Equity Bank Customers will start enjoying lower withdrawal charges on the Equity PayPal Withdrawal Service.
The move comes after Equity Bank carried out a review on the charges whereby withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above at 1 percent of the withdrawal amount, between $2001-5000 at 1.125 percent between $1001-2000 at 1.25 percent, between $501-1000 and customers withdrawing $500 and below will be charged 1.5 percent of the withdrawal transaction respectively
While announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi noted that financial inclusion continues to remain at the core of the banks business strategy adding that they have been listening to their customers thus the introduction of the new tiered withdrawal charges.
“The PayPal service with Equity allows our customers to accept payment globally and withdraw locally. By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” said 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.
The lender reiterated its commitment to continue putting in place innovative channels geared towards enhancing the 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.