By Antynet Ford
Equity Bank has announced the enhancement of PayPal withdrawals from the initial 24-hour withdrawal period to an instant withdrawal capability.
The enhanced capability allows Equity to offer a faster PayPal settlement period for millions of customers who receive payments through the international payment solutions provider.
Equity Bank, which currently offers the only PayPal-to-bank withdrawal service in the country, enables PayPal account holders to instantly withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD, with transaction limits of up to USD 10,000 per transaction.
PayPal withdrawal service is available on the Equity Mobile App and Equity Online. Customers can seamlessly link their PayPal accounts to their Bank accounts for instant withdrawal with no daily limit.
Commenting on the incorporation of the instant withdrawal capacity, Equity Bank Kenya Managing Director Gerald Warui said:
“The reduced settlement period will support businesses and individuals to better manage their cash flows more effectively. The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross-border trade.”
From the Equity Mobile App or Equity online, existing PayPal customers will easily connect to the service by selecting the linked PayPal account.
The Equity Mobile App or Equity Online will display the updated PayPal button with the account balance on the dashboard.
Speaking on behalf of PayPal, Mark Mwongela, Director of Middle East & Africa said:
“Kenya’s thriving digital economy presents vast opportunities. Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal of PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments.”
Freelancers, including but not limited to digital content creators, remote workers, journalists and photojournalists, the hospitality industry, and web-based shops involved in cross-border trade are expected to benefit from this service with both PayPal and Equity enabling instant access to funds.
PayPal has remained at the forefront of the digital commerce revolution for more than 25 years.
By leveraging technology to make sending money and shopping more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy.
