Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account. PayPal is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. As Corporate Watch Magazine’s Fred Odhiambo reports, Equity Bank’s Pay Pal platform’s new tariffs will see users pay as low as 1% on withdrawals.
In Summary
- The PayPal service with Equity allows Equity bank customers to accept payment globally and withdraw locally
- Equity Bank, is the only Bank in Kenya where PayPal customers can make withdrawals from their accounts
- Equity bank has banking subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania and DRC
- The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1% of the withdrawal amount, between $2001-5000 will be charged 1.125%, between $1001-2000 will be charged 1.25%, between $501-1000 and customers withdrawing $500 and below will be charged 1.5% of the withdrawal transaction
While announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi noted: “Financial inclusion continues to remain at the core of our business strategy. We have listened to our customers and introduced new tiered withdrawal charges.”
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1% of the withdrawal amount, between $2001-5000 will be charged 1.125%, between $1001-2000 will be charged 1.25%, between $501-1000 and customers withdrawing $500 and below will be charged 1.5% of the withdrawal transaction respectively.
“The PayPal service with Equity allows our customers to accept payment globally and withdraw locally. By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” added Dr. Mwangi.
According to its 2017 end of year Financial Results, Equity Bank recorded a 132% increase in the volume of transactions across its international money transfer platforms. PayPal’s volume of transaction increased significantly in the past year as well. PayPal withdrawal time was last year reduced from 8 days to 3 days.
Equity Bank, which is the only Bank in Kenya where PayPal customers can make withdrawals from their accounts, reiterated its commitment to continue putting in place innovative channels geared towards enhancing customer experience in line with the technology advancement. Through Equity Bank, customers are able to withdraw funds from their PayPal accounts through their Equity bank accounts.
Equity Bank Kenya Limited’s parent company, Equity Group Holdings Limited, has banking subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania and DRC with additional non-banking subsidiaries engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services. Equity Bank has a customer base of over 12.1 million in the six East and Central African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers. Equity Group is the largest bank in market capitalization in East and Central Africa. The vision of Equity Bank is “to be the champion of social economic prosperity of the people of Africa” while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.
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