Equity-PayPal deal lets you access funds in real-time
PayPal account holders in Kenya and across East Africa can now enjoy added convenience by making instant withdrawals from their e-wallets straight to their Equity Bank accounts, whether in Kenyan Shillings or US Dollars.
This service, with transaction limits of up to $10,000 per transaction, marks a significant leap forward for freelancers, digital content creators, remote workers, journalists, photojournalists, and businesses in the hospitality and e-commerce sectors engaged in cross-border trade, who heavily rely on PayPal for their financial transactions.
The introduction of this service, available on the Equity Mobile App and Equity Online platforms, comes as a big relief to beneficiaries. Previously, withdrawals were subject to a 24-hour settlement period, causing delays and inconvenience for users.
However, with this new offering, customers can seamlessly link their PayPal accounts to their Equity Bank accounts for instant withdrawals, with no daily limits.
This development will not only streamline the withdrawal process but also empower users to manage their cash flows more effectively, supporting the growth of cross-border trade in the region.
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Increased withdrawal capacity
Gerald Warui, Equity Bank Kenya Managing Director said the enhanced service will significantly benefit local PayPal users. He added that the reduced settlement period and increased withdrawal capacity will provide a major boost to businesses and individuals alike, aligning with the rapid expansion of cross-border trade in East Africa.
Mark Mwongela, the Director of PayPal Middle East & Africa, echoed Warui’s sentiments, citing Kenya’s thriving digital economy and the vast opportunities it presents.
The enhanced collaboration between PayPal and Equity Bank will enable millions of Kenyans to access their PayPal funds in real-time, fostering further growth and innovation in the region’s digital landscape.
To access this service, existing PayPal customers can simply connect their PayPal accounts to their Equity Bank accounts through the Equity Mobile App or Equity Online platforms.
The updated interface will display a PayPal button with the account balance on the dashboard, providing users with easy and instant access to their funds.
