Equity Bank and PayPal bring Global eCommerce to Kenya

Equity Bank and PayPal bring Global eCommerce to Kenya

Nairobi, October 25, 2013... Equity Bank and PayPal announced today that merchants in Kenya can now sell to PayPal’s global customer base of more than 137 million active accounts in 193 markets around the world and move the proceeds to their Equity Bank accounts. This new service allows PayPal users to withdraw funds to their qualifying Equity Bank accounts from their PayPal accounts. 

“PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day. We are pleased to make this announcement as Kenyans will be able now to join the global eCommerce marketplace. Our agreement with PayPal also enables international businesses and individuals to transact with Kenyan service providers via a secure and convenient payment service. This initiative with PayPal is part of our commitment to harness technology and strategic partnerships in ensuring that our customers continue to enjoy the freedom of modern banking,” said Dr. James Mwangi, Equity Bank Chief Executive Officer.

“The exclusive withdraw service with PayPal allows Kenyans to make payments and receive money internationally without sharing their financial or personal information,” added Dr. Mwangi.

To enjoy the Paypal withdrawal service, one will be required to simply 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 Shilling when the money is transferred into their accounts. 

Commenting on the partnership, Efi Dahan, PayPal’s Regional Director for Africa and Israel, said “Equity Bank is the leading bank in Kenya and we are truly excited by signing our second bank partnership in Africa with the Bank. 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.”

“With Kenya’s continued economic growth at over 5% annually and its focus on building online businesses, we’re optimistic about the future of eCommerce in this market and look forward to working with Equity Bank on the opportunities ahead,” concluded Dahan.

“The launch of PayPal sees Equity Bank take another step forward as Kenya’s most innovative financial institution. It responds directly to our ‘Your Listening, Caring Partner’ brand promise,” said Dr. Mwangi.

The PayPal service will be offered in partnership with Equity Bank and has received approval from the Central Bank of Kenya.

For more information, visit www.equitybankgroup.co.m or www.paypal.com.

For more information contact:

Equity Bank Ltd

Alex Muhia Equity Bank Ltd

Tel: + 254-0202744000

Email:  alex.muhia@equitybank.co.ke

Kui Wanyoike

Blue Print PR

T: 0787677948


PayPal Inc.

Natali Ziv

Head of Communication & PR eBay & PayPal Israel

Tel: + 972-54-7886196

Email: nziv@ebay.com

Malvina Goldfeld

Head of Business Development, Sub-Saharan Africa

Email:  mgoldfeld@paypal.com

Notes to Editor

About Equity Bank

Equity Bank is the leading inclusive bank in Africa by customer base, with over 8.3 million bank accounts which is over 50 % of all bank accounts in Kenya and has operations in Uganda, South Sudan, Rwanda and Tanzania. The Bank is listed in Nairobi Securities Exchange and Uganda Securities Exchange. The vision of Equity Bank Ltd is to champion the social economic prosperity of the people of Africa while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.

Equity Bank has been a leader in financial innovation. It was the first bank to introduce the EMV compliant ATM cards in the country and played a lead role in championing agency banking in Kenya that continues to demystify banking by taking financial services to the door steps of citizens in Kenya, Rwanda and Tanzania. In 2011, Equity Bank was named Africa’s Most Innovative Bank by the African Banker for championing delivery channels that have taken financial services to the last mile.

www.equitybankgroup.com   http://www.facebook.com/KeEquityBank


About PayPal

PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts or credit cards. PayPal is an eBay company. With more than 137 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global e-commerce. More information about the company can be found at www.paypal.com.

PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.