Equity Bank has introduced a tiered tariffs system of withdrawal charges on its Equity PayPal Withdrawal service.
Effective March this year, the new tariffs will see users pay as low as 1 percent for $5000 and above on withdrawals made from their PayPal account.
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 bank’s business strategy. “We have listened to our customers and introduced new tiered withdrawal charges,” he said.
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001 and above being charged 1 percent of the withdrawal amount, between $2001-5000 will be charged 1.125 percent, between $1001-2000 will be charged 1.25 percent, between $501-1000 and customers withdrawing $500 and below will be charged 1.5 percent of the withdrawal transaction respectively as indicated below.
He added that by introducing tiered pricing, they hope to encourage more usage from businesses and consumers already using PayPal.
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.
Equity Bank, which is the only Bank in Kenya where PayPal customers can make withdrawals from their accounts. Through Equity Bank, customers are able to withdraw funds from their PayPal accounts through their Equity bank accounts.