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NEWS & CURRENT AFFAIRS

The Nairobian

PayPal upgrade boosts Equity's Diaspora revenue

Business

By Correspondent | May 17, 2017

**Equity Bank group managing director & CEO Dr. James Mwangi speaks at the 6th CIO100 annual symposium & awards on 10th November 2016. PHOTO:WILBERFORCE OKWIRI**

Revenues from online payment platform PayPal now account for close to 70 per cent of all Equity Bank’s Diaspora banking revenue.

This follows an increase in volume of transactions enhanced by a system upgrade and enhancement of PayPal, which is now able to process customers’ withdrawal transactions within three business days, down from the previous eight business days.

The latest statistics by the bank showed the number of PayPal users increased by 47 per cent from December 2016 to March this year. The volume of transactions also increased by 21 per cent in the same period.

Commenting on the development, Equity Bank Group Chief Executive James Mwangi said the bank was concentrating on global money transfer as an alternative income stream.

He said the success of the bank’s innovation with the PayPal platform had shown significant growth, depicting the power of fintech on fully automated processes.