MCo-op Cash is a product of the Co-operative Bank of Kenya that allows Co-operative Bank customers to access banking services and also loans.
Services you can access on the mobile platform include applying for loans, depositing or sending money to any Mpesa or bank accounts, withdrawing cash at Co-op bank ATMs or agents, and paying bills.
With MCo-op Cash, you can also transfer money to and from your Co-op Account or SACCO Account, buy airtime for any mobile number, pay bills, for example, KPLC, DStv, KRA Tax and Insurance, pay for goods and services, pay fees, for example, school fees or rent, and buy, sell or transfer shares.
MCo-op Cash is now offering salary loans to customers that receive their salary through their Co-op bank accounts.
The MCo-op Cash Salary Loan is available to those who receive their salary through their Co-op Bank account.
To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. You can also access it by dialing *667# on your phone.
Customers can apply for up to 1.5 times of their net salary as received in their Co-op Bank account up to a maximum of Sh200,000.
The charges on the loans are 8 per cent and are deducted up-front before the loan is deposited into your account.
The repayment for a MCo-op cash loan is 1 month or 3 months and you have to choose when applying. Either way, you will only be charged the one-off fee of 8 per cent of the loan amount.