PayPal System upgrade boosts Equity Bank diaspora Revenue
The number of PayPal users transacting through Equity Bank increased by 47 percent in the first quarter of 2017, with revenues from online payment platform accounting for close to 70 per cent of all the Banks’s Diaspora Banking revenue.
Equity bank has attributed the increase to the upgrade and enhancement of PayPal system which is now able to process customers’ withdrawal transactions within three business days, down from the previous eight business days.
The bank has also noted that volume of transactions also increased by 21 per cent in the same period ending March 2017.
Commenting on PayPal’s great performance during the 2016 Full Year Results, Equity Bank Group CEO, Dr. James Mwangi said that the bank was concentrating on global money transfer as an alternative income stream.
Dr. Mwangi said on Tuesday that the success of the bank’s innovation with the PayPal platform has shown significant growth depicting the power of fintech on fully automated processes.
The service allows Equity Bank customers with a PayPal account to receive payments in 25 currencies from PayPal’s customer base.
It also allows the bank to exploit PayPal’s global reach to tap into its existing customer base of more than 188 million active accounts based in over 200 markets around the world.
Dr. Mwangi said that the growth of e-commerce had enabled SMEs to be able to take advantage of the digital commerce wave and grow into larger businesses.
The CEO said that the partnership between Equity Bank and PayPal was aimed at further giving customers the power to grow and manage their businesses more conveniently and securely.
He said Equity Bank was committed to offering customer-centric solutions such as mobile money transfer and online payment systems, which continue to bear fruit.
Dr. Mwangi said that the bank was dedicated to making Kenya a key player in the global digital marketplace.
According to the recently released Internet World Stats report, Kenya is a market poised for immense e-commerce growth over the next five years.
Recent figures show the country has witnessed positive growth in data Internet subscriptions to reach over 37.7 million as of March 2017.
By Mangera Daisy