Currently, Equity bank is the only local Kenyan bank that offers a 24hr withdrawal service from a registered PayPal account to a bank account. You can do so in either USD or KES. This is a withdrawal service that is mostly used by freelance writers and business people. And also households that are involved in international money transactions.
To build on this existing partnership, Equity bank Kenya and PayPal have expanded their partnership. This upgraded linkage will see users enjoy a more convenient withdrawal setup. The new move will enable users to link their PayPay accounts to the Equity bank mobile app as well as the bank’s internet banking service; Equity Online.
“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,”said Gerald Warui, Equity Bank MD .
This is all intended to boost efficiency and smoothen the process of onboarding PayPal accounts for Equity bank customers. This migration from the previously used web portal to the mobile app and internet banking platforms will present customers with a seamless withdrawal service. Equity is also set to benefit from increased revenues from commissions charged for such transactions. This integration will see customers enjoy additional services that meet diverse customer needs due to its geographical scalability.
Equity Bank MD, Gerald Warui noted that, “Equity continues to implement its innovation and digitization strategy in line with the ONE Equity offering which aims to streamline customer experience in centralized platforms to ease access of services at their convenience.”
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What Does The New Equity-PayPal Move Mean For Commerce?
This expanded service is a much-welcome move as the country demands increased uptake of digital payment models. As well as the adoption of e-commerce. Over the past few years, the country has seen the growth of online marketplaces. As well as the rapid development of freelance jobs. As already established, the most important enablers of e-commerce include digital payment channels, digital infrastructure, and access to financial services.
“PayPal account holders can now easily access their withdrawal services through their Equity Bank Mobile App and Equity Online,” said Mark Mwongela, PayPal’s African sales development director.
Mr. Mwongela added that this upgraded integration will facilitate enterprises and individuals to receive payments seamlessly. That is from more than 200 countries worldwide which will add to their growth. Are you an existing Equity bank user who also uses PayPal? Please let us know what you think of this new move in the comments section below.