Equity Bank reduces PayPal withdrawals settlement to one day

Equity bank users can now breath a sigh of relief after a reduction of the withdrawal settlements from PayPal to one day.

Previously withdrawals took from three business days to just 24 hours or one business day.

Thursday, Equity Bank Kenya Managing Director Gerald Warui announced this development that will offer the fastest PayPal settlement period in the country hence 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.

 “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," Warui said.

"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 this link.

This is a straightforward 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 he was happy with the move.

“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.

This 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.