MPesa 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. Knowing how to deposit money from MPesa to Equity can be a convenient and efficient way to manage your financial transactions, whether you are an individual or a business owner.
In this article, we will provide a step-by-step guide on how to deposit money from MPesa to Equity, as well as some tips for making a smooth and secure transfer. Whether you are looking to deposit funds into your Equity account or transfer money from your Equity account to your MPesa account, this guide will provide you with all the information you need to complete the process easily.
STEP 1: Open your MPesa menu and choose “Lisa na MPesa.”
STEP 2: Choose the “Pay Bill” option.
STEP 3: Enter the Equity Bank paybill number, which is 247247.
STEP 4: Enter your Equity Bank account number as the “Account Number.”
STEP 5: Enter the amount you want to transfer from MPesa to Equity Bank.
STEP 6: Enter your MPesa PIN to confirm the transaction.
STEP 7: A confirmation code will be sent to your phone with the details of the transaction for your reference.
It's important to note that there may be fees associated with transferring money from MPesa to Equity. The exact amount will depend on the amount of money 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.
Equity Bank is a financial services provider that has made a significant impact in Kenya and other African countries. It was founded in 1984 as Equity Building Society but later transformed into a full-fledged commercial bank in the 1990s. Today, it is the largest bank in Kenya, serving over 10 million customers and operating over 350 branches across the country.
This bank has made a significant effort to reach underserved and unbanked populations, especially in rural areas, through a range of products and services, such as micro-loans and mobile banking. It has also played a role in driving economic growth and development in Kenya through initiatives like the Equity Group Foundation and the Equity Accelerator, which provide grants and support to small businesses and young entrepreneurs, respectively.
In terms of financial performance, Equity Bank has consistently recorded strong growth. Its net profit rose by 15% to KES 24.6 billion (about $230 million) in 2020, compared to KES 21.3 billion (about $200 million) in 2019. Its total assets also grew by 9% to KES 623.5 billion (about $5.9 billion) in 2020.
This bank has received numerous awards and accolades for its financial performance and efforts toward financial inclusion. It has been named the "Best Bank in Kenya" by Global Finance magazine for six consecutive years, and has been recognized as one of the top employers in Kenya and included on the Forbes list of "Best Employers in Africa" for three consecutive years.
Overall, Equity Bank has made a lasting impact in Kenya through its focus on financial inclusion and efforts toward economic growth and development.
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.
The partnership 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 between M-Pesa and Equity Bank has been a highly successful one, and its 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.
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, then IntaSend is the way to go. IntaSend, thanks to its “Business Payments” feature, allows you to send payments directly to anyone in Kenya. Whether to MPesa mobile wallets or directly to bank accounts, IntaSend can handle all your disbursements and payouts. This special IntaSend feature also lets you settle bulk B2B invoices conveniently.
To access this feature, you need an IntaSend account, which you can create here if you don’t already have one. You’ll be asked to provide some important business documents to verify your business, after which you can start sending and receiving business payments.
The specific charges that apply to the transfer will depend on the amount of money you are sending 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 costs associated with the transfer.
Yes, it is possible to send money from MPesa to Equity Bank. To do so, you will need to have an active MPesa account and an Equity Bank account, and 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. Please note that there may be fees associated with using the service.
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 the customer service department of your bank for assistance.
Sending money from MPesa to Equity Bank might initially seem like a difficult task to process. However, it’s one of the easiest things to do, and we’ve proven that by providing a detailed, step-by-step guide that shows the whole process. Remember, you will be required to provide the Equity Bank paybill number, which is 247247, as well as the Equity Bank account number of the account you’re sending to from MPesa.
Cover Photo Yu.co.ke