How To Use Co-operative Bank MCo-opCash App

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MCo-opCash app is a mobile banking app develop by the Co-operative bank of Kenya to making banking services more accessible to their clients and more convenient.

How To Get MCo-opCash App

To register for MCo-opCash app, you have to visit any Co-operative bank branch with your original ID and the account number.

Once registered, you can go ahead and download the app from google play store. You phone should not be a rooted device as the app will not operate on rooted device.

After installing the app, you need to give it permissions. Click accept on all permissions request otherwise the app will not operate.

Use the OTP (One Time Pin) sent to you when you registered for the MCo-opCash app.

Change the login pin to a pin you will easily remember. Remember not to share or write down this pin where someone else can access it. This is you gateway to your bank account.

How To Withdraw Cash Using MCo-opCash App 

After successfully installing and launching the app, you can now access your bank account and transact. To withdraw money from your bank, follow these steps;

  1. Login to the app. Enter your mobile banking pin select login.
  2. Select mobile money: This option is visible on the homepage screen.
  3. Choose the mobile money platform you want to use. Either M-Pesa or Airtel Money.
  4. Enter the mobile number where you want the cash sent to. This can be your phone number or a third party phone number
  5. Select the account you want the funds transferred from. This will be the case if you have more than 1 bank account.
  6. Enter the amount you wish to withdraw from the account. This should not be more than the available balance in the bank account.
  7. Confirm the transaction details before sending the request.

How To Get A New MCo-opCash Pin

At some point, it happens that you forget the pin that you used to access the MCo-opCash app. Do not worry as you can easily retrieve the pin by following the steps below;

  1. From your phone dial the Co-op bank USSD code *667# and reply with 1.
  2. Accept the terms by choosing 1
  3. Enter your ID or Passport number that you used to register for MCo-opCash.
  4. Choose the pin retrieval method between M-pesa and Call method. If you choose the call method, you will have to call co-op bank customer care to be assisted on 0703 027000.
  5. If you choose the M-pesa method, you need to continue with the steps that follow to make a deposit of Ksh1 to your bank account. This will ensure that the line to which the pin is sent is actually the one connected to the bank account to minimize fraud.
  6. A 6 digit pin number will be sent to the line connected with the Co-op bank account through SMS.
  7. Open the MCo-opCash app and enter the 6 digit pin sent to you. The pin expires in 30 minutes, so you need to be ready for the transaction.
  8. Change the pin immediately to the one you can easily remember.

What Are The MCo-opCash Loans

You can now apply for a loan through the MCo-opCash app without the need to fill forms and be on the banking hall. Co-operative bank will appraise you and set a limit to how much loan you can get.

The loans available through the MCo-opCash app include;

1. MCo-opCash Salary Loan.

This is for those who process their salaries through the Co-operative bank. You can apply for up to 1.5 (& 2) times your net salary as received in your Co-op Bank account, from a minimum of Ksh1000 up to a maximum of Ksh500,000.

The loan amount is deposited in your MCo-opCash account, less the fee of 8% for 1 month loan, 10% for 2 months loan, and 12% for 3 months’ loan that is deducted upfront.

Also deducted upfront is the insurance fee of 0.0034% You can transfer the money to your co-op bank account or you can withdraw cash at any Co-op Bank ATM or Co-op Kwa Jirani Agent.

You can also send the money direct to your Mpesa or someone else’s Mpesa

2. MCo-opCash Business plus loan

This loan is available to business people who have operated a co-op bank business account for at least 6 months.

Depending on your turnover and CRB score, you can apply for a minimum of Ksh100 up to a maximum of Ksh1,000,000.

The loan amount is deposited in your MCo-opCash account, less a one-off appraisal fee of 3% of the loan amount applied for, commission of 1.5% per month of loan amount applied and an insurance of 0.034% pm.

You can withdraw cash at any Co-op Bank ATM or Co-op Kwa Jirani Agent. You can also send the money direct to your Mpesa or someone else’s Mpesa

How To Repay MCo-opCash Loan From The App

Once you get the MCo-opCash loan that you qualify for, you can easily repay the loan by following the steps outlined below.

  1. Log into MCo-opCash by dialing *667# or through the MCo-opCash app
  2. Select ‘LOANS’
  3. Select ‘PAY LOAN’
  4. Follow instructions
  5. Your Mpesa number or someone else’s Mpesa number, through Co-operative bank paybill number 400200. Account number: your business account.

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Final Thoughts

The Co-operative bank MCo-opCash app has made banking easy and accessible. You just need a smart phone with internet connection and you will be holding your ban in your palm.