Kenya-based Equity Bank has introduced instant withdrawal capabilities from PayPal in a bid to support Kenya’s digital economy. In essence, the move represents a notable advancement for freelancers and the digital economy in Kenya.

Previously, transactions were subject to a 24-hour waiting period, but now they can be completed instantly in either KES or USD, with a transaction limit of USD 10,000 (approximately KES 1.4 million). This improvement is expected to benefit various customers, including digital content creators, remote workers, and cross-border traders. Representatives from Equity Bank Kenya cited by Yahoo, highlighted the significance of this upgrade in improving cash flow management for businesses and individuals.

They emphasised the positive impact this enhanced feature would have on local PayPal users and mentioned the bank's commitment to supporting economic growth and digital innovation in Kenya. Officials from PayPal cited by the same source echoed Warui's sentiments, emphasising the alignment of this development with Kenya's rapidly growing digital economy. They also talked about the opportunities presented by the digital landscape in Kenya and predicted that the instant withdrawal feature would streamline operations for freelancers and online businesses, thus enhancing the efficiency of digital transactions within the country.

According to Yahoo, the introduction of instant PayPal withdrawals by Equity Bank signifies a strategic move to meet the evolving needs of Kenya's digital workforce and entrepreneurs. As the digital economy continues to expand, such innovations will be essential to maintain Kenya's competitiveness globally. Additionally, this development aims to attract more international freelancers and businesses to the Kenyan market, potentially leading to increased foreign investment and economic growth.

Other developments from Equity Bank In September 2023, Equity Bank and Mastercard have entered into a Customer Business Agreement with the aim of providing customers with a diverse array of benefits through various Mastercard payment solutions. These solutions encompassed World and World Elite cards, corporate cards, and virtual cards, offering customers a wide range of payment options. The collaboration between Equity Bank and Mastercard was driven by a shared vision to help customers by meeting their payment needs across various lifestyle and business requirements.

Both parties intended to work closely together to continually develop new payment solutions that could adapt to evolving customer demands, particularly in areas such as ecommerce and cross-border payments. For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database. .