Equity Bank unveils new tariffs for online users
Financial Standard
By
James Wanzala
| Apr 04, 2018
Equity Bank has announced a review of withdrawal charges on its Equity PayPal withdrawal service.
The new tariffs will see users pay as low as 1 per cent on withdrawals made from their PayPal account.
While announcing the new development, Equity Bank Group CEO and MD, Dr. James Mwangi said: ''Financial inclusion continues to remain at the core of our business strategy. We have listened to our customers and introduced new tiered withdrawal charges.''
The new rates for withdrawals from PayPal to Equity bank accounts will see customers withdrawing $5001(Sh500,100) and above being charged 1 per cent of the withdrawal amount, between $2001-5000(Sh200,000 to Sh500,000 will be charged 1.125 per cent.
Between $1001-2000(Sh100,100 to Sh200,000) will be charged 1.25 per cent, between $501-1000(Sh50,100 to Sh100,000) and customers withdrawing $500(Sh5,000) and below will be charged 1.5per cent of the withdrawal transaction respectively as indicated below.
READ MORE
Is government on 'fuliza' mode?
Expert: The shilling has regained value, but don't expect it to last
EAC Central Bank Governors meet in Juba as single currency race debate heats up
Ruto to push for global finance reforms at World Bank meeting
Unearthing the artifacts of WWII: A journey through Matuu and beyond
Roam, County Bus Service partner to deploy 200 electric buses
Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
Private sector partnerships important to catalysing sports
Tax stand-off as boda boda riders defy county call to pay
Islamic banking gets traction in Africa as Salaam Bank feted
''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,'' added Dr. Mwangi.