With digital payments taking the lead in Kenya, understanding banking fees is essential for both individuals and businesses. Co-operative Bank of Kenya has updated its tariffs, providing clear guidelines on charges for MCoopCash transactions, Pesalink transfers, loans, and utility payments. Whether you’re transferring funds via Pesalink, making mobile payments, or taking out loans, this guide outlines the most crucial fees.
Below is a detailed breakdown of the latest Co-op Bank tariffs to help you manage your finances efficiently.
1. MCoopCash Transaction Limits & Fees
MCoopCash, Co-op Bank’s mobile banking solution, offers flexible transaction options, with set limits to ensure smooth transactions.
| Transaction Type | Limit (Kes) |
|---|---|
| Transactional Minimum | 10 |
| MCoopCash Transactional Maximum | 70,000 |
| Daily Limit (excluding Pesalink & mVisa) | 300,000 |
| RTGS on RBX | 500,000 |
| Pesalink Send (Daily and Transactional Maximum) | 999,999 |
| mVisa Merchant Payment | 450,000 |
| mVisa Agent Withdrawal | 100,000 |
2. Pesalink Charges
Pesalink offers seamless real-time transfers across different banks. Here’s a breakdown of fees for using Pesalink through Co-op Bank:
| Transfer Amount (Kes) | Pesalink Fee (Kes) |
|---|---|
| 10 – 1,000 | 0 |
| 1,001 – 10,000 | 42 |
| 10,001 – 50,000 | 62 |
| 50,001 – 70,000 | 82 |
| 70,001 – 100,000 | 82 |
| 100,001 – 200,000 | 112 |
| 201,000 – 500,000 | 152 |
| 501,000 – 999,999 | 152 |
3. Loan Interest Rates
Co-op Bank offers a variety of short-term loans with flexible rates depending on the loan duration.
| Loan Type | Interest Rate |
|---|---|
| 1-Month Flexi Loan | 8% one-off |
| 2-Month Flexi Loan | 10% one-off |
| 3-Month Flexi Loan | 12% one-off |
| Business Plus Loan (Kes 100K – 500K) | 2% per month & 3% appraisal fee |
| Business Plus Loan (Kes 500K – 1M) | 1.5% per month & 3% appraisal fee |
4. Co-op Bank to M-PESA Paybill Tariffs
Moving money from your Co-op Bank account to M-PESA is now easier with the following charges:
| Amount (Kes) | SFC Charge (Kes) | Bank Charge (Kes) | Total Charge (Kes) |
|---|---|---|---|
| 1 – 49 | 17 | N/A | 17 |
| 50 – 100 | 18 | N/A | 18 |
| 101 – 499 | 38 | 15 | 53 |
| 500 – 999 | 38 | 20 | 58 |
| 1,000 – 1,499 | 50 | 20 | 70 |
| 1,500 – 2,499 | 57 | 20 | 77 |
| 2,500 – 3,499 | 84 | 25 | 109 |
| 3,500 – 4,999 | 84 | 25 | 109 |
| 5,000 – 7,499 | 113 | 25 | 138 |
| 7,500 – 9,999 | 113 | 30 | 143 |
| 10,000 – 14,999 | 140 | 30 | 170 |
5. Other Bank-to-M-PESA Transfer Charges
Apart from Pesalink, you can use Co-op Bank to transfer funds directly to M-PESA using their paybill system. Here’s the fee structure for various amounts:
| Amount (Kes) | SFC Charge (Kes) | Bank Charge (Kes) | Total Charge (Kes) |
|---|---|---|---|
| 1 – 49 | 30 | N/A | 30 |
| 50 – 100 | 30 | N/A | 30 |
| 101 – 499 | 30 | 15 | 45 |
| 500 – 999 | 30 | 20 | 50 |
| 1,000 – 1,499 | 30 | 20 | 50 |
| 1,500 – 2,499 | 30 | 20 | 50 |
| 2,500 – 3,499 | 30 | 25 | 55 |
| 3,500 – 4,999 | 30 | 25 | 55 |
| 5,000 – 7,499 | 30 | 25 | 55 |
6. ATM Withdrawal Charges
Withdrawing cash from an ATM using MCoopCash is straightforward, and here are the applicable charges:
| Withdrawal Amount (Kes) | ATM Withdrawal Fee (Kes) |
|---|---|
| 10 – 1,000 | 30 |
| 1,001 – 2,500 | 40 |
| 2,501 – 5,000 | 50 |
| 5,001 – 10,000 | 50 |
| 10,001 – 20,000 | 50 |
| 20,001 – 50,000 | 80 |
| 50,001 – 70,000 | 120 |
Understanding Co-op Bank’s 2024 tariffs allows you to make informed decisions about your financial transactions. Whether you’re using MCoopCash, Pesalink, or making payments to M-PESA, this detailed tariff guide ensures that you can manage your finances effectively. Be sure to review the full tariff table to know the exact charges applicable to your transactions.
