M-Pesa Cooperative Bank Review

Being highly convenient, M-Pesa is one of the most effective ways to send and receive money across various accounts. Kenyan banks, including Cooperative Bank makes it possible for you to deposit money to your Cooperative bank account using M-Pesa and also withdraw money from Cooperative bank account to M-Pesa wallet.

Read: What is M-Pesa Banking?

Requirements to Enjoy M-Pesa Co-operative Bank Services

Before you can start enjoying these services, you will need to have a Co-operative bank account and be registered on Mobile Banking or internet banking with C-operative Bank. You will also need to have the M-Co-op Cash Mobile App installed on your smartphone and register for M-Pesa at any agent outlet countrywide.

How to Deposit Money to your Cooperative Bank Account using M-Pesa

When transferring or sending money to your Cooperative bank account from M-Pesa, all you need is your Cooperative Bank M-Pesa Paybill number 400200 and your Cooperative Bank account number. The following is how to send money from M-PESA to your Cooperative bank account:

First, go to your M-Pesa Menu and select Lipa na M-Pesa. Then, select Paybill and enter the Cooperative Bank Paybill number 400200 under the Business Number. Then, enter your Cooperative Bank Account Number or the number of the account you wish to transfer the money to as the account number. Next, enter the amount you would like to deposit into your account. Note that M-Pesa transfer limit is KSh 150,000 per transaction. The next step is to enter your M-Pesa PIN, confirm that the details you’ve entered are correct then press OK. Both M-Pesa and Cooperative bank will send you a transaction confirmation message.

M-Pesa Charges and M-Pesa Daily Limits

When transferring money to and from your Co-operative bank account via M-Pesa, you will incur transaction charges which may be deducted from both your M-Pesa account and your Co-operative bank account. When depositing money into your Co-operative bank account using M-Pesa, the normal Safaricom M-Pesa Paybill charges will apply depending on the amount you are transacting.

At the moment, the daily M-Pesa transaction limit is KSh 300,000 per day. You can only send up to KSh 150,000 per transaction. Also, the maximum amount you can have in your M-Pesa account at any given time is KSh 300,000.

When the Covid-19 pandemic hit the country, people went cashless to reduce chances of infections. Co-operative bank removed all the charges for transactions between their MCoop Cash App, Co-operative account and M-Pesa wallets. However, after a year of zero shillings M-Pesa to bank transfers, Kenyan banks as from 1st April, 2021 have reverted back to charging customers on withdrawals via M-Pesa business or Paybill numbers.

How to Withdraw Money from your Co-operative Bank Account via M-Pesa

Withdrawing money from Co-operative bank to M-Pesa is quite simple. There are three ways to withdraw money from your Co-operative bank account to M-Pesa:

How to Withdraw Money from Co-operative Bank Account to M-Pesa via MCo-op Cash App

First, you will need to download the MCo-op Cash App on your phone from the App store or Google play store and install it. Once installed, tap on the app and enter your details to activate it. Then, enter your M-banking PIN to log in and select Send to Mobile. After this, select the M-Pesa option. You will then be required to enter the M-Pesa mobile number that will receive the money. After, select the account from which money will be withdrawn. Then, enter the amount you want to withdraw, confirm then click okay. When the transaction is complete, you will receive a confirmation message.

How to Withdraw Money from Co-operative Bank to M-Pesa via USSD Code

The first step is to dial *667# from your M-banking registered phone. Then, enter your M-banking PIN and choose Mobile Money. Next, select the M-Pesa option and enter your M-Pesa registered phone number. Choose the Co-operative Bank Account you wish to transfer money from and enter the amount you wish to withdraw. Confirm the transaction details then click OK and wait for the confirmation message.

Read: Best Investment Banks in Kenya

How to Withdraw Money from Co-operative Bank to M-Pesa through Co-operative Bank’s Internet Banking Platform

Withdrawing money using the bank’s internet banking option is the best method for withdrawing large amounts of money (amounts above the limits). Before you can use this service, you will need to visit the bank for internet banking registration and activation. When you register, you will be assigned secret login details and the link to use for cash transfers.

To withdraw cash, you will first need to use your assigned secret login details to log into Co-operative bank’s online banking portal. Next, choose the Mobile Money option then select the M-Pesa option. Enter the mobile number you wish to transfer money to then enter the Co-operative account number of the account you want to withdraw from. Next is to enter the amount you wish to withdraw then confirm the details of your transaction. If everything is correct, click OK.

Final Thoughts on M-Pesa Co-operative Review

Co-operative bank is among the best banks in Kenya. It has been upgrading its IT systems to allow clients to withdraw and deposit cash from anywhere, anytime. The transfers are easy to follow through and it lowers the risks associated with handling cash.

Based in Mombasa, Kenya, Daisy is our African expert writer and researcher specilising in banking, cryptocurrency, and general personal finance issues in Africa. Daisy is a graduate of Chuka University in Nairobi, Kenya.