KCB Bank Kenya Limited, licensed by the Central Bank of Kenya, is a bank based in the Kenyan capital, Nairobi. M-PESA is a mobile banking service that enables users to save and transfer funds from their mobile devices. M-PESA was first introduced in Kenya to provide its citizens with an alternative method of gaining access to banking services. And if you’re Kenyan, it’s highly probable that you have an account with one or both institutions. Therefore, you may want to learn how to deposit money from M-PESA to KCB in Kenya and vice versa.
How to withdraw money from KCB and deposit it to M-PESA account
Here is a step-by-step process of how to deposit money from your KCB account to your M-PESA account.
- Dial *522# on your phone and input your M-Benki PIN to begin the transaction.
- From the drop-down menu, choose “MyKash,” and then “M-Pesa.”
- Enter the amount you wish to send, up to fifty Kenyan shillings (KSh). The total cost of your transaction will be shown, alongside the amount you wish to send.
- If you’re sure everything is in order, accept and finalise the prompt.
- You will be notified of the deposit in your M-PESA account via SMS.
How to deposit money from M-PESA to KCB
Transferring money from M-PESA to a KCB account is quite simple and here’s how:
- First, go to your M-PESA menu.
- Choose “Lipa na Mpesa”.
- Enter the PayBill number – 522522
- Afterwards, type in the KCB account number of the recipient.
- Enter the amount you wish to send, then enter your M-PESA PIN and confirm to send money.
The charges for transferring money between KCB and M-PESA
KCB does not impose any fees on customers who make deposits through M-PESA. However, transferring money from an M-PESA account to KCB has charges attached. The fees associated with using M-PESA are listed below:
- Any fees associated with using USSD to connect to KCB Mobi Bank are the responsibility of the mobile service provider. If you use M-PESA, you’ll be billed 2 Kenyan Shillings.
- Balance inquiry costs 33 Kshs.
- Requesting a mini statement costs 33 Kshs.
- Checking foreign exchange rates is free.
- Transferring money from a KCB account to M-PESA costs 55 Kshs.
- Buying airtime for yourself or someone else is free
- Interest on Mobi Loans and Kopa Bill Loans is 6% per annum.
- Paycheck advances carry a monthly interest rate of 8%.
Note: There is a hack through which you can deposit money to a KCB account from M-PESA without paying the transaction charges and here’s how:
Simply open a KCB M-Benki account, which is essentially opening a KCB account through M-Pesa.
How to Open a KCB M-BENKI Through M-Pesa
- First, go to the M-PESA menu
- Choose Lipa na M-PESA
- Select Paybill and enter Paybill number 522522
- Under account, type “ID” and without spacing input your National ID Number e.g ID987654321.
- Enter the amount you wish to deposit, and then input your M-PESA PIN.
- You’ll get two SMS, one with your KCB M-BENKI Account number, and the other with your temporary PIN.
- Congratulations, you’re all set to make transfers without transaction charges!
