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How to Deposit Money from M-PESA to KCB

How to Deposit Money from M-PESA to KCB

M-PESA to KCB: KCB Bank Kenya Limited, commonly referred to as KCB Bank Kenya or simply KCB, is one of the largest and oldest commercial banks in Kenya. It is a subsidiary of KCB Group, which is a leading financial institution in East Africa.

KCB Bank Kenya was established in 1896 as the National Bank of India. It later transformed into the National and Grindlays Bank after a merger.

In 1970, the government of Kenya acquired a majority stake, and the bank became fully government-owned. In 1995, it was privatized and rebranded as Kenya Commercial Bank Limited. In 2015, it changed its name to KCB Bank Kenya Limited.

How to withdraw money from KCB and deposit it to the 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 finalize the prompt.
  • You will be notified of the deposit in your M-PESA account via SMS. 

How to deposit money from M-PESA to Your Account

Transferring money from M-PESA to your account is quite simple and here’s how:

  • First, go to your M-PESA menu.
  • Choose “Lipa na Mpesa”.
  • Enter the PayBill number – 522522
  • Afterward, 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 from 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! 

KCB Bank is known for its innovative mobile banking platform called “KCB M-Pesa,” a partnership with Safaricom’s M-Pesa service, which allows customers to access banking services through their mobile phones.

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Written by The County Info

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