Global e-commerce service PayPal has entered into a partnership with Equity Bank, thereby effectively linking up traders in Kenya with PayPal’s international customer base of more than 137-million active accounts in 193 markets.
From Nairobi, a Capital FM report says as a result of the partnership, which has been given the thumbs-up by the Central Bank of Kenya, traders have the opportunity to link their PayPal account with their Equity Bank account and transfer funds accordingly.
Users can receive PayPal payments in 26 different currencies, and, once funds are placed into an account, Equity Bank will convert currencies into Kenyan Shillings. Another advantage of the arrangement, as reported to the media, is that users can make payments and receive money internationally without having to provide or make public their financial or personal information.
Equity Bank’s CEO, James Mwangi, is quoted as saying, “PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day.”