Co-operative Bank has launched a new product that will enable merchants to receive payments done through Lipa Na M-Pesa directly into their bank accounts.
This follows a partnership with leading telecommunications firm Safaricom. According to a statement from Co-op Bank, the receipt of money in a Co-op Bank account will come at no extra cost. “This is a free service. Merchants will no longer have to retain the money received as payments on their phones since it will be instantly deposited into their Co-op Bank account,” said Co-op in a statement.
This new product is expected to ease transaction processes for business owners. It is the latest in a series of digital products that Co-operative Bank has been issuing to provide instant convenience for its customers.
To enjoy this free service from Co-op Bank, you will need to simply SMS the words ‘Lipa Na M-Pesa’ together with location of their business to 16111.
After sending these two details, Co-op Bank will send one of their representatives to you to facilitate the linking of your Co-op Bank account with your M-Pesa Till Number.
This service will also be provided to you at no extra cost. If you don’t have a ‘Lipa Na M-Pesa’ Till Number, you can still follow the same procedure. Once the bank representative visits your shop, he or she will help you to register and get a Till Number that you will use to link your payments t your account.
In the same vein, business owners can also take this opportunity to open accounts with Co-op Bank at no extra cost.
