Arguably, most Kenyans, especially in urban areas, use cashless payments to make their day-to-day purchases, thanks to the high mobile penetration and increased financial literacy.
While cash is still the dominant payment method in Kenya, its usage is declining as mobile money rapidly gains popularity and card payments slowly gain traction.
While cashless payments have reduced crimes such as money-related robberies, it has brought in extra charges incurred by users when making transactions via mobile money services.
The good news is that consumers can evade transaction charges by simply transacting via prepaid cards.
For instance, the Co-op Bank prepaid card allows users to load money upfront and pay for travel expenses, online shopping and subscriptions, fuel, and other expenses.
Co-op Bank Q1 2025 net profit rises 5.3 percent to Sh6.9 billion
There are no charges for paying with the card, and users can pay for something in Kenya or abroad. The only amount deducted from the card is the cost of the item or service being paid for, and users get sms notifications after every transaction.
The card is safe to carry around, and even if it is stolen, it cannot be used without the user’s secret PIN for amounts above Sh2,000.
In case of lost cards, users are advised to contact the bank immediately on 0703027000. Co-op Bank will block the card to protect the money in the account in question and replace the card.
How to apply for a co-op pre-paid card.
Visit the nearest Co-op Bank branch with a copy of ID and KRA PIN. Those below 18 years can use their parents’/guardians’ ID and KRA PIN.
Once the card is ready, applicants are alerted to collect it from the branch. They are then required to deposit Cash at any Co-op Kwa Jirani Agent or Co-op Bank Branch to load it.
Co-op Bank advises customers to use M-Pesa PayBill 400200. Account P******, where ****** is the card account and P must be in CAPS.
