A trip to the bank is the least exciting item on any to-do list. If it’s not the long queues, it is all the banking hall rules, like not answering your mobile phone. That’s before we talk about the risk of carrying large sums of money.
So given a choice, many of us would avoid the trip.
But how can you avoid going to the bank when you have a deposit to make?
Well, if you accept payments through M-Pesa or find it more convenient to deposit money into your M-Pesa account at the mobile money wallet service’s many agents across Kenya, there’s a more convenient way to deposit money into your Equity bank account.
In this guide, you will learn how to send money from MPesa to Equity, as well as some tips for making a smooth and secure transfer.
The M-Pesa to Equity Bank deposit allows you to move money from your M-Pesa mobile money wallet into your Equity Bank account. It is a convenient and efficient way to manage your financial transactions, whether you are an individual or a business owner.
This convenient service saves M-Pesa users who have to deposit money into their Equity Bank account from making a trip to the banking hall. You can complete the deposit on the go or from the comfort of your home or office.
Through Equity Bank’s mobile banking platform, Equitel, account holders can also move money from their bank accounts into their M-Pesa mobile money wallets.
But who are the two entities behind this service?
M-Pesa is a popular mobile banking service in Kenya that allows users to send and receive money, pay bills, and access other financial services through their mobile phones.
Equity Bank, on the other hand, is one of the largest banks in Kenya, with a wide range of financial products and services for individuals and businesses.
The relationship between M-Pesa and Equity Bank began in 2016, when the two companies signed a partnership agreement to offer M-Pesa services through Equity Bank's mobile banking platform, Equitel.
This partnership allowed Equity Bank customers to access M-Pesa services directly from their Equitel accounts, and vice versa. Since the partnership was established, both M-Pesa and Equity Bank have played a significant role in driving the growth of digital payments in Kenya.
According to data from the Central Bank of Kenya, the value of mobile money transactions in the country grew from KES 1.8 trillion (about $17 billion) in 2016 to KES 3.8 trillion (about $36 billion) in 2020, representing a compound annual growth rate of 17%.
This growth has been driven in large part by the widespread adoption of mobile money platforms like M-Pesa and the increasing availability of mobile banking services, such as those offered by Equity Bank.
In addition to driving the growth of digital payments, the partnership between M-Pesa and Equity Bank has also provided numerous benefits for users.
For example, customers can now access a wider range of financial services through a single platform, and can more easily transfer money between their M-Pesa and Equitel accounts. This has increased convenience for users and has made it easier for them to manage their finances.
M-Pesa’s partnership with Equity Bank has enabled businesses to accept mobile payments more easily and securely, as customers no longer have to switch between different platforms. This has helped to reduce transaction costs and time and has helped to boost the growth of e-commerce in the country.
The partnership’s impact on the growth of digital payments in Kenya has been profound. It has enabled more people to access financial services and has made it easier for them to manage their finances.
Depositing money into your Equity Bank account is fast and convenient if you do it via M-Pesa. Here's how you do it:
Select Lisa na MPesa option.
You will be asked to enter the Equity Bank pay bill number. That number is 247247.
When asked to enter the account number, enter the Equity Bank account number you are depositing the money.
This is the amount you want to transfer from MPesa to your Equity Bank account.
Entering your M-Pesa PIN authorizes and confirms the deposit, so be certain that you are sending the right amount. It’s not a bad idea to count the zeros to make sure it is the correct amount.
A confirmation code will be sent to your phone with the details of the transaction for your reference. The code affirms that the deposit has been processed.
It's important to note that there may be fees associated with transferring money from MPesa to Equity. The exact M-Pesa to Equity transaction charges depend on the amount you are transferring and the specific terms and conditions of your MPesa and Equity accounts.
Be sure to check with both MPesa and Equity to understand any fees or charges that may apply to your transfer.
While online money transfers can save you the time and effort of making regular trips to the bank, they are not without risks. Below we discuss the precautions you have to take to ensure smooth and secure deposits from your M-Pesa mobile wallet to Equity bank account.
Incorrect information can cause delays or even result in the loss of your funds. Verify your information if you are unsure you have the right pay bill number or bank account number. The safest way of doing that is by inquiring with the bank itself, either by logging into your Equity account online or through their mobile banking app.
Your MPesa PIN should be a combination of letters and numbers that cannot be easily guessed by others. A weak PIN exposes your M-Pesa account in the event your mobile phone falls into the wrong hands.
Avoid using information like your date of birth, phone number, or home address as your PIN as these can be more easily obtained by hackers or scammers.
Scammers never rest. They may try to trick you into giving them access to your MPesa or Equity accounts by pretending to be a representative of the bank or mobile banking service.
If you receive a message or call that seems suspicious, do not respond or provide any personal or financial information. Instead, contact MPesa or Equity directly to verify the authenticity of the request.
Staying on top of the activity in your Equity bank account and M-Pesa mobile money wallet helps you ensure that your money is being transferred and received as expected.
By regularly checking your account statements or using the mobile banking app to monitor your accounts, you can identify any unauthorized transactions or discrepancies in your balances. This can help you catch any potential issues early on and take the necessary steps to resolve them.
You can use the M-Pesa Equity Bank service to easily transfer money from your M-Pesa mobile money wallet to your Equity bank account. For users of M-Pesa and Equitel, Equity Bank’s mobile banking platform, this is the easiest way to transfer money between the two accounts online.
The specific charges that apply to M-Pesa to Equity Banks transfers will depend on the amount of money you are moving and the specific M-Pesa tariff plan that you are on. It is a good idea to check with M-Pesa or Equity Bank for more information on the M-Pesa to Equity transaction charges.
Yes, you can send money from your M-Pesa mobile wallet to your Equity Bank account. To complete the deposit, you need to have an active MPesa account and an Equity Bank account. You will need to register for the MPesa-Equity Bank service.
Once registered, you can send money from MPesa to Equity Bank by following the steps provided in the MPesa menu. Note that there may be fees associated with using the service.
Standard M-Pesa limits apply for the M-Pesa to Equity Bank money transfer service. The maximum you can send per transaction is Kes.70,000, while the daily transactions total is capped at Kes.140,000.
To find your Equity Bank account number, you can check your bank statement, contact your bank, check online if you have online banking access, or check your account documents.
If you are still unable to find your Equity Bank account number, you can try reaching out to your bank’s customer service department for assistance.
Remember, you will be required to provide the Equity Bank pay bill number, which is 247247, as well as the Equity Bank account number of the account you’re sending to from MPesa
If you own an online business or any business whatsoever and you’re tired of paying high transaction fees whenever you disburse money to your employees, contractors, or suppliers, you should consider IntaSend.
Through our “business payments” feature, IntaSend allows you to send payments directly to anyone in Kenya. This feature also allows you to settle bulk B2B invoices safely and conveniently.
Either through your workers' or suppliers’ MPesa mobile wallets or directly to their bank accounts, IntaSend can handle all your disbursements and payouts.
To get started with business payments, you must first sign up for an IntaSend account. You’ll be asked to provide documents to verify your business. With that done, you will be good to start sending and receiving business payments.
Cover Photo Yu.co.ke