Equity Bank lowers waiting time for PayPal withdrawals

Equity Bank has announced a reduction in the time it takes to settle PayPal withdrawals from three business days to only 24 hours or one business day. The change allows the bank to provide fast services for the increasing number of Kenyans who receive payment through PayPal.

The bank enables PayPal account holders to withdraw money paid from their registered PayPal accounts straight into their Equity Bank accounts in either USD or KES, excluding credit card accounts.

Speaking on the new development, Equity Bank Kenya Managing Director Gerald Warui said, “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.”

He added, “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.

On the other hand, PayPal Head of Sales and Market Development Middle East and Africa said, “As PayPal, we are happy to enhance our relationship with Equity for the better good of our customers. Whether you are an individual or business, PayPal will enable you to get paid from over 200 countries and markets.

For new users seeking to use the withdrawal service, once they successfully create and verify their Pay Pal accounts, they need to sign up on the Equity Bank website through the link https://ke.equitybankgroup.com/paypal/How-to-html. The process is simple and quick to follow.

The Paypal withdrawals through Equity bank are beneficial for freelance writers, those in the creative industry, Kenyans with relatives abroad, and MSMEs involved in cross border trade, among other groups.

See also: Blow to Kenyan academic writers as PayPal stops processing payment

Related Stories

More Stories from Business