Equity Bank group chief executive James Mwangi. FILE PHOTO | NMG
Equity Bank has slashed most charges for its Equity PayPal withdrawal service as it seeks to grow share of diaspora remittances.
The new tariffs will see users pay as low as one per cent on large withdrawals made from PayPal account.
Previously the bank charged 1.5 per cent of the US dollar amount per withdrawal across-the-board.
Customers withdrawing Sh500,100 ($5,001) and above will now be charged one per cent of the amount.
Withdrawals between Sh200,100 and Sh500,000 ($2,001 and $5,000)
attract a fee of 1.125 per cent and those between $1,001 and $2,000 will
be charged 1.25 per cent.
Amounts ranging between $501
and $1,000 attract 1.375 per cent and $500 and less will be charged 1.5
per cent per withdrawal transaction.
“The PayPal
service with Equity allows our customers to accept payment globally and
withdraw locally. By introducing tiered pricing, we hope to encourage
more usage from businesses and consumers already using PayPal. At the
same time, we hope to continue creating value for our users and as a
result increase their engagement level with this platform,” said Equity
Bank group chief executive James Mwangi.
The
2017 financial results showed that Equity had recorded a 132 per cent
increase in the volume of transactions across its international money
transfer platforms.
Last year, PayPal withdrawal time
was reduced from eight to three days. In October, Mr Mwangi said the
lender was looking to grow its share of diaspora remittances to half of
the money sent to the country every month.
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