James Mwangi, Equity Bank’s chief executive officer (CEO) and Efi Dahan, PayPal’s regional director for Sub-Saharan Africa.
Kenya’s Equity Bank and international payment solution PayPal today officially launched a partnership that will allow merchants to transfer funds to their bank accounts from PayPal and sell to PayPal’s global customer base of more than 137 million active accounts in 193 countries.
HumanIPO reported last week on the partnership, which is similar to one established in South Africa with First National Bank (FNB) three years ago.
James Mwangi, Equity Bank’s chief executive officer (CEO), said: “PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day. We are pleased to make this announcement as Kenyans will be able now to join the global e-commerce marketplace.
To enjoy the PayPal withdrawal service, one will be required to open a PayPal account and link it to an Equity Bank account in order to receive PayPal payments in 26 different currencies. Equity Bank will convert the currency into Kenyan shillings when the money is transferred into their accounts.
“Our agreement with PayPal also enables international businesses and individuals to transact with Kenyan service providers via a secure and convenient payment service,” said Mwangi. “This initiative with Paypal is part of our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking.”
Efi Dahan, PayPal’s regional director for Sub-Saharan Africa, said: “Equity Bank is the leading bank in Kenya and we are truly excited by signing our second bank partnership in Africa with Equity Bank. Equity and PayPal have a similar focus on innovation, and this strategic partnership is a major milestone on our exciting journey in Sub-Saharan Africa to enable e-commerce across the region and integrate it into the global marketplace”.
He said with Kenya’s continued economic growth – over five per cent annually – and the country’s focus on building online businesses PayPal was optimistic about the future of e-commerce in the Kenyan market.