Wondering how to deposit money from MPESA to Cooperative bank?
Today, I will guide you step by step on not only deposits but also how to withdraw to MPESA.
See, technology has advanced at such a speed we now have the luxury of doing things right from our living rooms.
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Truth is, the finance sector hasn’t been left behind. And now, you don’t have to move around with a large bundle of cash looking for a bank to make a deposit. Or go out looking for the post office to send or receive money.
If you are a Cooperative bank customer, you don’t have to go queue in those long lines just to make a deposit. That is something you can do right from your phone.
This MPESA to Cooperative bank procedure is the easiest and fastest method to deposit money rather than visiting the nearest agent or bank branch. And considering the current pandemic situation, it makes more sense to use mobile money.
With that said, let’s dive right into it.
How to deposit money from MPESA to Cooperative bank
Before you get started with the process, here are the things you will need:
- A mobile phone – it doesn’t matter whether it is a smartphone or not, any will work.
- Cooperative bank account number
- Coop bank deposit MPESA paybill number
- The amount you wish to deposit to the said account number
- Registered Safaricom line with working MPESA
- And of course, the MPESA pin. Remember, it is your secret and shouldn’t share with anyone.
Armed with the above information, follow these instructions carefully to transfer money from MPESA to the Coop bank account.
- Locate and open the SIM tool kit app. This is where the MPESA menu is located. It shouldn’t be hard considering the app is mostly located at the letter ‘S’ if you’ve arranged the apps alphabetically.
- If you have two Safaricom SIM cards, pick the most appropriate one.
Click on MPESA. You will see a menu with several options.
- Select Lipa Na M-PESA. Often, this is the second last option from the menu
- Click on Pay Bill from the next screen.
- Select Enter Business No. And then type this Cooperative bank paybill number 400200 and then OK to proceed.
- Next, click on Account No. here, enter your Coop bank account number. Double-check to make it’s correct. Click OK to proceed.
- Type the amount you wish to deposit.
- Insert your PIN.
Again, double-check everything before clicking okay. Wrong details and the transaction will fail. That is how to deposit money from MPESA to a cooperative bank account.
After a moment, you will receive a confirmation message showing the deposited amount has been credited to the account number you provided. The waiting time will take a few minutes to a couple of hours, so be patient.
Coop bank MPESA charges
Are there are charges to use this method?
Yes, there are transaction fees whenever you use the Cooperative bank paybill method to transfer money. Here is the current breakdown.
- 1 to KES. 49 – KES 0
- 50 to KES 100 – KES 0
- 101 to KES 499 – KES 22
- KES 500 to KES 999 – KES 22
- KES 1,000 to KES 1,499 – KES 33
- 1,500 to KES 2,499 – KES 33
- KES 2,500 to KES 3,499 – KES 55
- 3,500 to KES 4,999 – KES 55
- KES 5,000 to KES 7,499 – KES 83
- 7,500 to KES 9,999 – KES 83
- KES 10,000 to KES 34,999 – KES 110
- 35,000 to KES 49,999 – KES 198
- KES 50,000 to KES 70,000 – KES 220
Point to note:
These tariffs change from time to time, as such, you should check the rates before commencing the process.
Now, you’ve learned how to move the money from your MPESA to Coop bank account. Let’s look at how to do the opposite.
How to withdraw money from Cooperative bank to MPESA
With the same spirit, you don’t need the bank teller to withdraw your money from any coop bank account.
Here are the things you need:
- Coop bank mobile app. Download on a respective AppStore. For android users, go to Google Playstore, for iPhone users, go to Apple Store. Search for MCo-op App.
- MPESA enabled Safaricom line
- Your Cooperative bank account
With the above information, follow these instructions:
- Download and install the app from the respective apps store.
- Launch the app once installed on your mobile device (Tap on the icon to start)
- Enter your PIN
- Select mobile money. Pick M-PESA
- Type the mobile phone number you wish to transfer the money to. Make sure it is the correct number
- If you have more than one coop bank accounts, select the correct one when asked to do so
- Key-in the amount you wish to withdraw. Remember, the limit is at Kshs. 70,000
- Double-check the transaction information before clicking OK.
If the withdrawal process was a success, you will receive a message from both the Safaricom and Coop bank confirming.
Since this is an online transaction, you need to have a reliable internet connection at all times. If you are using a Wi-Fi connection, make sure it is private, otherwise, use data bundles.
How to use Cooperative bank shortcodes
Alternatively, you can use shortcodes *667# to perform the above procedures. The process is similar even with the shortcode method, just follow the on-screen instructions and you should be okay.
Note, while the process doesn’t require any internet connection, you need to have at least Kshs. 10 worth of airtime for the transactions to go through.
Wrapping up Cooperative bank MPESA deposit and withdrawal
Moving money into and from a Coop bank account is as easy as you have seen it. All you have to do is ascertain that you are using the correct M-PESA number as well as the account number.
Although there is a reversal service, it may take time to complete.
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