Customers who operate salary accounts at Co-op bank can now get an MCo-opCash salary advance loan directly from the phone via MCo-opCash app.
The advance salary loan targets to help customers sort urgent issues like school fees, emergency medical costs and paying bills among other issues.
The loan can be repaid in one month or three months depending on what period suits you. Customers can apply for up to a maximum of Ksh200,000 or 1.5 times of net salary.
To qualify for the loan:
- Dial *667# or use the MCo-opCash app
- Register for MCo-op Cash (free of charge)
- Link your salary account at the nearest branch
- Apply for a loan
The money is deposited in the customer account once approved.
Also, all account holders at Co-op Bank will be able to use Pesalink, a service that allows inter-bank money transfers internationally.
“You can transfer as little as Ksh10 up to Ksh200,000 at an extremely low cost between Ksh0 to Ksh152, depending on the amount you transfer. In addition, you can make payments directly from your Co-op Bank account to any local bank account instantly from as little as Ksh 10 up to Ksh 200,000,” says the bank on their website.
The bank has already incorporated Pesalink in its services, and can be accessed on MCo-op Cash via *667# or the MCo-op Cash app. Linking the accounts to Pesalink is free of charge.
To link your account and phone number to Pesalink through ATM:
- Insert your Co-op Bank Visa Card and input PIN.
- Select ‘Other Transactions’.
- Select ‘PESALINK’.
- Select ‘Link Phone’.
- Input the phone number to be linked.
- Confirm to make the account the primary account.
- You will receive a confirmation message.
- Select the option of doing another transaction.
- Select ‘Primary Account Option’ on the upper right hand side of the screen.
- Input the phone number to be linked to the account.
- Confirm that you wish to make that account the ‘Primary Account’ by clicking the ‘Okay’ button.
- You will then get a confirmation message on the screen that the linking was successful.
The service will also be available on Co-op Kwa Jirani Agents, Co-op Bank ATMs, Co-op Bank Mobile Banking (MCo-op Cash) and all Co-op branches.
“PesaLink services are available to customers 24/7. You can receive money into your Co-op Bank account at any time of the day,” adds the bank.