Under the agreement, the service enables PayPal users to withdraw funds to their Equity Bank accounts from their PayPal accounts.
For the Paypal withdrawal service, customers are required to open a PayPal account and link it to their Equity Bank account. Customers are set to receive PayPal payments in 26 different currencies. Also, Equity Bank is set to convert the currency to KES when the money is transferred into their accounts.
The PayPal service has received approval from the Central Bank of Kenya.
In July 2013, Equity Bank entered an agreement with South African financial services provider First National Bank (FNB) to offer cash transfer from PayPal to bank accounts.
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