Advantages Of Co-opPay Card To Kenyan Parents

How was your experience like back in the days when you were in high school when it came to matters to do with pocket money? How much did the school administration allow students to have in their hostels? 1,000? 500? or 200?

In most boarding schools around the country, learners are not allowed to have more than 1,000 shillings in their hostels. Any extra cash is either surrendered to the school bursar or the school matron. Those found going against are often punished.

Now, imagine having someone else staying with “your money” and dictating how you should use it? That you should wake up every morning, rush to their offices and “take something small” to go and buy mandazi. Such were the chronicles of those days.

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It was worse when a parent visited you and instead of leaving with cash so that you can decide whether you should “drop it” bursar’s or matron’s, they decide to do it for you with strict instructions, “asikusumbue kila siku. Akule chakula ya shule.”

But times have changed, thanks to technology. Technology has revolutionized how people transact and handle cash, and so is pocket money. A parent can be miles away and still manage to send cash to the child in school by use of a mobile phone.

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And now, do you know that your child can have his pocket money loaded into a card and he can be able to purchase goods at a school canteen, do shopping a at a supermarket or withdraw at an ATM? Imagine your kid transacting using a card in school. Amazing. Right?

I am talking about the new product by Co-operative Bank known as Co-opPay Prepaid Card. This is a a pre-paid Visa Card from Co-operative Bank that has features tailored towards parents making the lives of their kids at school better by enhancing and tracking their spending. Co-opPay is a visa prepaid card that a parent can load pocket money and give it to their child in school.

The child can then use the card to purchase goods at a school canteen at no extra cost. This means that the cash loaded to the card is all used for the purposes intended and Co-operative Bank does not deduct anything from it. It is absolutely free.

A pre-paid card is a payment card loaded with money to make purchases anywhere that a debit or credit card is accepted including ATMs, POS, mobile money, online, abroad among others.

The Co-opPay card can be used to pay for goods and services outside the school too such as shopping from a supermarket or to an online platform. It is accepted wherever Visa cards are accepted. Basically, the card transforms your child into a person who transacts via cashless mode.

What are some of the advantages of this card?

Teaches your child to manage finances: With the cash on the card, and with specific instruction on how long the cash should last, the Co-opPay Prepaid Card empowers your child to manage his/her own finances through planning on what to spend on.

Easy to track: It is easy for a parent to track the spending of the child. Every time a transaction is done, the parent receives an SMS notification. The parent can also get mini statements at any Co-op Bank ATM or Co-op Kwa Jirani agent.

Safer than handling cash: The card cannot be stolen unless someone knows the PIN. The chances of cash getting lost are higher than when the cash is loaded on the card. The card secures the cash and always available when the child needs it.

It helps the parent plan: By tracking the spending, the parent is able to know how much the child needs in a given time or period and if too much be able to regulate by training the child to spend responsibly.

How to apply for the card

Applying for the card is easy. First, you will need to collect an application form at your nearest Co-op Bank branch. Once the form is filled, take it to the bank along with your ID, KRA PIN, copy of the Student’s ID, and birth certificate. Once the card is ready, it will be delivered to your child in school or you can pick it for them from the nearest Co-op Bank branch.

How to load the card

Loading the card is also easy by the way. You can load it from any Co-op Bank branch or Co-op Kwa Jirani agent, or transfer funds from your Co-op account using MCo-op Cash.