Equity Bank has launched Kenya’s first PayPal service, allowing customers to receive payments via PayPal and withdraw their money via their accounts.
Customers can withdraw available funds from their PayPal account to their Equity account.
“When performing a withdrawal transaction we will verify your Equity bank and personal details and you will be redirected to PayPal to confirm the withdrawal transaction. A withdraw from a PayPal account take 5 to 8 business days to reflect in your Equity Bank account,” the bank’s website said.
According to statistics from the Central Bank of Kenya (CBK), approximately US$100 million is remitted every month as of May 2013, with Equity Bank now looking to PayPal in order to fully take advantage of the market.
It seems that the service is provided in conjunction with South Africa’s First National Bank (FNB), based on a statement on the website saying: “Withdrawal service powered by FNB”.
PayPal is an international payment service that enables users to accept payments, pay for goods and send or receive money without revealing your financial information anywhere in the world.
