For all customers of the Co-operative Bank of Kenya, it is very important to know the different methods or the various existing services you can use to send money to your bank account or another person’s account with ease and from the comfort of your home. One of such methods is M-Pesa and this eye-opening piece helps you understand all the steps involved in successfully transferring money to your account using M-Pesa, as well as the PayBill number to use for the whole process.
Everyone knows that technological advancement in modern times has made taking part in business dealings and other financial transactions using the internet very easy. With the coming of digital banking apps, as well as the introduction of the Unstructured Supplementary Service Data (USSD) codes, people around the world have been given the ability to carry out very easy Do-It-Yourself financial transactions that were, in previous times, a lot harder to execute. This is where services like M-Pesa now play quite a huge part.
What You Need To Know About The M-Pesa Service
Virtually every Kenyan has heard of or used M-Pesa before as the banking service has become increasingly popular across the African continent and beyond. However, not many know who launched the service or when it came into existence. Well, allow us the honor of letting you know about these.
For the record, M-Pesa is a phone-based banking service that has made it very easy for people to carry out different micro-financing services, including money transfers to different banks such as the Co-operative Bank of Kenya and others. It also lets you pay other kinds of bills and recharge your phone with airtime, among other things.
Take note that the M-Pesa service is actually owned by the Vodafone Group plc. The service was launched in the year 2007 by the Vodafone Group in collaboration with the largest mobile network operator in Kenya, Safaricom. Since the M-Pesa money-transfer service was launched, it has quickly risen to become a big deal around Africa and beyond. The service is now available in countries like Lesotho, Tanzania, Egypt, Ghana, South Africa, Mozambique, DRC, and even Afghanistan.
The Co-operative Bank of Kenya PayBill Number To Use For M-Pesa Transactions
One very important piece of information you must know about is that before you can make use of the M-Pesa service to transfer money to the Co-operative Bank of Kenya, or any other bank for that matter, you must know the PayBill number to use for the transaction. Without a PayBill number, no one will be able to carry out transactions on the M-Pesa service. But what is a PayBill number?
A PayBill number is a cash-collection service that is specially designed to enable different banks or other such financial organizations to collect monies from their customers through M-PESA. This means that all the banks that are now listed on the M-Pesa service, including the Co-operative Bank of Kenya, have unique PayBill numbers that have been specially personalized for their customers to enable them to make their M-Pesa transactions without stress.
For the Co-operative Bank of Kenya, the PayBill number to use for transactions is 400200. Please, understand that without this PayBill number, there is no way you will be able to make transfers to the Co-operative Bank of Kenya using M-Pesa. The PayBill number is also known as the Co-operative Bank of Kenya business number.
How To Send Money To The Co-operative Bank of Kenya Using M-Pesa
Sending money to the Co-operative Bank of Kenya using the M-Pesa service is a simple task to accomplish and can be completed using only a few steps. So, armed with the PayBill number, all you need to do is follow the steps below:
- Visit the ‘M-Pesa Menu’ on your phone
- When the menu opens up, select the “Lipa na Mpesa” option on the screen
- After this, select ‘PayBill’ on the list of options you see
- A new space will open up, telling you to insert your PayBill number. Simply enter the Co-operative Bank of Kenya PayBill number 400200 into the available space and press enter to continue.
- When you have inserted the PayBill number, you will be asked to give the account number where you want the money transferred. Enter your Co-operative Bank of Kenya number into the space provided.
- You will be asked to enter the amount of money you want to send to the account number you have entered by inserting the figure into the space provided.
- Proceed by entering your M-Pesa PIN.
- Go through all the details you have provided during the transaction and confirm that they are all correct before finalizing the entire procedure.
- You will get two confirmations of the transaction on your phone after this; one will come from M-Pesa and the other from the National Bank of Kenya.
What Are The Fees Involved?
If you’re transferring between 1 to 100 Ksh, you will not be charged any fee at all. However, you will be charged for other transactions upward. Below are the charges you have to pay to enjoy the service:
- 101 to 500 Ksh will cost you 6 Ksh
- 501 Ksh to 1,000 Ksh will cost you 12 Ksh
- 1,001 Ksh to 1,500 Ksh will cost you 22 Ksh
- 1,501 Ksh to 2,500 Ksh will cost you 32 Ksh
- 2,501 Ksh to 3,500 Ksh will cost you 51 Ksh
- 3,500 Ksh to 5,000 Ksh will cost you 55 Ksh
- 5,001 Ksh to 7,500 Ksh will cost you 75 Ksh
- 7,5001 Ksh to 10,000 Ksh will cost you 87 Ksh
- 10,001 to 15,000 Ksh will cost you 97 Ksh
- 15,001 Ksh to 20,000 Ksh will cost you 102 Ksh
- 20,001 Ksh to 35,000 Ksh will cost you 105 Ksh
You Can Also Send Money To Your Co-operative Bank of Kenya Account With Pesalink
Transferring money to your Co-operative Bank of Kenya account using M-Pesa is so much fun and easy to do. However, there is another service you can use to carry out these transactions seamlessly and it is the Pesalink service. For the record, Pesalink is a 24-hour digital, real-time payment solution that allows for bank-to-bank transfers at a low cost.
All you need to do to access Co-operative Bank of Kenya Pesalink services is to link your bank accounts to the service by doing the following:
- Simply dial *667#
- Select Pesalink Menu from the options
- Select “Link Phone” to proceed
- Enter the account number that you want to link
- Select the ‘yes’ option to make the account the primary account
- Your phone will display a confirmation message with details
- Thereafter, you will receive an SMS confirmation of the linking
You can also link your account by opening the MCo-op Cash app and selecting PESALINK. Take note that linking your accounts is free of charge.
How Much Will You Be Charged For Using Pesalink?
Using Pesalink to send money to your account or other bank accounts is quite cheap. If you’re sending from 1 to 500 Ksh, you will not be charged any fee. But if you’re sending between 501 to 10,000 Ksh, you will be charged 42 Ksh.
Other charges are listed below:
- 10,001 Ksh to 50,000 Ksh will cost you 62 Ksh
- 50,001 Ksh – 70,000 Ksh will cost you 82 Ksh
- 70,001 Ksh 100,000 Ksh will cost you 92 Ksh
- 100,001 Ksh to 200,000 Ksh will cost you 112 Ksh