Equity Bank and M-PESA are two prominent financial services in Kenya that have transformed the way people handle their money. Equity Bank, a leading commercial bank, offers a wide range of banking services and products to its customers, including savings accounts, loans, and investments. On the other hand, M-PESA, a mobile money transfer and payment platform, provides a convenient and accessible way for individuals to send, receive, and store money using their mobile phones. The partnership between Equity Bank and M-PESA allows customers to seamlessly transfer funds between their Equity Bank accounts and M-PESA wallets, enabling greater financial flexibility and accessibility. This integration has played a crucial role in promoting financial inclusion, empowering individuals, and driving economic growth in Kenya.
In this article, we will show you how to send money from Mpesa to Equity, and also how to send money from Equity to Mpesa.
How to Deposit Money from Mpesa to Equity
To deposit money from M-PESA to Equity Bank in Kenya, you can follow these steps:
- Ensure you have sufficient funds in your M-PESA account to cover the amount you wish to deposit.
- On your phone, go to the M-PESA menu by dialing *234# or via the Safaricom Sim Tool kit.
- Select “Lipa na M-PESA” (Pay with M-PESA) from the menu.
- Choose “Pay Bill” and enter the Equity Bank Pay Bill number: 247247.
- Enter your Equity Bank account number as the account number. If you don’t know your account number, you can find it on your bank statement or contact Equity Bank customer service for assistance.
- Enter the amount you want to deposit into your Equity Bank account.
- Enter your M-PESA PIN to confirm the transaction.
- Review the details you entered and confirm the transaction.
- You will receive a confirmation message from M-PESA and Equity Bank indicating that the transaction was successful.
- Wait for a few minutes for the funds to reflect in your Equity Bank account. In some cases, it may take longer, so be patient.
How to Deposit Money from Equity to Mpesa
To deposit money from Equity Bank to M-PESA in Kenya, you can follow these steps:
- Ensure you have sufficient funds in your Equity Bank account to cover the amount you want to transfer.
- On your phone, dial *247# to access the Equity Bank mobile banking Menu or visit the Equity mobile bank App.
- Select “Eazzy Pay” from the menu options.
- Choose “Pay Bill” and enter the M-PESA Pay Bill number: 220220.
- Enter your M-PESA mobile number as the account number where you want the funds to be deposited.
- Enter the amount you want to transfer from your Equity Bank account to M-PESA.
- Enter your Equity Bank account PIN to authorize the transaction.
- Review the details you entered and confirm the transaction.
- You will receive a confirmation message from Equity Bank indicating that the transaction was successful.
- Wait for a few minutes for the funds to be credited to your M-PESA account. In some cases, it may take longer, so please be patient.
It’s worth noting that there might be transaction fees associated with transferring money from Equity Bank to M-PESA, depending on the amount being transferred. It’s advisable to check with Equity Bank for any specific fees or requirements before making the transaction.
Charges for transferring money between Equity and M-PESA
As of my knowledge cutoff in September 2021, the charges for transferring money between Equity Bank and M-PESA in Kenya are as follows:
Equity To Mpesa
- For amounts between Ksh 1 and Ksh 49, there is no charge.
- For amounts between Ksh 50 and Ksh 100, the charge is Ksh 11.
- For amounts between Ksh 101 and Ksh 500, the charge is Ksh 15.
- For amounts between Ksh 501 and Ksh 1,000, the charge is Ksh 28.
- For amounts between Ksh 1,001 and Ksh 1,500, the charge is Ksh 40.
- For amounts between Ksh 1,501 and Ksh 2,500, the charge is Ksh 55.
- For amounts between Ksh 2,501 and Ksh 3,500, the charge is Ksh 71.
- For amounts between Ksh 3,501 and Ksh 5,000, the charge is Ksh 87.
Mpesa To Equity
- For amounts between Ksh 1 and Ksh 49, there is no charge.
- For amounts between Ksh 50 and Ksh 4,999, the charge is Ksh 22.
- For amounts between Ksh 5,000 and Ksh 70,000, the charge is Ksh 27.
Please note that these charges are subject to change, and it is advisable to confirm the current fees with both Equity Bank and M-PESA before making any transactions.
Conclusion
You can easily send money from Mpesa to Equity Bank using by dialing *234#, using the MPesa app, or via the Safaricom SIM tool kit on your mobile phone. The charges for every transaction are dependent on the amount you are withdrawing. Also, you can easily transfer money from Equity Bank to Mpesa by dialing *247# or via the Equity mobile bank and following the instructions above.
