Looking to transfer money from Mpesa to Equity account? The process is simple and straightforward and can be completed in simple steps as shown in this guide.
Nowadays, money in the bank serves many benefits; paying bills and saving for further uses are just some of the benefits of holding money in a bank account.
Equity bank is one of the largest banks within the Kenyan territory.
Equity Bank offers a full range of financial solutions, including online and mobile banking, commercial loans, consumer banking, and mortgage loans, treasury management service, the best solutions for your business, and absolutely zero ATM fees, anywhere.
M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones.
Transferring money from M-Pesa to Equity bank account is a easy and straightforward process. The best is, mobile phone-based money transfer service lets you transfer money from your M-Pesa account to your Equity bank account at a cheaper rate as compared to that other competitors.
This means, you can deposit money from M-Pesa to an Equity bank account at very little fees.
Confused about where to start? Read on.
That said, this article focuses on showing you how to transfer money from Mpesa to Equity bank account.
Table of Contents
What is Mpesa?
M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones.
M-Pesa was made available as an alternative method for people to access financial services in the Kenyan Territory.
M-Pesa was introduced in 2007 by Safaricom, the leading mobile phone provider in Kenya. The service combines two distinct entities, where M in Swahili stands for mobile and Pesa for money or payment.
Financial inclusion, which primarily targets an underbanked or unbanked segment of people, is one of the driving forces behind Fintech developments like M-Pesa.
M-Pesa aims to involve locals who don't have access to banks or who are unable to make the necessary minimum deposits in the age of digital banking.
The success of this effort depends on collaboration amongst several sectors to share data and create a useful digital platform.
In sub-Saharan Africa, where the banking and telecommunications industries are collaborating to build mobile banking services for people with limited access to traditional banking, this cross-communication strategy adopted by M-Pesa is evolving rapidly.
What is Equity Bank?
Equity Bank, based in Kansas, Missouri, Arkansas, and Oklahoma in the USA, is a $5 billion bank with corporate offices in Wichita, Kansas and 70 full-service bank offices.
A wide range of financial services are provided by Equity Bank, including online and mobile banking, consumer and business banking, mortgage loans, treasury management, the best business solutions, and absolutely no ATM fees, wherever.
What You Require to Sign Up for Equity Bank
- Individuals (singly or jointly) -Original Identification document & KRA Pin
- Registered Groups - Registration Certificate, Constitution, minutes of resolution to open account certified by the District Social Development officer (DSDO).
- An introduction letter from the DSDO
- Registered Business- see account opening requirements for different entities.
How to Sign Up for Equity Bank
- Download the application form
- Present the filled out form and necessary documents to the nearest Equity branch.
- The bank will then process your application and you can start banking with us.
- For any further clarification, fill the form below and we will get back to you.
Can I Send Money from Mpesa to Equity Account?
Many might be doubting if a deposit from Mpesa to Equity account can be possible. But yes, you can send or transfer money from Mpesa to Equity account.
The process is simple and straightforward and can be completed in just a few steps.
How to Transfer Money from Mpesa to Equity Account
Going to the bank frequently in person can be the least favorite activity whether you operate a business or have a big list of tasks to complete.
You can now transfer money from M-Pesa to Equity account thanks to evolvement of technology.
As opposed to waiting in line at ATMs, sending money to a bank account using your Safaricom SIM card is safer, quicker, and more efficient.
Since everything is done online, every transaction has instant validity.
Customers can use it to access both Equity and Safaricom goods and services. With that said, here is a simple way for sending money from M-Pesa to an Equity account.
- Go to the Safaricom SIM tool kit menu or dial the USSD *334#.
- Click on M-PESA.
- Tap on "Lipa na M-PESA" then "Pay Bill" option.
- Tap "Enter business no."
- Enter the Equity bank paybill number "247247" as the business number.
- Click on "Account number."
- Key in your Equity account number or the recipients.
- Enter the amount you wish to send.
- Key in your M-Pesa PIN
- Confirm the details. If everything is accurate, hit the send button.
- A pop-up window will show up asking you to confirm the transfer. At this stage, you also have the option to stop the whole transaction by entering any number or letter. If the details are correct, pressing Cancel allows the transaction to be completed.
- A confirmation SMS from both M-Pesa and Equity will be sent to your Safaricom line. The message acts as evidence that you indeed sent the money and that the individual received it.
M-Pesa to Equity Bank Charges
The fees for depositing money from Safaricom M-Pesa to Equity account are affordable and cheaper as compared to that of other competitors.
But it also depends on how much you want to transfer. The M-Pesa calculator, which is accessible on their official website, is the quickest and simplest way to know the rates or fees you will pay.
Visit the Safaricom website and select the M-Pesa tab to go to the simple calculator. When you click M-Pesa rates, a calculator annotated "Get the M-Pesa rates" will displayin the right-hand corner. Click the "Find Rates" button after entering the amount you want to deposit to the Equity bank account. The rate that applies to the specified amount will be displayed right away.
What are the Benefits of Transferring/Depositing Money from M-Pesa to Equity Account?
Sending money from M-Pesa to Equity account comes with lots of benefits.
Of course, there are M-Pesa transaction fees involved, but they're reasonable given the convenience they provide. The following are some benefits of sending money from M-Pesa to Equity Bank:
- Fast money transfer – the money is transferred in minutes, so if you need money in your bank account for other transactions, you can get it in minutes.
- Convenient – with many people living a busy life, making deposits in the bank can be hectic. Convenience to do everything on your phone is everything you need.
- Affordable – when moving money from M-Pesa to Equity, you will pay M-Pesa transaction fees. However, this might be cheaper than going to the bank to make a deposit.
- Safe – You do not have to carry cash around. All you have to do is move the money from M-Pesa to the bank without the stress of carrying money in bulk.
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Final Thoughts
M-Pesa is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya.
Equity bank offers a wide range of financial services which lets users manage their funds in the most convenient way ever.
Transferring money from M-Pesa to Equity account is an easy and straightforward process. Keep in mind that you'll need to an Equitel SIM card to transfer the funds, and a the transfer might incur charges depending on the amount to be transferred.
References:
https://www.investopedia.com/terms/m/mpesa.asp
https://en.wikipedia.org/wiki/Equity_Bank_Kenya_Limited
https://www.tuko.co.ke/263952-how-send-money-mpesa-equity-account.html
https://nasonga.com/mpesa-to-equity/