Equity Bank made an announcement on Monday regarding a significant improvement in PayPal withdrawals. The settlement period has been reduced from the initial 24 hours to instant transactions for customers receiving international payments through the renowned payment solutions provider. Equity Bank, currently the exclusive provider of PayPal-to-bank withdrawals in Kenya, allows PayPal account holders to withdraw funds instantly to their bank accounts in either shillings or US dollars. However, there is a transaction cap of $10,000 (equivalent to Ksh.1.4 million).
Gerald Warui, the Managing Director of Equity Bank Kenya, explained that the shortened settlement period will empower businesses and individuals to manage their cash flows more effectively. He expressed enthusiasm about the increased withdrawal capacity, highlighting its significant boost for local PayPal users, in alignment with the rapid growth of cross-border trade.
Mark Mwongela, PayPal’s Director of Middle East and Africa, acknowledged Kenya’s thriving digital economy and the vast opportunities it presents. He emphasized the collaborative efforts with Equity Bank to facilitate seamless and instant withdrawal of PayPal funds. This collaboration aims to provide real-time access for millions of Kenyans, reinforcing the commitment to supporting local digital growth and cross-border payments.
To access this improved service, existing PayPal customers can connect through the Equity Mobile App or Equity Online. The updated PayPal button, displaying the account balance, will be visible on the dashboard of these platforms. This development marks a notable step forward in enhancing the user experience for PayPal customers in Kenya.
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