The Cooperative Bank of Kenya has entered into a partnership with Safaricom Limited to support merchants.
The partnership is meant to enable merchants to receive payments done through Lipa Na Mpesa directly into their Co-op Bank Accounts at No Extra Cost on the deposits into the Co-op Account.
This means that merchants will no longer have to retain the money received as payments on their phones since the money will be instantly deposited into their Co-op Bank account.
The service is open to all Merchants and this is what they need to do so as to fully enjoy it:
- The merchant needs to SMS the words ‘Lipa Na Mpesa’ together with the location of their business to 16111. The bank will send a representative to them to facilitate the linking of their Co-op Account with their Mpesa Till Number.
- Merchants can also send their details to Co-op Bank using the following link: https://www.co-opbank.co.ke/campaigns/merchant-lipa-na-mpesaand the bank will contact them.
There are a number of benefits that come along when merchants receive their Lipa Na M-Pesa payments via Co-op Bank. They include:
- Co-op Bank does not charge the merchant for the deposits, meaning that the money is sent to the Co-op Account at No Extra Charge from Co-op Bank.
- Money is received instantly into the merchant’s Co-op Account
- The merchant could get a loan from the bank from the business turn over
- No temptation to misuse the money which would otherwise be on the phone
- A Co-op Bank representative will go to the business location to help in the setup
If you are a merchant but do not have a Lipa Na Mpesa till number, do not worry. Co-op Bank will definitely send a representative who will help out and ensure that one gets a Lipa Na Mpesa till number then link the till number to their Co-op Account.