[Kenya] Equity Bank revises model to tap into growing Paypal accounts
As cross border commerce intensifies in Kenya, financial institutions are angling themselves to benefit from the boom. One such institution, Equity Bank has reduced the number of days that customers can withdraw funds from their Paypal accounts from eight to three.
PayPal allows Kenyans to make payments and receive money locally and internationally without sharing their financial information with the sellers.
Equity Bank chief finance officer, Innovation and Payments John Staley said the bank is committed to harnessing technology and strategic partnerships in ensuring that customers continue to enjoy the freedom of modern banking.
The bank is seeking to exploit PayPal’s global reach to tap into its customer base of more than 188 million active customer accounts based in more than 200 markets around the world.
According to the recently released Communications Authority of Kenya report, Kenya is a market poised for immense e-commerce growth over the next five years. Recent figures show the country has witnessed positive growth in data Internet subscriptions by 3.8 per cent to reach 24.8 million subscriptions.
Kenyan merchants who use PayPal are able to sell their products globally, while enjoying a more secure payment platform that is trusted throughout the world.
Equity Bank customers with a PayPal account will be able to receive payments in 25 currencies. Equity Bank customers have been able to withdraw funds from their PayPal wallet through their Equity Bank accounts since 2013, and now they can complete this transaction faster than ever.
Users will be asked to complete a brief one-time registration process to make use of the service.