The lender says that this is aimed at providing faster settlements for millions of customers receiving payments through PayPal.

Equity Bank currently provides the only PayPal to bank withdrawal service in Kenya, allowing users to instantly withdraw funds from their PayPal accounts to their Equity Bank accounts in either KES or USD, with transaction limits of up to $10,000 per transaction.

It is accessible through the Equity Mobile App and Equity Online, allowing customers to seamlessly link their PayPal and bank accounts for instant withdrawal with no daily limit.

Gerald Warui, Managing Director of Equity Bank Kenya, noted that the reduced settlement period will help businesses and individuals manage their cash flows more effectively, supporting the fast growth of cross-border trade.

“The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross border trade,” he added.

From the Equity Mobile App or Equity Online, existing PayPal customers will easily connect to the service by selecting the linked PayPal account. They will also access the updated PayPal button with the account balance on the dashboard.

Mark Mwongela, Director of Middle East & Africa at PayPal, noted that opportunities are presented by Kenya’s digital economy and emphasized the joint commitment to supporting local digital growth and cross-border payments.

“Kenya’s thriving digital economy presents vast opportunities. Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal PayPal funds, providing real-time access for millions of Kenyans. This reinforces our joint commitment to supporting local digital growth and cross-border payments,” he said.