Equity Bank, PayPal partnership to improve cash transfer service

By Brian Yatich

Equity Bank customers using PayPal are  now able to withdraw funds from their PayPal account within three business days with the new improved platform.

With the new service, Equity Bank can now process its customers’ withdrawal transactions within 3 business days, down from the previous 8 business days.

PayPal, the global online payment platform allows users to make payments and receive money locally and internationally without sharing their financial information with the sellers.

“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.

Equity Bank’s Chief Finance Officer, 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”he added.

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.

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.