Equity Bank and online shopping service,PayPal, have announced that merchants in Kenya will now be able to sell to PayPal’s global customer base of more than 137 million active accounts in 193 markets around the world and move the proceeds to their Equity Bank accounts. This new service allows PayPal users to withdraw funds to their qualifying Equity Bank accounts from their PayPal accounts.
“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 eCommerce marketplace. Our agreement with PayPal also enables international businesses and individuals to transact with Kenyan service providers via a secure and convenient payment service. 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,” said Dr. James Mwangi, Equity Bank Chief Executive Officer.
He added that the service will allow Kenyans to make payments and receive money internationally without sharing their financial or personal information.
If you want to use this service one will be required to simply open a PayPal account and link it to their Equity Bank account and receive PayPal payments in 26 different currencies. Equity Bank will convert the currency to Kenyan Shilling when the money is transferred into their accounts.
Commenting on the partnership, Efi Dahan, PayPal’s Regional Director for Africa and Israel, said “Equity Bank is the leading bank in Kenya and we are truly excited by signing our second bank partnership in Africa with the 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.”
“With Kenya’s continued economic growth at over 5% annually and its focus on building online businesses, we’re optimistic about the future of eCommerce in this market and look forward to working with Equity Bank on the opportunities ahead,” concluded Dahan.
“The launch of PayPal sees Equity Bank take another step forward as Kenya’s most innovative financial institution. It responds directly to our ‘Your Listening, Caring Partner’ brand promise,” said Dr. Mwangi.
The PayPal service will be offered in partnership with Equity Bank and has received approval from the Central Bank of Kenya.