Equity Bank introduces new tariffs for its online payment withdrawal service

Equity Bank Group CEO and MD, Dr. James Mwangi

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.

''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.

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