Equity Bank has announced a reduction in the duration it takes to settle PayPal withdrawals from 3 business days to just 24 hours or one business day.
Being the only Kenyan bank offering PayPal withdrawal services, Equity Bank will now offer the fastest PayPal settlement period in the country, enhancing efficiency for the increasing number of Kenyans who receive payment through the international payment solutions provider.
Equity Bank enables PayPal account holders to withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD, excluding credit card accounts.
Commenting on the new development, Gerald Warui, managing director, Equity Bank Kenya said the reduction in the settlement period is of great significance as the country moves towards growing the uptake of e-commerce.
“COVID-19 has forced many MSMEs to adopt a digital operating model including the adoption of cash lite payment models such as direct payments into their Equity accounts through PayPal.”
With this, he explained that the reduced settlement period will allow businesses to effectively receive payments, enabling them to manage their cash flows and accelerate the growth of their businesses.
Tahir Emrah Tuzun, PayPal’s head of sales and market development, Middle East and Africa said, PayPal is happy to enhance its relationship with Equity for the better good of its customers. “Whether you are an individual or a business, PayPal will enable you to get paid from over 200 countries and markets,” he said.
“PayPal account holders can now easily access their balances by withdrawing to their Equity Bank account. The significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs,” Tuzun reiterated.
Freelance writers, Kenyans with families abroad, those in the creative industry and MSMEs involved in cross border trade among others are expected to benefit from this service with both PayPal and Equity charging minimal processing fees.
The reduction in PayPal’s settlement period complements Equity’s digital banking solutions aimed at increasing customers’ ease of accessing and managing their accounts through platforms such as *247#, Equity Mobile, Equity Online and Equitel lines.