Mco-opcash App, convenient digital banking experience platform

Co-operative Bank of Kenya commitment to tailor its products to their customer’s needs has positioned it as the preferred financial institution for banking.

A study by  FSD Kenya on the cost of running a bank account has revealed that Co-operative Bank has the lowest charges to operate an ordinary account.

For instance,  Standard Chartered ordinary account transfer, withdrawal and maintenance costs are over KSh13,000 per year compared to Co-op bank’s KSh3,600.

Co-op’s alternative banking channels have also transformed the way individuals and businesses in Kenya are making payments or carrying out transactions and managing their finances.

From Agency Banking (Co-op Kwa Jirani), Automated Teller Machines (ATMs), Co-op visa cards, Internet Banking (Co-op Net), Co-op mVisa and  Mobile Banking (Mco-opcash).

Vincent Wakaba, head Mobile Banking at Co-op bank says their main focus is on the customer.

“Our business models and our responsiveness ensures cater for our customers. Customers all have different needs and expectations, and we ensure that they always have a choice,” says Wakaba.

According to Wakaba, since its launch, the Mco-opcash mobile banking application has witnessed unique users download the app.

“This is because it is the most convenient platform at point of reference. We release monthly improvements on the user interface (UI),” he says.

Wakaba notes that as a bank they have received the most ‘minimal cases’ reported as regards to fraud from users who use the app.

“Mco-­opCash  is an independent account whose account number is the mobile number,” he says.

“In case one loses, forgets or wants to reset their passwords, one has to contact the bank through its Contact Centre by calling 0703 027 000, 020 277 6000 or visit your nearest their Co-op Bank branch. This is for verification purposes only,” says Wakaba.

Cooperative Bank disbursed Ksh 8.7Bn loans as at 31st August 2017 through its mobile banking service since inception.

M-Co-op Cash, with 3.3 million registered users, saw its current loan book nearly triple to KSh 860 million as at June 2017 compared to KSh 290 million the previous year.

“With the loan book growing, is a justification that its pricing model is reflecting positively. We have also doubled our customer number. In fact, the interest cap regime actually worked for us,” he notes. “We do not surcharge. Our rate is only 1.6 percent per month.”

Cytonn’s banking sector report ranked Co-op bank 1st position in franchise value rankings on the back of a low cost to income ratio of 55.3 percent compared to an industry average of 66.0 percent as well as a low non-performing loans ratio at 4.7 percent, compared to an industry average of 11.5 percent.

MCo-opCash disburses loans of between KSh100 and KSh200,000 repayable within a month, and is available across all mobile money platforms such as M-Pesa and Airtel Money.