Kenya's Equity Bank partners with PayPal
Equity Bank has teamed up with PayPal to allow cash withdrawals in Kenya, Nairobiwire reported. This is the first time a Kenyan bank will directly allow PayPal users to withdraw cash from their accounts. Initially, PayPal only allowed deposits to be made; any withdrawals have had to be done through third parties. Kenya now joins South Africa as the only countries in the continent that support PayPal withdrawals at local banks and Equity's withdrawal service is actually powered by South Africa's First National Bank.
Equity Bank has reserved the service exclusively for its customers. All transactions will be in US dollars, as PayPal does not support Kenyan shillings. Nairobiwire said there are drawbacks, such as having to wait for eight days for one's Equity account to be credited with the money you withdraw.