MCo-op Cash is a product of the Co-operative Bank of Kenya (Co-op Bank). It is a service that allows Co-op Bank customers to access banking services and also loans.
With Mco-op Cash, you can access the following services;
Deposit or save money
Apply and pay for a loan
Send money to another MCo-op Cash Account, Co-op Bank Account or SACCO Account
Send money to other mobile money services, for example, M-PESA
Withdraw money at a Co-op Agent or Co-op ATM
Transfer money to and from your Co-op Account or SACCO Account
Buy airtime for any mobile number
Pay bills, for example, KPLC, DStv, KRA Tax and Insurance
Pay for goods and services
Pay fees, for example, school fees or rent
Check your account balance or get a statement
Buy, sell or transfer shares
Activate SMS alerts for debits and credits
MCo-op Cash is now offering salary loans to customers that receive their salary through their Co-op bank accounts. The MCo-op Cash Salary Loan is available to those who receive their Salary through their Co-op Bank account.
1. Signing up
To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. You can also access it by dialing *667# on your phone.
Customers can apply for up to 1.5 times of their net salary as received in their Co-op Bank account up to a maximum of Ksh. 200,000.
3. Loan interest
The charges on the loans are 8% and are deducted up-front before the loan is deposited into your account.
4. Repayment period
The repayment for Mco-op cash loan is 1 month or 3 months and you have to choose when applying. Either way, you will only be charged the one-off fee of 8% of the loan amount.