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Co-op Bank’s M-Collection Sure Way to Receive Mobile Payments from Customers

BY Soko Directory Team · October 30, 2018 09:10 am

Companies and institutions have always been stuck when it comes to matters that concern dealing with huge chunks of money. This is because money tends to be very delicate and if not well handled, may end up in the wrong hands.

Every organization looks out for a friend who will help them come up with the best ways of dealing with transfer or collection of these funds when moving from one place to another.

That friend happens to be the Co-operative Bank of Kenya (Co-op Bank), through their mobile-based collection platform (M-Collection) that allows registered mobile money customers to deposit payments directly to their accounts.

M-Collection services have been designed to provide institutions with collection accounts at Co-op Bank with the ability to conveniently receive mobile money payments from their customers’ Telcos wallets (M-Pesa, Airtel Money or T-Kash).

Co-op Bank has a number of target markets who can benefit from the service and they include the following:

  1. Schools, colleges and educational institutions for fees collections (M-Karo)
  2. Insurance companies for premium collections (M-Bima)
  3. SACCOs for member contributions and loan repayments (M-Sacco)
  4. ‘Chamas, investment groups or self-help groups for member contribution collections & advances repayment (M-Chama)
  5. Churches and religious organizations for donations, offerings and tithe collections (M-Sadaka)
  6. Utility companies (water/electricity/internet) for utility bills collections 
  7. Estate management companies for service charge and rent collection (M-Kodi)
  8. Members clubs, sports clubs and health clubs for subscription collections 

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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