Nairobi Securities Exchange listed lender Co-operative Bank of Kenya has scored another first in local digital banking. The bank has launched a bank to bank money transfer program that will see customers send money into a Co-operative Bank account instantly from other banks.
The service, dubbed as PesaLink, comes at a time when the local banking sector has been adopting a modern, digital banking models. According to a statement from the bank, Co-op Bank, users will be able to transfer as little as Sh. 10 to as much as Sh. 999,999. Additionally, customers will be able to make direct payments from their Co-operative Bank accounts to any account held at any other local bank account from Sh. 10 to as much as Sh. 999,999.
“The charges have been brought down considerably and will be between Sh. 0 to Sh. 152 depending on the amount transferred,” said the bank. “The PesaLink services will be available at all Co-op Kwa Jirani agents, Co-op Bank ATMs, Co-op bank Mobile Banking (MCo-op Cash), and at all Co-op Bank branches.”
According to Robert Ochieng’ a financial markets analyst, this new digital banking development by Kenya’s third largest lender in assets asserts the bank’s leading position in adaptation of easier and safer banking tools for customers. “The bank has been launching digital models that are aimed not only at cutting costs and improving on profitability but making sure that its customers stand no chance of losing money when carrying out transfers or payments,” he says.
Recently, Co-op Bank has launched digital banking tools which users can access from the comfort of their mobile phones such as the MCo-op Cash, a mobile phone based app that allows users to access their bank accounts on their mobile phones.
Interestingly, this app provides one of the ways that users can join PesaLink for free to enjoy Co-op’s latest offering. For example, customers will only need to dial *667# on their smart phones or tap on their MCo-op Cash app and select PesaLink in order to link their Co-op Bank account to their mobile phone number.
Simply go to MCo-op Cash via *667# or the MCo-op Cash app, select PESALINK, and link your Co-op bank accounts to your mobile number. Linking your accounts is free of charge. Here are all the steps you will need to follow to successfully start enjoying the PesaLink services from your MCo-op Cash mobile app:
- Go to MCo-op Cash app or dial *667# to access MCo-op Cash
- Select ‘PesaLink’ Menu
- Select ‘Link your phone’.
- Select the account number you want linked.
- Select ‘yes’ to make the account the primary account.
- A confirmation with details will be displayed on the phone.
- You will then receive an SMS confirmation of the linking
Alternatively, you may start enjoying the PesaLink services by linking your account through the comfort of any of Co-operative Bank’s ATMs that available across the country. Here are the simple steps you need to follow:
- Insert Co-op Bank Visa Card (ATM 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 Okay button.
- You will then get a confirmation message on the screen that the linking was successful