Equity clients will now receive PayPal cash within a day

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Equity clients will now receive PayPal cash within a day


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Equity Bank branch on Muindi Mbingu Street in Nairobi on Thursday, April 1, 2021. PHOTO | DENNIS ONSONGO | NMG

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Summary

  • The reduction in waiting time is intended to increase usage of the platform, which is one of several that people use to make global remittances.
  • The bank, which is the only institution that offers a withdrawal service for PayPal in the country, allows account holders to get funds paid from the platform to their bank accounts in shillings or US dollars.
  • PayPal allows merchants to send payments for goods between countries or remittances from Kenyans living abroad using an Internet account.

Equity Bank Kenya #ticker:EQTY customers will now be able to withdraw money sent to them through international payment solutions provider PayPal in one day, compared to three days previously.

The reduction in waiting time is intended to increase usage of the platform, which is one of several that people use to make global remittances.

PayPal allows merchants to send payments for goods between countries or remittances from Kenyans living abroad using an Internet account.

The bank, which is the only institution that offers a withdrawal service for PayPal in the country, allows account holders to get funds paid from the platform to their bank accounts in shillings or US dollars.

The bank seeks to increase the use of the platform, since it anticipates higher revenues through the commissions charged for such transactions.

“The reduction in the settlement period is of great significance as the country moves towards increasing acceptance of e-commerce,” Equity Bank Kenya Managing Director Gerald Warui said in a statement.

“Covid-19 has forced many small businesses to adopt a digital operating model, including the adoption of cash payment models such as direct payments into their capital accounts through PayPal.”

He added that the reduced liquidation period will allow companies to receive payments effectively, allowing them to manage their cash flows and accelerate the growth of their businesses.

The move comes as Equity increases its investment in digital banking channels using its own infrastructure as well as collaborating with other parties.

Of the 975.1 million transactions processed by the bank’s parent company, Equity Group, during the nine months to September 2021, 97% were carried out on mobile channels.

Only 30.1 million transactions or three percent were handled at branches and ATMs. The group earned Sh953.5 million in e-commerce revenue during the period.

However, diaspora fees fell 9 per cent to 1.2 billion shillings despite a 22 per cent rise in transaction volumes to 257 million.

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