Equity Bank has reduced the duration it takes to settle PayPal withdrawals to one business day from three business working days.
Equity Bank Kenya Managing Director Gerald Warui says the development enables customers to have quick access to their money.
“The reduction in the settlement period is of great significance as the country moves towards growing the uptake of ecommerce,” he said via an emailed statement.
“Covid-19 has forced many small businesses to adopt a digital operating model including the adoption of cash lite payment models such as direct payments into their Equity accounts through PayPal.”
“The reduced settlement period will allow businesses to effectively receive payments enabling them to manage their cash flows and accelerating the growth of their businesses.”
Speaking on behalf of PayPal, Tahir Emrah Tuzun, PayPal Head of Sales and Market Development Middle East and Africa said, “As PayPal, we are happy to enhance our relationship with Equity for the better good of our customers. Whether you are an individual or a business, PayPal will enable you to get paid from over 200 countries and markets.”
In Q3’2021, for Equity Bank Kenya, from the 975.1 million transactions processed by the bank’s parent company Equity Group, 97 per cent were on mobile channels.
“Channeled diversification is likely to further improve on efficiency with emphasis on alternative channels of transactions, as the bank rides on the digital revolution wave, thereby further improving the cost to income ratio by cost rationalization and revenue expansion. This will likely propel the bank’s prospects of achieving sustainable growth, as it replicates its successful business model across its various regional subsidiaries,” Cytonn Investments said in its Earnings Note.