Online payment platform PayPal now accounts for close to 70 per cent of Equity Bank diaspora banking revenue.
Equity Bank data for the first quarter of 2017 shows that the number of PayPal users increased by 47 per cent. This is as a result of increased transaction volumes enhanced by the upgrade of the PayPal system. The system is now able to process customers’ withdrawal transactions within three business days from the previous eight days.
“Equity Bank is concentrating on global money transfer as an alternative income stream. The success of the Bank’s innovation with the PayPal platform has shown significant growth depicting the power of fintech on fully automated processes,” Equity Bank Group CEO James Mwangi (pictured)said.
The service allows Equity Bank customers with a PayPal account to receive payments in 25 currencies.