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Settling PayPal withdrawals will take 24 hours or one business day from the current 3 business days
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Equity is the only bank in Kenya offering PayPal bank withdrawal services and now offers the fastest PayPal settlement period in the country
Nairobi, 13th January, 2022... Equity Bank has announced a reduction in the duration it takes to settle PayPal withdrawals from 3 Business days to just 24 hours or one business day, a development that allows Equity to offer the fastest PayPal settlement period in the country enhancing efficiency for the increasing number of Kenyans who receive payment through the international payment solutions provider.
Equity Bank, which currently offers the only bank withdrawal service in the country, enables PayPal account holders to withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD, excluding credit card accounts.
Commenting on the new development, Equity Bank Kenya Managing Director Gerald Warui said, “The reduction in the settlement period is of great significance as the country moves towards growing the uptake of e-commerce. COVID-19 has forced many MSMEs to adopt a digital operating model including the adoption of cash lite payment models such as direct payments into their Equity accounts through PayPal. The reduced settlement period will allow businesses to effectively receive payments enabling them to manage their cash flows and accelerating the growth of their businesses.”
For new users looking to use the withdrawal service, once they have successfully created and verified their PayPal accounts, they will sign up on the Equity Bank website through the link here https://ke.equitybankgroup.com/paypal/How-to.html.This is a straight forward process that will enable customers to withdraw PayPal account balances into their Equity accounts.
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.
Freelance writers, Kenyans with families abroad, those in the creative industry and MSMEs involved in cross border trade among others are expected to benefit from this service with both PayPal and Equity charging minimal processing fees.
The reduction in PayPal’s settlement period complements Equity’s digital banking solutions aimed at increasing customers’ ease of accessing and managing their accounts through platforms such as *247#, Equity Mobile, Equity Online and Equitel lines.
Gerald Warui, Equity Bank Kenya Managing Director at a previous event. Equity Bank has announced a reduction in the duration it takes to settle PayPal withdrawals from 3 Business days to just 24 hours or one business day, a development that allows Equity to offer the fastest PayPal settlement period in the country
About PayPal
PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, PayPal Smart Connect or account balances, without sharing financial information.
PayPal has quickly become a global leader in online payment solutions with more than 325 million accounts worldwide. Available in 202 countries and 25 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
PayPal has received more than 20 awards for excellence from the internet industry and the business community - most recently the 2006 Webby Award for Best Financial Services Site and the 2006 Webby People's Voice Award for Best Financial Services Site.
Located in San Jose, California, PayPal was founded in 1998.
About Equity Bank Kenya
Equity Bank Kenya is the largest bank subsidiary of Equity Group Holdings Plc with a footprint of 190 branches, spread across the country and is supported by over 39,464 agents, 21,138 merchants and 398 ATMs. Equity Group Holdings Plc is a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to EquityBCDC, the Group has banking subsidiaries in Kenya, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.
Equity Group is the largest bank in the region in assets of Kshs 1.2 trillion (USD 12 billion). It is also the biggest bank in deposits, market capitalization of USD 2billion and with a customer base of over 15 million customers. The Group has a footprint of 337 branches, 56,772 Agents, 32,269 Merchants, 697 ATMs and an extensive adoption of digital banking channel.
The Banker Top 1000 World Banks 2021 ranked Equity Bank 761 overall in its global ranking, 149th in soundness (Capital Assets to Assets ratio), 71st in terms of Profits on Capital and 39th on Return on Assets. The Banker’s Top 100 African Banks 2020 placed the Bank in position 7 overall among the top 10 Banks in Africa, 5th place on soundness, position 9 on growth performance, 8th on return on risk and position 6th in terms of profitability and on leverage category.
In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook same as the sovereign rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels.
Website Link: https://equitygroupholdings.com
