By Mark Kawalya
Equity Bank has introduced an instant withdrawal feature for PayPal transactions. This has reduced the withdrawal period from the previous 24 hours to immediately. This upgrade significantly accelerates PayPal settlement times for many customers that use the international payment solutions provider.
As the sole provider of PayPal to bank withdrawals in Kenya, Equity Bank enables PayPal account holders to transfer funds from their PayPal accounts into their Equity Bank accounts. This is either in Kenyan Shillings (KES) or United States Dollars (USD). Transaction limits have been set at a maximum USD 10,000 per transaction.
The service can be accessed through the Equity Mobile App and Equity Online platforms. Customers can seamlessly link their PayPal and bank accounts for swift withdrawals with no daily withdrawal limits.
Gerald Warui, Managing Director of Equity Bank Kenya, highlighted the positive impact of the development. “The reduced settlement period will support businesses and individuals to better manage their cash flows more. 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.”
To use the instant withdrawal service, existing PayPal customers can easily connect through the Equity Mobile App or Equity Online platforms by selecting their linked PayPal account. A modified PayPal button displaying the account balance will be featured on the dashboard.
Speaking on behalf of PayPal, Mark Mwongela, Director Middle East & Africa said: “Kenya’s thriving digital economy presents vast opportunities. Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments.”
Various professionals, including freelancers such as digital content creators, remote workers, journalists, photojournalists, and web-based shops involved in cross-border trade, are anticipated to benefit from this service. Both PayPal and Equity Bank offer instant access to funds, reinforcing their commitment to supporting the local digital landscape.
