Mobile banking (MCo-op Cash)

Making time for the bank can be tough, but banking shouldn’t be an inconvenience. We have therefore made it possible for you to bank anytime and anywhere! 

Some people love to go to the bank, but if you are not one of them, we completely understand.

 
Business Loans Available on MCo-opCash

Access mobile loans of up to Ksh 1M for your business, payable in up to 6 months:

1. Business Plus Loan – This loan solution is available to first time borrowers as well as repeat borrowers who have cleared previous loan(s) in full and need to pick another one.
2. Business Plus Top up – This loan is available to customers who have taken a 1-month loan but have not exhausted the full limit for the loan. For Example: you are eligible for a 1 month with a limit of Ksh 50,000 and you take a loan worth Ksh 30,000. If another need arises within the month, then you can take a top up loan within the headroom of Ksh 20,000.
   Note: Appraisal fees and interest are based on the top up amount and the total loan due will be Ksh 50,000 repayable on the initial borrowing due date.
3. Refinance – This is available for customers with active loans (2 months – 6 months) where they have paid at least one instalment.
   For example: you take Ksh 50,000 loan payable in 3 months and pay the first month’s installment. In month 2, the Bank can revise your limit upwards based on turnover and repayment history thus allowing you to take more money based on the limit. If you opt to take a higher loan e.g. Ksh 100,000, this will first pay off the outstanding amount of the first loan as well as loan fees, then you will receive the balance in your Co-op Bank account. 
   Note: Loan fees are based on the new loan limit and your loan term can be increased.

 
Features:

To apply for the loan:
Access the mobile loans via *667#, Web, MCo-opCash App on Google Play store or App Store

1. Loan limits: minimum Kes 100 – Max Kes 1M.
2. Loan tenure: 1-6 months
3. Target customers – individuals, registered partnerships, business enterprises, limited companies, and private schools

 
Eligibility

• Customer with an active business account – last 6 months
• Good borrowing and repayment history (where applicable)
• First-time borrowers with good account activity (consistent turnover) are also eligible.

 
How to maintain and grow loan limit

1. Borrowing and repaying loans on schedule.
2. Sign up for Co-opTill to receive payments. This enhances your score and increases your Business Plus loan limit.

 
Why take a mobile loan for your business?

1. Flexible and affordable repayments of up to 6 months.
2. Loan limits up to Kes 1M.
3. Top-ups and refinance on running loans are available to cater for school fees and back-to-school shopping.

 
How to repay Business Plus Mobile Loans?

You can initiate a loan repayment from any of your linked Co-op Bank accounts or MPESA

• Log into MCo-opCash by dialing *667# or through the MCo-opCash app.
• Select ‘LOANS’.
• Select ‘PAY LOAN’.
• Follow the instructions to repay your loan.

With MCo-op Cash, you can access these services.

• Deposit or save money
• Apply and pay for a loan
• Send money to another MCo-op Cash account, Co-op Bank account, or sacco account
• Send money to other mobile money services, for example, M-PESA
• Withdraw money at a Co-op agent or Co-op ATM
• Transfer money to and from your Co-op account or sacco account
• Buy airtime for any mobile number
• Pay bills, for example, KPLC, DStv, KRA tax and insurance
• Pay for goods and services
• Pay fees, for example, school fees or rent
• Check your account balance or get a statement
• Buy, sell or transfer shares
• Activate SMS alerts for debits and credits