Nairobi, 4th April 2018………. Equity Bank has today announced a review of withdrawal charges on its Equity PayPal Withdrawal service. Effective March this year, the new tariffs will see users pay as low as 1% on withdrawals made from their PayPal account.
While announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi noted: “Financial inclusion continues to remain at the core of our business strategy. We have listened to our customers and introduced new tiered withdrawal charges.”
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1% of the withdrawal amount, between $2001-5000 will be charged 1.125%, between $1001-2000 will be charged 1.25%, between $501-1000 and customers withdrawing $500 and below will be charged 1.5% of the withdrawal transaction respectively as indicated below.
|Withdrawal amount in USD||5,001>||2,001-5,000||1,001-2,000||501-1,000||<500|
|Fee||1% of the Withdrawal amount||1.125% of the Withdrawal amount||1.25% of the Withdrawal amount||1.375% of the Withdrawal amount||1.5% of the Withdrawal amount|
“The PayPal service with Equity allows our customers to accept payment globally and withdraw locally. By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” added Dr. Mwangi.
According to its 2017 end of year Financial Results, Equity Bank recorded a 132% increase in the volume of transactions across its international money transfer platforms. PayPal’s volume of transaction increased significantly in the past year as well. PayPal withdrawal time was last year reduced from 8 days to 3 days.
Equity Bank, which is the only Bank in Kenya where PayPal customers can make withdrawals from their accounts, reiterated its commitment to continue putting in place innovative channels geared towards enhancing customer experience in line with the technology advancement. Through Equity Bank, customers are able to withdraw funds from their PayPal accounts through their Equity bank accounts.
About Equity Bank
Equity Bank Kenya Limited is a financial service provider with extensive footprint throughout the whole country. Equity Bank Kenya Limited’s parent company, Equity Group Holdings Limited, has banking subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania and DRC with additional non-banking subsidiaries engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services. Equity Bank has a customer base of over 12.1 million in the six East and Central African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers. Equity Group is the largest bank in market capitalization in East and Central Africa. The vision of Equity Bank is “to be the champion of social economic prosperity of the people of Africa” while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.
Using PayPal with an Equity Bank Account
You can to do business online, get paid via PayPal and access your money through your Equity Bank account. If you already have a PayPal account and you would like to withdraw money to your Equity Bank Account, visit https://diaspora.equitybankgroup.com. If you do not have a PayPal account, Visit www.paypal.com/ke and follow the simple process to open an account, select your country as Kenya to verify your PayPal account by using an Equity debit account. You can then Link your PayPal account to your Equity Bank Account though our self-service portal, with your portal user name and password, log into the site, On the menu click ‘Banking Services’, Enter your nominated bank account and click ‘Link Account’, A One Time Pin (OTP) will be sent to the official cell phone number maintained by Equity Bank for the nominated account, Enter the OTP and click ‘Confirm OTP’ Click on the PayPal Tab and link your PayPal Account to your Equity Bank Account
PayPal PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account. PayPal is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 227 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.