KCB Bank Kenya Limited, licensed by the Central Bank of Kenya, is a bank based in the Kenyan capital, Nairobi.
M-PESA is a mobile banking service that enables users to save and transfer funds from their mobile devices.
How to withdraw money from KCB and deposit it to 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 finalise the prompt.
- You will be notified of the deposit in your M-PESA account via SMS.
How to deposit money from M-PESA to KCB
Transferring money from M-PESA to a KCB account is quite simple and here’s how:
- First, go to your M-PESA menu.
- Choose “Lipa na Mpesa”.
- Enter the PayBill number – 522522
- Afterwards, 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 between 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