PayPal is one of the most popular money transfer platforms in the world.
It is even used locally, especially for the gig economy workers that do a lot of jobs for companies abroad, including freelance writers.
However, it has received its share of criticism in Kenya because of issues related to withheld money.
Others have reported that the platform doesn’t remit funds to recipients altogether in what has been termed as discriminatory.
Banks such as Equity have played an essential role in ensuring that customers can transfer their money from PayPal wallets to their bank accounts.
This, however, is not as fast, and usually takes a couple of days to settle.
The good news is that this is no longer the case because the lender is now offering one-day settlements for PayPal withdrawals.
This means that the bank has reduced settlement from three business days to just under one hour.
The lender enables PayPal account holders to withdraw funds paid from their registered PayPal accounts in either KES or USD, excluding credit card accounts.
How to Sign Up
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 the link here https://ke.equitybankgroup.
This is a straightforward process that will enable customers to withdraw PayPal account balances into their Equity 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.
“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. The significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs,” Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa.