Done are the days when one had to go to a shylock for a loan without the guarantee of getting one.
Mco-op Cash mobile banking a service that is being offered by the Co-operative bank of Kenya came to our aid with an offer that is worth taking which is a convenient way of getting a loan. One can now access a guaranteed loan at any time of the day and at any place.
Cooperative Bank launched the Mco-op Cash mobile banking in august, 2014. It’s a mobile banking service that the bank initiated to allow customers to take up loans through the phone.
Even though the Mco-op cash banking service offers a range of mobile based credit disbursement such as business loans that are payable in a month.
Most people all over the country survive by the use of loans to boost their businesses, start up new businesses and even pay school fee. The best news is that Coop Bank offers them lower interest rates.
It is way too easy to access the Mco-op Cash service on your mobile, all you need is an ID card/Passport and a registered mobile phone number across all the networks. This enables both customers and non-customers across all networks to open a bank account, apply for loans straight from the mobile phone and also make cash and utility payments.
Unlike its peers, Co-op Banks mobile phone-based loans are pegged on customer’s savings in the mobile wallet, borrowing and the number of transactions carried out on Mco-op Cash. It offers business loans as little as 5,000 shillings to as much as 50,000 shillings while the unsecured personal loans range between 100 shillings up to 2,000 shillings.
It doesn’t stop with only the loan disbursements below are some of the services available on MCo-op Cash;
- Save and deposit money to any amount
- Send money to another Mco-op Cash/Co-op Account/Sacco Account
- Send money to other mobile money services
- Withdraw money at a Co-op Agent or Co-op ATM
- Transfer money to and from your Co-op account/ Sacco
- Buy airtime for any mobile number
- Pay bills
- Pay for goods and services
- Pay fees
- Bulk payments processing
- Apply and pay for a loan
- Check balance or get a statement
- Activate SMS alerts for credit and debit
Getting an account with the Mco-op mobile Banking is as easy as taking a step. The following is the procedure for creating Mco-op Cash account;
- Dial *667# or use the app and follow instructions
- Receive an SMS confirming registration