Equity Bank has been losing business to Chura, a local airtime to cash and PayPal to M-Pesa startup but the giant bank is now moving to stem this small-time guys who are set to launch their own money remittance services and a virtual payments cad.
Equity Bank says its customers using online payment service, PayPal, are now able to withdraw funds from their PayPal account within three business days, down from the previous 8 business days.
“As a small business owner, swift access to money is essential for the growth of my company. I need funds to pay vendors and employees, as well as pay capital costs. With this new service, I can get my money quicker than ever before.” said Brian Sechelo, a local merchant using Equity Bank and PayPal services.
Though Equity Bank was an official PayPal partner, it never makes any sense for anyone to wait for 8 working days for their money. Three days is certainly good but as Chura customers says, three days is not first enough as Chura without much resources does it instantly.
PayPal allows Kenyans to make payments and receive money locally and internationally without sharing their financial information with the sellers. Now, with the improved withdrawal service, Equity Bank customers using PayPal can withdraw funds within a shorter processing period.
Equity is seeking to exploit PayPal’s global reach to tap into its customer base of more than 188 million active customer accounts based in over 200 markets around the world.
Equity Bank customers with a PayPal account will be able to receive payments up to 25 currencies from PayPal’s customer base of over 188 million active customer accounts. Equity Bank customers have been able to withdraw funds from their PayPal wallet through their Equity Bank accounts since 2013, and now they can complete this transaction faster than ever.