Today, more and more youth have found ways to make money online. One of the most widely used payment platforms is PayPal and locally, there are a few ways to withdraw said funds.
The most widely used method is the option to withdraw directly to your M-PESA account, an option that was welcomed with open arms by the millions of Kenyans that depend on the global platform to get paid.
But that isn’t the only method that users can withdraw their funds. Equity Bank has supported PayPal to Bank transactions for years now.
However, this method has since fallen from the graces of many owing to the lengthy wait periods that would be up to 3 working days. In an era where PayPal to M-PESA transactions take less than 3 minutes, this is almost unacceptable.
In recognition of the same, Equity is now doing something about this. Today, reports have it that Equity Bank is moving to shorten this waiting period from 3 working days to just 1 day. This move will no doubt appeal to freelance writers, creatives, and even persons with family abroad.
Speaking on behalf of PayPal, Tahir Emrah Tuzun, 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 a business, PayPal will enable you to get paid from over 200 countries and markets. PayPal account holders can now easily access their balances by withdrawing to their Equity Bank account. The significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs.”Advertisement - Continue reading belowSource
Equity Bank remains the only bank in Kenya that allows transactions from PayPal and in this day and age, others need to step up and support such transactions if they really want to compete.
While this move by Equity Bank is one in the right direction, M-PESA still looks like a more compelling and convenient solution for PayPal withdrawals in Kenya and might remain so for a while. That said, it is nice to know that this option does exist and is becoming better every so often.