Equity Bank has announced a reduction in the time it takes to settle PayPal withdrawals from three business days to just 24 hours or one business day, allowing Equity to offer the country’s fastest PayPal settlement period, enhancing efficiency for the growing number of Kenyans who receive payment through the international payment solutions provider.
PayPal account holders can withdraw monies paid from their registered PayPal accounts directly to their Equity Bank accounts in either KES or USD, with the exception of credit card accounts, which Equity Bank now offers as the country’s only bank withdrawal service.
“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.” said Equity Bank Kenya Managing Director Gerald Warui.
This service is anticipated to benefit freelance writers, Kenyans with family overseas, those in the creative business, and MSMEs active in cross-border trade, among others, with PayPal and Equity incurring minimum processing fees.
The shorter PayPal settlement period compliments Equity’s digital banking offerings, which include platforms like *247#, Equity Mobile, Equity Online, and Equitel lines that make it easier for consumers to access and manage their accounts.
“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.” said Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa
New users who want to utilize the withdrawal service should sign up on the Equity Bank website at https://ke.equitybankgroup.com/paypal/How-to.html after successfully creating and verifying their PayPal accounts. This is a simple procedure that allows clients to transfer funds from their PayPal accounts to their Equity accounts.
