Kenyan lender Equity Bank has partnered with PayPal to offer a new service for merchants, allowing them to sell products to the latter’s global consumer base and move the proceeds to their accounts with the bank.
With a global consumer base of more than 137 million active accounts, PayPal allows its users to leverage the new service to withdraw funds to their Equity Bank accounts directly from their PayPal accounts.
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Equity Bank CEO Dr James Mwangi said the exclusive withdraw service with PayPal allows Kenyans to make payments and receive money internationally without sharing their financial or personal information.
"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," Mwangi added.
To use the new service, which has been approved by the Central Bank of Kenya, users will be required to open a PayPal account that is linked to their Equity Bank account.
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By GlobalDataUsers can receive PayPal payments in 26 different currencies, which will be converted into Kenyan Shilling by Equity Bank before being transferred.
