by Martin Oduor
Co-op Bank and Safaricom have partnered to support merchants and boost ease of business in Kenya. The partnership will enable merchants to receive payments done through Lipa Na Mpesa directly into their Co-op Account at No Extra Cost on the deposits into the Co-op Account.
Merchants will no longer have to retain the money received as payments on their phones since the money will be instantly deposited into their Co-op Bank account.
All businessmen and women need to do to enjoy this service is:
1. SMS the words ‘Lipa Na Mpesa’ plus the location of their business to 16111. The bank will send a representative to them to facilitate in the linking of their Co-op Account with their Mpesa Till Number
2.Send Co-op bank your details and they will contact you. Send details here
So what are the benefits of businessmen and women receiving their Lipa Na M-Pesa payments via Co-op Bank?
No extra cost for deposits
1.Co-op Bank does not charge the merchant for the deposits. So the money is sent into the Co-op Account at No Extra Charge from Co-op Bank
2. Money is received instantly into their Co-op Account
3. The merchant could get a loan from the bank from the business turn over
4. No temptation to misuse the money which would otherwise be on the phone
5. A Co-op Bank representative will go to the business location to help in the set up
For those businessmen and women without a Lipa Na Mpesa till number, the bank representative will also help them get a Lipa Na Mpesa till number then link the till number to their Co-op Account.
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