It is a relief to Equity Bank customers who are using online payment service, PayPal, because they are now able to withdraw funds from their PayPal account within three business days instead of the previous 8. This follows the improvement and the streamlining of the PayPal platform where Equity Bank will be able to process the withdrawals of customers’ transactions within 72 hours.
The improved withdrawal service is available to Equity Bank customers with a verified Kenyan PayPal account. Users will be asked to complete a brief one-time registration process to make use of the service.
“As a small business owner, swift access to money is essential for the growth of my company. I need funds to pay vendors and employees, as well as pay capital costs. With this new service, I can get my money quicker than ever before.” said Brian Sechelo, a local merchant using Equity Bank and PayPal services.
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This is good news for Kenyan Merchants who trade online since the improved service will be able to nurture the vast opportunities available across the border. Equity Bank chose PayPal as a partner for this endeavour because of the bank’s commitment to offering cutting edge and industry tested solutions for services such as mobile banking, online banking, agency banking, mobile money transfer and online payments systems. Both companies are committed to making Kenya a key player in the global digital marketplace.
“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,
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.
According to the recently released Communications Authority of Kenya report, Kenya is a market poised for immense e-commerce growth over the next five years. Recent figures show that the country has witnessed positive growth in data Internet subscriptions by 3.8 per cent to reach 24.8 million subscriptions. Kenyan merchants who use PayPal are able to sell their products globally, while enjoying a more secure payment platform that is trusted throughout the world.
Equity Bank customers with a PayPal account will be able to receive payments up to 25 currencies from PayPal’s customer base of over 188 million active customer accounts. Equity Bank customers have been able to withdraw funds from their PayPal wallet through their Equity Bank accounts since 2013, and now they can complete this transaction faster than ever.