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.