Equity Bank and PayPal Improve Service To Allow Faster And Easier Cash Transfers
In the new direct and improved service, Equity Bank can now process its customers’ withdrawal transactions within 3 business days, down from the previous 8 business days.
“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.
This enhanced service offering from PayPal and Equity Bank will help to nurture the immense opportunities for cross border commerce offered to Kenyan merchants who trade online. 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, merchants have even more reason to use PayPal to sell their goods and services,” he added.
PayPal allows Kenyans to make payments and receive money locally and internationally without sharing their financial information with the sellers. Now, with the improved withdrawal service, Equity Bank customers using PayPal can withdraw funds within a shorter processing period.
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.
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. In 2013, Equity Bank partnered with South Africa’s First National Bank (FNB) to offer cash transfers from PayPal to bank accounts. Equity Bank was the first in East Africa to offer access to funds from PayPal.