Co-operative Bank of Kenya’s innovative mobile banking service MCo-op Cash, is now affordable after the bank in July terminated fees charged for on-net transactions.
The MCo-op Cash mobile app allows users to move money from M-pesa and pay utility bill such as KPLC electricity, DSTV, StarTimes and GOTV subscriptions.
Further, it is easy to move money from MCo-op Cash to M-pesa and from M-pesa Kenya into MCo-op Cash.
Initially, customers paid Sh35 to move cash from one MCo-op Cash account to another for the three million users who have already signed up to the Android app.
Gideon Muriuki, the bank’s MD said the termination of MCo-op Cash fees was aimed at removing price barriers associated with making mobile-based money transfers and payments, and encourage greater use of the cellphone.
All one needs to benefit from Co-operative Bank of Kenya mobile banking unit is a Co-op Bank account, a National ID (or Passport) and a registered mobile number.
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The mobile banking services offered under MCo-op Cash include: Depositing money into your bank account at any time (as opposed to the strict banking hours). You can send and receive money from other MCo-op Cash users, Co-op account or Co-op SACCO account.
In addition to being able to deposit money into MCo-op Cash from M-pesa, one can withdraw MCo-op Cash money at any Co-op bank agent or ATM country-wide.
How to Deposit Money Into MCo-op Cash From M-pesa
Both M-pesa and MCo-op Cash transaction charges will apply when depositing money into MCo-op Cash from M-pesa
- Go to M-PESA, select Paybill.
- MCo-op Cash business number is 400200
- Enter your MCo-op Cash Number
- Follow the menu
- You will receive a transaction confirmation SMS from M-PESA and another SMS from Co-operative Bank confirming that you have successfully completed the process to deposit money into MCo-op Cash from M-pesa.
Other Services Available on MCo-op Cash
- Send money to other mobile money services e.g. Mpesa, Orange Money, Airtel Money
- Withdraw money at any Co-op Agent or Co-op ATM
- Buy Airtime for any mobile number in Kenya
- Pay for goods and services, and other bills using Lipa Na M-pesa
- Pay various fees: School fees, church fees, rent
- Apply and pay for a Co-op Bank loan
- Check Co-op account balance and get a bank statement
- Buy, sell and transfer shares using the investment banks in Kenya
- Activate SMS alerts for bank debits and credits
How to Register for MCo-op Cash
- Dial *667# and follow instructions or go to mobile.co-opbank and select Self-registration
- Follow the menu. You will receive an SMS confirming successful registration for MCo-op Cash
- Activate your MCo-op Cash account by depositing money
The app was launched in August 2014. Central bank of Kenya (CBK) has recognized the banking sector’s move to leverage on technology to enhance efficiency and provide convenience to their customers.
“Robust ICT platforms have enabled financial institutions respond to the demand of the growing middle class population by offering electronic based banking services such as mobile and internet banking. A few banks use mobile phone platforms to grant short term loans to customers and this has gone a long way to promote financial inclusion,” Bank Supervision Annual Report 2015.
“The capability of these systems enables banks to roll out different products and services to their customers.”