by Martin Oduor
Co-op Bank and Safaricom have partnered to boost ease of doing business in Kenya. The partnership will enable merchants to receive payments done through Lipa Na M-Pesa 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
Get a loan from business turn over
There are 5 major benefits of businessmen and women receiving their Lipa Na M-Pesa payments via Co-op Bank:
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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