What is MCo-opCash Salary Loan?

MCo-opCash Salary Loan is available to those who receive their Salary through a Co-op Bank account. There is no need for your employer to have an MOU (prior agreement) with the bank.

Loan features:

1. You can apply for up to 1.5 (& 2) times your net salary as received in your Co-op Bank account, from a minimum of 1000 up to a maximum of Kes 500,000.
   To apply for the loan:
   – Dial *667# download the Mco-opCash app on  Google Play store or  App Store
2. The loan amount is deposited in your MCo-opcash account, less the fee of 8% for 1 month loan, 10% for 2 months loan, and 12% for 3 months’ loan that is deducted upfront. Also deducted upfront is the insurance fee of 0.034% and an excise duty of 20%. You can transfer the money to your co-op bank account or you can withdraw cash at any Co-op Bank ATM or Co-op Kwa Jirani Agent. You can also send the money directly to your Mpesa or someone else’s Mpesa.

Frequently Asked Questions:

What are the charges?

You will be charged a one-off fee of 8% for a term of 1 month, 10% for a loan term of 2months and 12% for a loan term of 3 months, on the loan amount + 0.034% pm insurance fee (insurance is for all loan types) + excise duty of 20%. The fees are deducted upfront (i.e., before the money is deposited in your MCo-opCash wallet account). For example, if you request a loan of Kes 10,000:

What is the repayment period?

You can choose to repay the loan in 1 month, 2 months or 3 months. The total cost of the loan will vary depending on the loan term you choose to repay your loan i.e. in 1 month, 2 months or 3 months.

Can I apply for MCo-op Cash Salary loan if I have another loan with Co-op Bank, e.g. Personal Loan? Yes, you can apply for Mco-op cash salary loan if you have another loan with Co-op Bank.

Must I open a Salary Account or can my salary be paid to any Co-op Bank Account? Your salary can be received in any Co-op Bank account except the pure savings (Hekima) account.

If my salary starts being paid to a Co-op account today, how soon can I apply for an MCo-op Cash Salary Loan? You can apply for the loan after receiving at least 1 salary credit.

What if my loan application is declined? You can visit the nearest Co-op Bank branch, call customer service on 020 2776000 / 0736 690101 / 0703 027000 or email customerservice@co-opbank.co.ke.

What are some of the reasons a loan application can be declined?

1. Borrowing history.
2. Overdrawn salary account.
3. MCo-opcash loan arrears.
4. Any other Co-op loan in arrears.

How will I repay the loan? The loan repayments will automatically be deducted from your salary account when they’re due. Loans taken between 1st and 10th fall due on 19th of the same month Loans taken between 11th and 31st fall due on 19th of the following (consecutive) month.

You can also initiate payment from;

1. Your salary account or any other Co-op Bank account that you have linked to your MCo-opCash.
2. Your Mpesa number or someone else’s Mpesa number, through paybill 400200. Account number: your salary account.

How to repay your Mco-opcash loan

1. Log into MCo-opCash by dialing *667# or through the MCo-opcash app.
2. Select ‘LOANS’.
3. Select ‘PAY LOAN’.
4. Follow instructions.

How do I check my loan balance?

1. Log into MCo-opcash by dialing *667# or through the Mco-opCash app.
2. Select ‘LOANS’.
3. Select ‘LOAN ENQUIRIES’.
4. Select ‘LOAN BALANCE’.
5. Follow instructions.

Check loan Balance on the App via: Eloans >> check balance

How many times can I apply for the loan? You can apply for the loan as many times as possible, but you can only qualify for one MCo-opcash loan at a time.

If I have more than one registered mobile number, can I register for more than one Mco-opcash account and apply for several loans? You can register more than one MCo-opcash account, but you can only take one MCo-opcash loan at a time.

Can I top up my loan? Yes. If you take a loan, which you opt to pay in 2 or 3 months, you can top up the loan after paying at least one installment. When you take a 1-month loan, you are allowed to access more amount which is within your limit before the loan falls due.

Can I access MCo-opcash outside Kenya? Yes. Through the MCo-opcash app which is internet-based.

What if I lose network signal during a transaction? Whenever you successfully complete a loan application you will receive a confirmation message that the loan application is successful and the amount has been deposited in your MCo-opcash account. If you do not receive this message due to a lost signal, check your account and re-apply for the loan if it did not get processed.

What if I lose my phone? Your money is safe because your Mo-opcash PIN protects your MCo-opcash account. You are advised to block and replace your SIM card with your mobile phone service provider. With the new SIM card in place, and as long as you have maintained the same mobile number, you can continue to use your MCo-opcash through *667#. To access through the app on your new phone, you will need to visit the nearest branch in order to re-set your new phone. This is a security measure the bank has put in place to protect you from fraud.

What if I forget my MCo-opcash PIN?

1. Dial *667# and reply with 1.
2. To accept terms and conditions, reply with 1.
3. Enter your National ID or passport number (whichever you used to register for MCo-opcash).
4. Select your preferred option which is either 1. Reset PIN via Mpesa transaction.
5. If you select option 1. Reset PIN via Mpesa transaction, an Mpesa pop-up will appear requesting you to confirm a deposit of Kes 1.00 to your MCo-opcash account by entering your Mpesa PIN. If you enter the wrong Mpesa PIN you will be required to repeat the process.
6. Once you enter the Mpesa PIN, you will receive an SMS with a 6-digit password. This password expires after 30 minutes, after which you will be required to repeat the process. If you do not receive the password, call our contact center on 0703 0270000.
7. Redial *667# and enter this 6-digit password.
8. You will be asked to enter and confirm your preferred new MCo-opcash PIN.

Can I reset my PIN through the MCo-opcash app? No. the service is currently only available through *667#.

If I default on the loan, will the bank access money in my other Co-op Bank accounts? Yes.

What happens if I stop receiving my salary or I lose my job and I have borrowed? You will notify the bank about your job situation and agree on how you intend to pay the loan.

How do I withdraw cash at the ATM?

1. Log into MCo-opCash through *667# or MCo-opCash app.
2. Select WITHDRAW CASH.
3. Select ATM.
4. Follow the instructions.
5. Receive SMS with a 6-digit SECRET CODE. (valid for only 2 hours).
6. On the ATM screen, click MCO-OPCASH WITHDRAWAL.
7. Enter your MCo-opCash number, the Amount, and the Secret Code to complete the withdrawal.
8. Withdrawal at the ATM costs Kes 30 for any amount up to Kes 40,000. You can withdraw up to Kes 40,000 per transaction up to a maximum of Kes 200,000 per day.

How do I withdraw cash at a Co-op Kwa Jirani Agent?

1. Log into MCo-opCash through *667# or MCo-opCash app.
2. Select WITHDRAW CASH.
3. Select CO-OP KWA JIRANI AGENT.
4. Follow the instructions.
5. Receive SMS with a REFERENCE NUMBER.
6. Give the reference number, your MCo-opCash number, and original ID/Passport to the agent to complete the withdrawal.