How to Easily Transfer Money from Equity Bank to Mpesa: A Step-by-Step Guide.
In today's fast-paced world, financial
transactions can be done quickly and easily from the comfort of your own home.
One such transaction is transferring money from your Equity Bank account to
your Mpesa mobile wallet. In this article, we will guide you step by step on
how to bank with Equity Bank to Mpesa.
Table of Contents
- Introduction
- What
is Equity Bank? - What
is Mpesa? - How
to link your Equity Bank account to Mpesa - How
to transfer money from Equity Bank to Mpesa - Transaction
fees and limits - Common
errors when transferring money to Mpesa - How
to resolve common errors - Benefits
of using Equity Bank to Mpesa - Security
measures - Customer
service - Conclusion
- FAQs
1. Introduction
Equity Bank is a leading financial institution in
Kenya that offers a range of banking services to its customers, including
savings accounts, loans, insurance, and investment products. Mpesa, on the
other hand, is a mobile wallet service provided by Safaricom, the leading
telecommunications company in Kenya. Mpesa allows users to send and receive
money, pay bills, and buy goods and services using their mobile phones.
2. What is Equity Bank?
Equity Bank is a commercial bank that was founded
in 1984 as Equity Building Society. It was later converted into a commercial
bank in 2004, becoming the first bank in Kenya to be publicly listed on the
Nairobi Securities Exchange. Equity Bank has since grown to become one of the
largest banks in East Africa, with a presence in Kenya, Uganda, Tanzania,
Rwanda, South Sudan, and the Democratic Republic of Congo.
3. What is Mpesa?
Mpesa is a mobile wallet service that was
launched by Safaricom in 2007. It allows users to deposit, withdraw, and
transfer money using their mobile phones. Mpesa has since become a popular mode
of payment in Kenya, with over 28 million registered users as of 2021.
4. How to link your Equity Bank
account to Mpesa
Before you can transfer money from your Equity
Bank account to Mpesa, you need to link your bank account to your Mpesa
account. Here's how to do it:
- Dial
*247# on your mobile phone - Select
"Link account" - Enter
your Equity Bank account number - Enter
your Equity Bank mobile banking PIN - Confirm
the details and wait for a confirmation message
5. How to transfer money from Equity
Bank to Mpesa
Once you have linked your Equity Bank account to
Mpesa, you can transfer money from your bank account to your Mpesa wallet by
following these steps:
- Dial
*247# on your mobile phone - Select
"Bank to Mpesa" - Enter
the amount you want to transfer - Enter
your Mpesa PIN - Confirm
the details and wait for a confirmation message
6. Transaction fees and limits
There are transaction fees and limits when
transferring money from Equity Bank to Mpesa. The fees are as follows:
- Ksh
16 for transfers up to Ksh 1,000 - Ksh
28 for transfers between Ksh 1,001 and Ksh 1,500 - Ksh
40 for transfers between Ksh 1,501 and Ksh 2,500 - Ksh
55 for transfers between Ksh 2,501 and Ksh 3,500 - Ksh
87 for transfers between Ksh 3,501 and Ksh 5,000
- Ksh
97 for transfers between Ksh 5,001 and Ksh 7,500 - Ksh
102 for transfers between Ksh 7,501 and Ksh 10,000 - Ksh
105 for transfers between Ksh 10,001 and Ksh 15,000 - Ksh
105 for transfers between Ksh 15,001 and Ksh 20,000
The transaction limit for transferring money from
Equity Bank to Mpesa is Ksh 70,000 per transaction, while the daily limit is
Ksh 140,000.
7. Common errors when transferring
money to Mpesa
There are several common errors that you may
encounter when transferring money from Equity Bank to Mpesa. These include:
- Insufficient
funds in your Equity Bank account - Entering
the wrong Mpesa number - Exceeding
the transaction limits - Incorrect
PIN
8. How to resolve common errors
If you encounter any of the above errors, you can
resolve them by:
- Ensuring
that you have sufficient funds in your Equity Bank account - Double-checking
the Mpesa number you entered - Ensuring
that you do not exceed the transaction limits - Entering
the correct PIN
9. Benefits of using Equity Bank to
Mpesa
Using Equity Bank to Mpesa comes with several
benefits, including:
- Convenience:
You can transfer money from your Equity Bank account to Mpesa anytime,
anywhere. - Speed:
Transfers are usually processed instantly. - Lower
transaction fees: Equity Bank charges lower transaction fees compared to
other banks. - Higher
transaction limits: Equity Bank has higher transaction limits compared to
other banks.
10. Security measures
Equity Bank takes the security of its customers'
financial transactions seriously. The bank has implemented several security
measures to protect customers' accounts, including:
- Two-factor
authentication: Equity Bank requires customers to enter their mobile
banking PIN and a one-time password (OTP) when making transactions. - Transaction
alerts: The bank sends transaction alerts to customers' mobile phones and
email addresses for every transaction made. - Secure
mobile banking app: The Equity Bank mobile banking app is secure and uses
encryption to protect customers' personal and financial information.
11. Customer service
Equity Bank has a dedicated customer service team
that is available 24/7 to assist customers with any issues they may encounter.
Customers can contact the bank via phone, email, social media, or by visiting
any of their branches.
12. Conclusion
In conclusion, transferring money from your
Equity Bank account to Mpesa is a quick and convenient way to send money to
your loved ones or pay for goods and services. By following the simple steps
outlined in this article, you can easily link your bank account to Mpesa and
start making transactions. With the added benefits of lower transaction fees, higher
transaction limits, and robust security measures, using Equity Bank to Mpesa is
the smarter choice.
FAQs
- How
long does it take for the money to reflect in my Mpesa account after
transferring from Equity Bank?
- The
money usually reflects instantly in your Mpesa account.
- Can
I transfer money from Mpesa to my Equity Bank account?
- Yes,
you can transfer money from your Mpesa account to your Equity Bank
account.
- What
do I do if I enter the wrong Mpesa number when transferring money?
- You
should contact Mpesa customer care immediately to rectify the error.
- Is
it safe to link my Equity Bank account to Mpesa?
- Yes,
it is safe to link your Equity Bank account to Mpesa. The bank has
implemented several security measures to protect customers' accounts,
including two-factor authentication and transaction alerts.
- What
is the transaction limit for transferring money from Equity Bank to Mpesa?
- The
transaction limit for transferring money from Equity Bank to Mpesa is Ksh
70,000 per transaction, while the daily limit is Ksh 140,000.