Coop Lipa na M-Pesa: Although the Lipa na M-Pesa payment platform has been a relief for many businesses, business owners have had to contend with withdrawing and, or transferring funds paid to their till numbers to their bank accounts.
Take Josephine Awuor, who runs a mini-supermarket in Naivasha town. Every Friday, she withdraws all the funds that her customers have paid to her till number. “These weekly transactions have come at an extra cost both in cash and time,” she says. This is the same fate thousands of other Lipa na M-Pesa subscribers have gone through.
Today, though, Lipa na M-Pesa has been transformed to not only provide convenience but help you cut on costs and improve efficiency. This follows a partnership between Safaricom and Co-operative Bank. Subsequently, businesses that receive payments through the Lipa na M-Pesa platform will be getting their funds directly at their Co-operative Bank accounts for free!
“All your money will be deposited into your Co-op Bank account safely and conveniently at no extra cost,” says Co-op Bank in a statement.
Annabel Nafula, who operates a chemist in Nairobi has been using this revamped service for one week now. “This service came in handy because I didn’t have a Co-op Bank account and a Lipa na M-Pesa till number,” she says. Apparently she had been losing customers to her competitors simply because she didn’t have a till number.
Ms. Nafula reveals that to get the new service, she did not need to either visit the traditional Co-op Bank branch to open a bank account or a Safaricom Customer Care outlet to get a Lipa na M-Pesa till number.
“I saw a post on Bizna detailing how the new platform works and decided to give it a try,” she told Bizna Kenya. She then sent an SMS with the words ‘Lipa Na M-Pesa’ together with location of their business to 16111.
“A representative from Co-operative Bank visited my shop the following morning and helped me acquire a Lipa na M-Pesa till number. He then opened a business account for me at Co-operative Bank and linked my till number with my account,” she says. Since then she has been getting payments for her goods and services directly in her bank account from customers who pay via her till number. “When a customer pays me via Lipa Na M-Pesa, the money instantly reflects in my Co-op Bank Account,” she says.
LEARN MORE: How to Get your Lipa na MPesa payments directly into your Co-op Bank Account
Interestingly, business owners who are using this service will have a boosted chance of getting a flexible and affordable loan from Co-op Bank. “Based on your turnover, we shall be willing to offer you a loan to help you grow your business,” says Co-op Bank on the Coop Lipa na M-Pesa service.
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