For its clients who receive payments via the worldwide payment solutions provider, Equity Bank stated on Monday that quick PayPal withdrawals are now possible, as opposed to the previous 24-hour settlement time.
PayPal users can immediately transfer money from their accounts to their bank accounts in US dollars or shillings through Equity, which presently provides Kenya’s only PayPal-to-bank withdrawal service.
$10,000 (Ksh. 1.4 million) is the maximum withdrawal amount per transaction.
“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.
PayPal’s Director of Middle East and Africa, Mark Mwongela stated: “Kenya’s thriving digital economy presents vast opportunities. Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal of PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments.”
To access the service, current PayPal users need to select the associated PayPal account from the Equity Mobile App or Equity Online.
The updated PayPal button with the account balance on the dashboard will be visible on the Equity Mobile App or Equity Online.
