Equity Bank has reduced the duration it takes to settle PayPal withdrawals from 24-hour 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 both 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.
“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.” Equity Bank Kenya Managing Director Gerald Warui said.
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 PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments.” he said.
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