In today’s article, I will show you 6 alternative ways to bank money into your Cooperative bank account in 2023. The bank has grown to be one of the best banks in Kenya. The number of customers joining the financial institution has risen steadily over the years due to their customer-friendly banking services.
We all open bank accounts so as to manage our finances by depositing and saving our cash. In previous years, the most common way of depositing money into your cooperative bank account was through making long queues at a bank branch to deposit the money.
Ways To Bank Money Into Your Cooperative Bank Account
This is very inconvenient in today’s very busy world. Most people don’t have that 1 – 2 hours to waste queuing in order to bank money into their cooperative bank accounts. Therefore, there was a need for the cooperative bank to come up with alternative ways to bank money into cooperative bank accounts.
It is these alternate ways that I will be discussing in this article. These methods of depositing money into your cooperative bank account in 2023 include;
Deposit Money Using MCo-op Cash Mobile Banking.
This option gives you the ability to transact using your mobile phone. The only thing you have to do to bank using MCoop mobile banking has a bank account in Cooperative bank and register for mobile banking via your nearest cooperative bank branch. This registration for Co-operative bank Mobile Banking is free of charge, and you only need your National ID.
You will then need to either use the cooperative bank’s Android or iPhone application or the bank’s USSD code(*667#). These applications can be downloaded from your phone’s application store.
After installing the applications, you can then enter the PIN you were given when you registered for Mobile Banking. You can always reset this PIN when you want to (Click on this link to learn how to change your Co-operative bank Mobile banking PIN).
And don’t worry about security because an OPT Pin will always be sent to your phone as an sms every time you want to try and do any transaction using cooperative bank mobile banking. don’t share this OTP code with anyone, even if they claim to be a cooperative bank representative.
Bank Using MCo-op Agent (Co-op kwa Jirani)
Think of MCo-op agents like a Co-operative bank agent brought nearer to you. You can do some of the common things you do at a Cooperative bank at an MCo-op agent, including banking money into your account. Some of the services you access via an MCo-op agency include the following;
- Fee Payment.
- Checking your Bank account balance.
- Getting you cooperative bank mini statement
- Cash withdrawal.
- Cash deposit.
- Government payments like county payments and KRA payments.
All you need is to know your bank account, or the details of the bank account you want to send money to, have an ATM card if you have one, and have a copy of your ID card.
Using Cooperative Bank Paybill Number
Banking money using a Cooperative Bank Paybill number is the easiest and most convenient method (According to me). This is because it can be used anywhere at any time as long as you have money in your Mpesa account. To deposit or bank money into your Co-op bank account, you will need to access your Mpesa line, and then head on over to Lipa na Mpesa. The cooperative bank paybill number is 400200.
This payment can be made through Mpesa Sim Tool Kit, MySafaricom App or Mpesa USSD code. Normal Mpesa Transaction charges apply to this, so make sure you have some extra cash for the service fee. You can read more on how to Use Co-operative Bank Paybill Number(Opens in a New Tab).
Add Money To a Cooperative bank Account Using CDM Machine(Cash Deposit Machine)
Using a Cash Deposit Machine is quick and effective. Money deposited using this method is quickly reflected in the deposited bank account. You also get a receipt for the transaction. This Co-op machine can be used at any time because it operates 24/7.
But be careful not to go with torn or worn-out notes as it won’t accept them. The same applies to counterfeit notes. You can deposit as low as Kes. 50/= and a maximum of 300,000 per transaction. per day, you can deposit up to 999,990 Kenya Shillings.
The CDM machine is also able to detect different denominations of bank notes, and can only take notes with Kenyan currency. It won’t accept coins.
I know you probably know about ATM machines. But in this case, they can be used for cooperative withdrawal transactions. If you need to deposit money, then you will need to use the other methods I have mentioned above.
Using an ATM machine only applies if you have either a Mastercard or a visa card from a co-op bank. You only need to visit an ATM machine(Locate one using Co-op Bank ATM Locator), enter your card and enter your PIN.
Some of the other transactions you can perform using a Cooperative bank ATM machine include the following;
- Check your co-op bank account balance.
- Change your co-op bank PIN.
- Pay for utilities, for example, Water bills.
- Get a mini statement.
- Cardless withdrawals using MCo-op cash withdrawal service.
Co-operative Bank’s New Internet banking money into your Co-op account is best.
All you need for co-op’s internet banking is a smartphone, tablet or compute/laptop, plus a stable internet connection. You can access your account from anywhere at any time convenient to you. All you need is to register for co-op internet banking by clicking here, entering your account details, and making a password.
You also need to have one of your cooperative bank cards linked to your account. It gets even better because all of this is completely free. Once you create your account, you can now use it anywhere, and you will be receiving an OPT code every time you log in to your account making it very safe.
Conclusion: Which way of banking
Of all the methods I have talked about, I would recommend the following for most people;
- The Co-op Paybill Number method.
- The Co-op Mobile Banking.
- And then use an Agent near you.
This is because these methods are really easy to get access and most of them have been brought closer to us and can be done in the comfort of our homes. Let me know which choice is easier and more convenient for you, and why.