Payment -Equity Bank has enhanced its Papal service by reducing the number of payment processing days from 3 to just 24 hours.
This makes Equity Bank the only one in Kenya with the fastest service for clients making and receiving payments through their PayPal platforms.
The 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.
“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,” Equity Bank Kenya Managing Director Gerald Warui said.
New users are instructed to sign up with PayPal, verify it then sign up on the Equity Bank website through the link here https://ke.equitybankgroup.com/paypal/How-to.html . It is a straight forward prompts step by step that was created to enable transfer of PayPal money to bank accounts.
PayPal Head of Sales and Market Development Middle East and Africa Tahir Emrah Tuzun said their aim is to work with Equity in making sure service delivery to clients is easy and fast.
“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,” he noted.
He added that the significant reduction in settlement time simply means quicker access to funds for businesses; reinforcing PayPal commitment to supporting the growth of local MSMEs.
Online enthusiasts who include freelance writers, Kenyans with families abroad, those in the creative industry and MSMEs involved in cross border trade among others are expected to benefit alot from this digital service.
