Equity Bank made withdrawals from a PayPal account to a Kenyan bank account possible when they launched the service in 2013. The service is a partnership between Equity Bank and the First National Bank of South Africa (FNB).
At launch, withdrawals used to take 5-8 days then it went down to 3 days, 24 hours and now Equity Bank has announced that the PayPal withdrawals will now be instant.
Equity Bank is still the company that offers PayPal to bank withdrawal in Kenya. PayPal account holders can instantly withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD. There is a transaction limit of up to USD 10,000 per transaction.
The PayPal withdrawal service is available on the Equity Mobile App and Equity Online. Customers can link their PayPal accounts to their Bank accounts for instant withdrawals with no daily limit.
Commenting on the incorporation of the instant withdrawal capacity, Equity Bank Kenya Managing Director Gerald Warui said: “The reduced settlement period will support businesses and individuals to better manage their cash flows more effectively. The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross border trade.
From the Equity Mobile App or Equity online, existing PayPal customers will easily connect to the service by selecting the linked PayPal account. The Equity Mobile App or Equity Online will display the updated PayPal button with the account balance on the dashboard.”
Speaking on behalf of PayPal, Mark Mwongela, Director Middle East & Africa said: “Kenya’s thriving digital economy presents vast opportunities. Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments.”