Gerald Warui, Managing Director, Equity Bank Kenya (PHOTO COURTESY)

 Equity Bank has reduced   the duration it takes to settle PayPal withdrawals from three business days to one.  This development allows Equity to offer the fastest PayPal settlement period in the country enhancing efficiency for the increasing number of Kenyans using PayPal. Equity is currently the   only bank offering withdrawal service in the country. The service enables PayPal customers to withdraw funds paid from their registered accounts straight to their Equity Bank accounts in either Kenya shillings   or US dollars. This excludes credit card accounts. Commenting on the new development, 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. Covid-19 has forced many micro small and medium  enterprises ( MSMEs) to adopt a digital operating model including  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.”

Speaking on behalf of PayPal, Tahir Emrah Tuzun, PayPal head of sales and market development Middle East and Africa said:  “PayPal account holders can now easily access their balances by withdrawing to their Equity Bank account. The significant reduction in settlement time means quicker access to funds for businesses, reinforcing our commitment to supporting the growth of local MSMEs.” Freelance writers, Kenyans with families abroad, those in the creative industry and MSMEs involved in cross border trade among others are expected to benefit from this service with both PayPal and Equity charging minimal processing fees.



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