Equity : Bank, PayPal improve service to allow faster and easier cash transfers

Equity Bank, PayPal improve service to allow faster and easier cash transfers

In the new direct and improved service, Equity Bank can now process its customers' withdrawal transactions within 3 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.

This enhanced service offering from PayPal and Equity Bank will help to nurture the immense opportunities for cross border commerce offered to Kenyan merchants who trade online. Equity Bank chose PayPal as a partner for this endeavour because of the bank's commitment to offering cutting edge and industry tested solutions for services such as mobile banking, online banking, agency banking, mobile money transfer and online payments systems. Both companies are committed to making Kenya a key player in the global digital marketplace.

'PayPal is focused on making e-commerce safer and easier to use throughout Africa. Kenya has always been a priority market for us, and we are working to ensure that our services are convenient for all our customers,' said Efi Dahan, General Manager, Israel and Africa for PayPal. 'By streamlining this process, merchants have even more reason to use PayPal to sell their goods and services,' he added.

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 Bank's Chief Finance Officer, Innovation and Payments, John Staley, noted that the bank is committed to harnessing technology and strategic partnerships in ensuring that customers continue to enjoy the freedom of modern banking. 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.

According to the recently released Communications Authority of Kenya report, Kenya is a market poised for immense e-commerce growth over the next five years. Recent figures show that the country has witnessed positive growth in data Internet subscriptions by 3.8 per cent to reach 24.8 million subscriptions. Kenyan merchants who use PayPal are able to sell their products globally, while enjoying a more secure payment platform that is trusted throughout 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.

The improved withdrawal service is available to Equity Bank customers with a verified Kenyan PayPal account. Users will be asked to complete a brief one-time registration process to make use of the service. In 2013, Equity Bank partnered with South Africa's First National Bank (FNB) to offer cash transfers from PayPal to bank accounts. Equity Bank was the first in East Africa to offer access to funds from PayPal.

For more information, visit: ke.equitybankgroup.com/paypal/

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About PayPal

At PayPal (Nasdaq:PYPL), we put people at the centre of everything we do.

Founded in 1998, PayPal continues to be at the forefront of the digital payments revolution. PayPal gives people better ways to manage and move their money, offering them choice and flexibility in how they are able to send money, pay or get paid. We operate an open, secure and technology-agnostic payments platform that businesses use to securely transact with their customers online, in stores and increasingly on mobile devices. In 2015, 28% of the 4.9 billion payments we processed were made on a mobile device. With our 188 million active customer accounts, PayPal is a truly global payments platform that is available to people in more than 202 markets, allowing customers to get paid in more than 100 currencies, withdraw funds from their bank accounts in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

About Equity Bank

Equity Bank Kenya Limited is a financial service provider with extensive footprint throughout the whole country. Equity Bank Kenya Limited's parent company, Equity Group Holdings Limited, has banking subsidiaries in Kenya,Rwanda, Uganda, South Sudan, Tanzania and DRC with additional non-banking subsidiaries engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services. Equity Bank Kenya Limited's parent company, Equity Group Holdings Limited, has a customer base of nearly 11million in the six East and Central African countries that it serves, making it the largest commercial bank on the African continent, by customer numbers. Equity Group is the largest bank in market capitalization in East and Central Africa. The vision of Equity Bank is 'to be the champion of social economic prosperity of the people of Africa' while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.

Website: www.ke.equitybankgroup.com

Facebook: http://www.facebook.com/KeEquityBank

Twitter: https://twitter.com/KeEquityBank

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For more information, please contact:

Alex Muhia Equity Bank Group

Tel : [phone] Office: 0763 026007

Email: [e-mail]

Email :[e-mail]

Bridget Kemps Edelman for PayPal

Tel: [phone]

Email: [e-mail]

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