Equity Bank narrows cash transfer period with PayPal to 24 hours
Equity Bank has reduced the time its customers will take to transact with PayPal from three days to just a day.
The move will allow businesses to effectively receive payments enabling them to manage their cash flows and accelerate their growth globally within the shortest time possible.
“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 and Small and Medium Enterprises (MSMEs) to adopt a digital operating model including the adoption of cash life payment models such as direct payments into their Equity accounts through PayPal,” said Equity Bank Kenya Managing Director Gerald Warui.
It complements Equity’s digital banking solutions aimed at increasing customers’ ease of accessing and managing their accounts through the lender’s diverse platforms.
Beneficiaries of the initiative are Kenyans with families abroad, those in the creative industry and MSMEs involved in cross-border trade among others.
“Whether you are an individual or a business, PayPal will enable you to get paid from over 2000 countries and markets. PayPal account holders can now easily access their balances by withdrawing to their Equity Bank account,” said PayPal Head of Sales and Market Development Middle East and Africa, Tahir Emmrah Tuzun.