If someone had told you ten, twenty years back that one day you would be able to send money from your bank to your mobile phone and even proceed to transact with the money without touching physical cash, you would probably dismiss them for dreaming too wildly. Today, thanks to M-PESA and its collaboration with other banks, an idea such as this is no longer a wild dream but a reality.
Whether the bank is open or not, you are able to access money from your account at any time. On top of this saving on time, it also saves a person the money that they would otherwise spend travelling to the bank to physically withdraw the cash. It’s a convenient and reliable means of accessing money that is in your bank. MPESA to bank transactions have especially come through in the times of COVID-19, because we can now perform paperless transactions, reducing the physical contact that takes place in banks.
Once the money is on your phone, you can use it to pay utility bills, pay for purchases, and money transfers. This makes Bank to M-PESA very convenient in emergencies. Alternatively, you can easily find a place to withdraw cash.
This service is available to M-PESA registered customers through USSD for Bank to M-PESA. To enjoy the service, all you have to do is register for Mobile banking with your bank and register for M-PESA at any agent outlet countrywide. Registration is free.
Once you have registered for mobile banking, you will need the shortcode that allows you to move money from your bank account into your M-PESA account conveniently. Simply dial the USSD number and follow the instructions that are displayed. The menu is different for different banks.
Alternatively, you can also move money from your M-PESA to the bank. This is a great way of saving money especially if you transfer it to a savings account. The service is automatically available via PayBill. All you need to do is go to the M-PESA Menu on your phone. Go to Lipa Na M-PESA, then select the Paybill option. Enter the bank’s business number, then the account number which is your bank account number. Enter the amount followed by your M-PESA pin. That’s it. A simple and quick process that saves you time and money.
You will soon be able to use the M-PESA Super App to transfer money to the bank. This makes it even easier and more efficient. There is a lot you can do with the new app – The New M-PESA Super App Has Amazing New Features – Here Is What You Need To Know
Here are the mobile banking shortcodes for different banks:
|BANK||Bank to M-PESA (USSD)||M-PESA to Bank (Paybill no.)|
|Comm. Bank of Africa||*654#||880100|
|Standard Chartered Bank||*722#||329329|
|Barclays Bank K LTD||*224#||303030|
|NIC Bank Limited||*488# /APP||488488|
|Family Bank Ltd||*325#||222111|
|I & M Bank Limited||*458#||542542|
|Diamond Trust Bank (DTB)||*385#||516600|
|Jamii Bora Bank||*344#||529901|
IMPERIAL BANK LTD
|Consolidated Bank LTD||*262#||508400|
|Equatorial Commercial Bank||*286#||498100|
|Gulf African Bank||*399#||985050|
|Post Office Savings Bank||*498#||200999|
|Housing Finance Company Ltd||*231#||100400|
|Bank of Africa (BOA)||*987#||972900|
|Guaranty Trust Bank||APP||910200|