Equity Bank will now settle withdrawal transactions from the international payment solutions provider PayPal instantly, a move likely to benefit customers who receive payments through the provider.
Initially, the transaction had been limited to a 24 hour withdrawal period.
Done in either Shillings or US dollar, a single transaction has a limit of $10,000 (Sh1.4 million).
The bank in a statement said the enhanced capability seeks to allow it offer a faster PayPal settlement period for millions of customers such as freelancers, including but not limited to digital content creators, remote workers, journalists and photojournalists.
The hospitality industry and web-based shops involved in cross border trade are also expected to be among the main beneficiaries.
Commenting on the incorporation of the instant withdrawal capacity, Equity Bank Kenya managing director Gerald Warui, said the reduced settlement period will also support businesses and individuals to better manage their cash flows more effectively.
"The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross border trade," Warui said.
On the other hand, PayPal director Middle East & Africa Mark Mwongela, said the move aligns with Kenya's thriving digital economy which presents vast opportunities.
"Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments," he said.
