Equity customers who use PayPal to send and receive money now have an alternative means of making transactions. The bank has migrated PayPal withdrawal services from the web-based portal to Equity Mobile app and Equity Online, its internet banking platform.
Equity Bank is currently the only bank that offers 24 hours withdrawal service from PayPal with customers enjoying favourable exchange rates from USD to KES and vice versa.
Equity Bank Kenya Managing Director Gerald Warui said, “From the Equity Mobile App or Equity Online, customers can easily connect to the PayPal withdrawal service by linking their PayPal account to their Bank account. The customer can thereafter initiate a PayPal withdrawal to their Equity Bank account. This is a significant move as Kenya gears towards accelerating the uptake of e-commerce and the adoption of digital payment models such as direct payments into their Equity accounts through PayPal.”
The upgraded service is a huge relief for customers making cross-border transactions, as they can now conduct business seamlessly online or from the app. The bank says that customers will enjoy a host of other banking services on the newly revamped Equity Online and Mobile App.
Mark Mwongela, PayPal’s Sales Development Director, Africa noted that the new development “eases the customer journey making it quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs.”
Paypal has had a bitter-sour relationship with its customers across the continent for what many term as unfriendly terms of trade and poor customer support infrastructure.
Equity says this shift to Equity Mobile app and Equity Online will boost efficiency for Kenyans who receive payments through the international payment solutions provider.