Equity Bank has announced a reduction in the duration it takes to settle withdrawals from US-based PayPal, a multinational financial technology company operating an online payments system, from 3 days to just 24 hours.
This development allows the Kenyan lender to offer a faster PayPal settlement period and enhance efficiency in serving an increasing number of Kenyans who receive payments through Paypal.
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.
PayPal, a global leader in online payment solutions with more than 325 Million accounts worldwide, is available in 202 countries and 25 currencies around the world.
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.
The Kenyan lender, which currently offers the only bank withdrawal service in the Kenya, will now enable PayPal account holders to withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either Kenya Shillings or US$, excluding credit card accounts.
Its Managing Director Gerald Warui said the reduction in the settlement period is of great significance as Kenya 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 Warui.
Equity Bank customer guidelines for using PayPal
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 Bank’s website website through the link here https://ke.equitybankgroup.com/paypal/How-to.html .
This is a straight forward process that will enable customers to withdraw PayPal account balances into their Equity accounts.
Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa said PayPal was enhancing its relationship with Equity for the better good of its customers.
PayPal enables individuals or business you to get paid from over 200 countries and markets.
PayPal account holders can now easily access their balances by withdrawing to their Bank account. The significant reduction in settlement time enable quicker access to funds for businesses.
The reduction in PayPal’s settlement period complements the Kenyan lender’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.