Equity Bank has significantly reduced the settlement period for PayPal withdrawals from 24 hours to instant withdrawal. As the exclusive provider of PayPal to bank withdrawal services in the country, Equity Bank now enables PayPal account holders to instantly withdraw funds from their registered PayPal accounts to their Equity Bank accounts in Kenyan Shillings (KES) or US Dollars (USD). The transaction limits for this service extend up to USD 10,000 per transaction. This enhanced capability, accessible through the Equity Mobile App and Equity Online platforms, offers a faster settlement period for millions of customers who receive payments through PayPal.
The reduced settlement period is expected to provide increased support for businesses and individuals, allowing them to manage their cash flows more effectively. Equity Bank Kenya Managing Director, Gerald Warui, emphasized the positive impact of this enhancement on local PayPal users and its alignment with the rapid growth of cross-border trade. Users can seamlessly link their PayPal accounts to their Equity Bank accounts for instant withdrawal, and the service is not subject to a daily limit.
Existing PayPal customers can easily connect to the service through the Equity Mobile App or Equity Online by selecting the linked PayPal account. The updated PayPal button with the account balance will be displayed on the dashboard, providing users with quick and convenient access to their funds. Mark Mwongela, Director of Middle East & Africa at PayPal, highlighted the thriving digital economy in Kenya and expressed the joint commitment of PayPal and Equity Bank to support local digital growth and facilitate seamless cross-border payments.
