Kenyan freelancers, digital entrepreneurs, and anyone else receiving payments online have a reason to smile after Equity Bank and PayPal signed a pact to ease the withdrawal of cash.

Previously, it took an entire day to transfer funds from one’s PayPal account to an Equity Bank account but the new partnership will see the payment process become instantaneous.

The collaboration between the Equity Group and PayPal will result in faster access to one’s hard-earned cash and enhance the management of cash flow for individuals and businesses.

“The enhancement of the withdrawal capacity will be a major boost to local PayPal users and is in line with the fast growth of cross-border trade,” said Equity Bank Kenya Managing Director Gerald Warui.

Equity Bank is currently the only Kenyan bank offering a direct withdrawal service for PayPal users with the move fitting in well with the growing digital and gig economy in the country.

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To start accessing the service, all a user has to do is to link their PayPal account with their existing Equity Bank account through the Equity Mobile App or Equity Online platform.

Your updated PayPal balance will then display on the dashboard permitting you to initiate withdrawals in Kenya Shillings (KES) or US Dollars (USD), with a transaction limit of $10,000.

The financial institution says there is no daily limit on how many withdrawals one can make.

PayPal Director of Middle East & Africa Mark Mwongela says the collaboration with Equity Bank Kenya portends a significant milestone for the thriving digital landscape in the country.

“Our enhanced collaboration with Equity Bank facilitates seamless and instant withdrawal PayPal funds, providing real-time access for millions of Kenyans,” said Mwongela.

He added: “This reinforces our joint commitment to supporting local digital growth and cross-border payments.”

The deal will immensely benefit freelancers, digital content creators, remote workers, journalists, hospitality businesses, and web-based shops engaged in global transactions.