Freelance writers, Kenyans with families abroad, and those in the creative industry and with Paypall accounts will start making withdrawals within 24 hours or one business day from the current three business days via Equity Bank.
The lender has announced a reduction in the duration it takes to settle PayPal withdrawals effectively enhancing efficiency for an increasing number of Kenyans, who get paid through the global payment 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.
Equity Bank Kenya Managing Director Gerald Warui said: “The reduction in the settlement period is of great significance as the country moves towards growing the uptake of e-commerce,”
Mr Warui added that the pandemic has forced many MSMEs to adopt a digital operating model, including the adoption of cash lite payment systems 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,” he said.
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.
Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa said, “We are happy to enhance our relationship with Equity for the better good of our customers. The significant reduction in settlement time simply means quicker access to funds for businesses reinforcing our commitment to supporting the growth of local MSMEs.