Payment service company PayPal, has partnered with Equity Bank for traders in Kenya to access PayPal’s global customer base, of more than 137 million active accounts in 193 markets.
PayPal is a global e-commerce company that allows payments and money transfers to be made via the Internet.
The new partnership allows traders to withdraw funds to their qualifying Equity Bank accounts from their PayPal accounts.
To enjoy the PayPal withdrawal service, one will be required to open a PayPal account and link it to their Equity Bank account and receive PayPal payments in 26 different currencies.
Equity Bank will convert the currency to Kenyan shillings when the money is transferred into their accounts.
Equity Bank’s CEO James Mwangi said the exclusive withdraw service with PayPal will allow Kenyans to make payments and receive money internationally without sharing their financial or personal information.
“PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day,” Mwangi said.
“Equity and PayPal have a similar focus on innovation, and this strategic partnership is a major milestone on our exciting journey in Sub-Saharan Africa to enable e-commerce across the region and integrate it into the global marketplace,” PayPal’s Regional Director for Africa and Israel, Efi Dahan noted.
The partnership has received approval from the Central Bank of Kenya.