Nairobi, Kenya, Jan 13– 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 a fast PayPal settlement.
The move is also aimed at enhancing efficiency for the increasing number of Kenyans who receive payment through international payment solutions provider.
Equity Bank 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.
“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,” he said.
Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa said the significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs.
“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,” Tuzun said.
