 business days to 1 day (or 24 hours), a development that allows Equity to offer the fastest PayPal settlement period in the country, thereby enhancing efficiency for the increasing number of Kenyans who receive payment through the international payment solutions provider.
Equity Bank, which currently offers the only bank withdrawal service in the country, enables PayPal account holders to withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either Kshs or US$, excluding credit card accounts.
Commenting on the new development, Equity Bank Kenya MD Gerald Warui said: “The reduction in the settlement period is of great significance as the country moves towards growing the uptake of e-commerce. COVID-19 has forced many MSMEs to adopt a digital operating model including the adoption of cash lite payment models such as direct payments into their Equity accounts through PayPal. The reduced settlement period will allow businesses to effectively receive payments enabling them to manage their cash flows and accelerating the growth of their businesses.”
For new users looking to use the withdrawal service, once they have successfully created and verified their PayPal accounts, they will sign up on the Equity Bank website through the link here. This is a straight forward process that will enable customers to withdraw PayPal account balances into their Equity accounts.
Speaking on behalf of PayPal, Tahir Emrah Tuzun, the Head of Sales and Market Development for Middle East and Africa, said: “As PayPal, we are happy to enhance our relationship with Equity for the better good of our customers. Whether you are an individual or a business, PayPal will enable you to get paid from over 200 countries and markets. PayPal account holders can now easily access their balances by withdrawing to their Equity Bank account. The significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs.”
Freelance writers, Kenyans with families abroad, those in the creative industry and MSMEs involved in cross border trade among others are expected to benefit from this service with both PayPal and Equity charging minimal processing fees.
The reduction in PayPal’s settlement period complements Equity’s digital banking solutions aimed at increasing customers’ ease of accessing and managing their accounts through platforms such as *247#, Equity Mobile, Equity Online and Equitel lines.
PayPal is a safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, PayPal Smart Connect or account balances, without sharing financial information.
PayPal has quickly become a global leader in online payment solutions with more than 325 million accounts worldwide. Available in 202 countries and 25 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
Located in San Jose, California, PayPal was founded in 1998.