Simple Steps to Apply Business Loan Using MCo-opCash App

As a business, MCo-op Cash is one service that can sort various financial fixes

The Co-operative Bank of Kenya introduced its digital/mobile banking service MCo-op Cash to bring not only convenience but also expand access to credit. As a business, MCo-op Cash is one service that can sort various financial fixes.

MCo-opCash is a mobile banking service that enables you to access a variety of banking, money transfer and payment services. All you need is an ID card and a registered mobile phone number, regardless of the mobile phone network. You can register for the service by dialling *667# on your mobile phone or download the app from Play Store or App Store.

Business people who bank with Co-op Bank can use the MCo-op Cash App to get credit. The MCo-opCash Business Plus Loan is available to those who have been operating a Co-op Bank business account for at least six months. Depending on the business turnover and CRB score, the maximum loan is Ksh1,000,000.

How to apply for a loan on MCo-opCash

  1. Dial *667# or download the MCo-op Cash app on Google Play store or  App Store

Once you dial *677# it will ask for your PIN. Select the option on e-loans after which you will be prompted to check Loan Limit, Apply Loan, Repay Loan, Check Loan Balance. After selecting Apply Loan the app or short code will prompt you to pick the Business Plus Loan then you follow the prompts.

Some may encounter the message that they do not qualify for this product. Do not despair, you just need to visit the nearest Co-op Bank branch to regularise the service. One of the reasons a loan application could be denied is negative CRB score, and overdrawn business account or MCo-opCash loan arrears.

If you are successful, the loan amount will be deposited in your MCo-opCash account, less a one-off appraisal fee of 3% and an insurance of 0.034% pm. You can withdraw this cash at any Co-op Bank ATM or Co-op Kwa Jirani Agent. You can also send the money directly to your M-Pesa or someone else’s M-Pesa account.

You will be charged an interest of 3% per month for the loan, which is payable in monthly instalments from your business account. You can also initiate payment from your business account or any other Co-op Bank account that you have linked to your MCo-opCash.

  1. Log into MCo-opCash by dialling *667# or through the MCo-opCash app.
  2. Select LOANS.
  3. Select PAY LOAN.
  4. Follow instructions.
  5. Your M-Pesa number or someone else’s M-Pesa number, through pay bill 400200. Account number: your business account.

The beauty of the app is that is you can still qualify for a business plus loans even if you already have a personal loan from Co-op Bank.

With MCo-opCash you can check the status of your loan anytime. Select ‘LOANS’ Select ‘LOAN ENQUIRIES’ then ‘LOAN BALANCE’ depending on what you need.
You can apply for the loan as many times as possible, but you can only qualify for one MCo-opCash loan at a time. If you have accessed a loan with repayment of 2 months and above, you are allowed to take top-up after repaying at least one installment.

Even people living outside Kenya can access the loan Through the MCo-opCash app which is internet-based.

Whenever you successfully complete a loan application you will receive a confirmation message that the loan application is successful and the amount has been deposited in your MCo-opCash account. If you do not receive this message due to a lost signal, check your account and re-apply for the loan if it did not get processed.

How do withdraw cash at the ATM

  1. Log into MCo-opCash MCo-opCash app.
  2. Select WITHDRAW CASH.
  3. Select ATM.
  4. Follow the instructions.
  5. Receive SMS with a 6-digit SECRET CODE. (valid for only 2 hours).
  6. On the ATM screen, click MCO-OPCASH WITHDRAWAL.
  7. Enter your MCo-opCash number, the Amount, and the Secret Code to complete the withdrawal.
  8. Withdrawal at the ATM costs Ksh30 for any amount up to Ksh40,000. You can withdraw up to Ksh40,000 per transaction up to a maximum of Ksh200,000 per day.

Withdrawing cash at a Co-op Kwa Jirani Agent?

  1. Log into MCo-opCash through *667# or MCo-opCash app.
  2. Select WITHDRAW CASH.
  3. Select CO-OP KWA JIRANI AGENT.
  4. Follow the instructions.
  5. Receive SMS with a REFERENCE NUMBER.
  6. Give the reference number, your MCo-opCash number, and original ID/Passport to the agent to complete the withdrawal.

Every time you do a transaction, you’ll be sent an OTP (One Time Password) to verify that you are the one transacting. The OTP can automatically be picked by your phone, forming part of the safety features for the app to secure your accounts and transactions.

MCo-opCash is a facility every business needs in this era of mobile banking. To arm your business now, you just need to download the app

>> Co-operative Bank Becomes the Most Valuable Bank at the NSE

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