Equity Bank announces new PayPal withdraw tariffs

Customers will pay as low as 1 percent of the withdrawal amount

Equity Group's headquarters along Hospital Road, Upperhill, Nairobi
Equity Group’s headquarters along Hospital Road, Upperhill, Nairobi

Paypal customers will now pay as low as 1 percent when withdrawing money from their accounts through Equity Bank.  

The bank today announced the new withdrawal charges on its Equity PayPal Withdrawal service.

Effective March this year, the new tariffs will see users pay as low as 1 percent on withdrawals made from their PayPal account.

Announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi said 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 $2001-50“.  

By   introducing   tiered   pricing,   the bank hopes   to  encourage   more   usage   from   businesses   and consumers already using PayPal, said Dr Mwangi.

“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 percent 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.

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