Equity Bank is a household name in the financial market with over 9 million active users. In an effort to improve security and enhance digital payment experience, Equity allows its customers to use Mo-pesa paybill number to send and receive payments.
Equity paybill number is 247247. Use it to make payments from your Mpesa account to any Equity bank account, including your very own. Based on the new terms and condition, the transfer of money between M-pesa and Equity bank is subject to a transaction fee.
M-pesa and Equity bank use high standard security algorithms to keep your account safe. Not to mention that they send out reminders to its customers to be careful not to fall into the traps of money launders.
The Paybill Number That Equity Bank Uses
The paybill number used by Equity bank is 247247.
You can use the Equity bank paybill to deposit funds from your Mpesa account to your Equity bank account or to a different Equity bank account.
One of the best things about Equity M-pesa service is the security. You can send money to any account without worrying about data breach.
How to Deposit Money from M-pesa to Equity Bank Account
To transfer money from your Safaricom line to your Equity bank account or to a bank account belonging to another person:
- Launch the Mpesa app (if you have a smartphone) or the Safaricom Mpesa toolkit (if you use a buttoned phone).
- Select “Lipa na Mpesa” and then Paybill.
- Enter 247247 as the business number.
- Next, enter the account number to which you would like to send the money. You can use the bank account number or the mobile phone number attached to that respective bank account.
- Enter the amount of money you wish to send to the account.
- Double check the detail to make sure they are correct then send the funds.
Wait for a confirmation message from Safaricom M-pesa to confirm the transaction was successful. You will also get a message from Equity confirming that you deposited funds in favor of your account or in favor of the person to whom you intended to send the money.
How to Transfer Money from Equity Bank to Mpesa Via the Equitel
Another option that you can use to send money from your Equity bank account to M-pesa is via the Equitel line.
Here’s how to do that:
- On your phone, head over to the Equitel SIM Toolkit.
- Select My Money from the options.
- Choose the Send/Pay option.
- Next, pick the Equity account number from which you wish to get funds and then confirm by pressing OK.
- Now, choose To Others as your option.
- On the next screen, select Mpesa and provide the Mpesa phone number to which you want to send money.
- Enter the amount of money you wish to send.
- Check the transfer details to ensure they are correct.
- Confirm the transaction by providing your Equitel PIN code.
- Select 1 to approve the transaction.
Wait for the transaction message that confirms the transfer of money from your Equity bank to your M-pesa account via the Equitel line.
How to Transfer Money from Equity to Mpesa Using USSD Code
You can use the SSD code to transfer money from your Equity bank to M-pesa account if the Equity mobile app isn’t working.
- Dial *247#.
- Choose your preferred language and the system will ask you to enter your Equity banking PIN.
- Follow the onscreen prompts, and, then, select the account from which you would like to get money.
- Choose the Withdraw option.
- Select “To Mpesa” and provide the Mpesa phone number.
- Enter the amount of money you wish to send from Equity to Mpesa
- Send the funds.
Equity bank will send you a transaction message confirming a successful transaction. You’ll also get a message from M-pesa.
M-pesa to Equity Charges
As of January 2023, M-pesa charges a fee for sending money from your M-pesa account to any Equity bank account – including your own.
Also, the charges incurred depend on the amount of money you intend to transfer. The following table is a summary of the current M-pesa to Equity bank charges:
The minimum cost of withdrawing money from an M-Pesa agent is 0.47% of the transaction amount and 20% of the transaction amount is the maximum. The lowest transfer charge for a registered user is 0.16 for Ksh. 70,000.
Frequently Asked Questions
1. How Do I Use Equity Paybill?
To use the Equity Paybill number, go to M-pesa, tap Lipa Na M-pesa, select Paybill, and then enter 247247 as the Equity Paybill number.
Enter the account number, which is your account number or the account to which you would like to deposit money. Enter the amount you want to send, and finalize by providing your PIN to verify the transaction.
2. How Do I Transfer Money from Mpesa to Equity Online
You can transfer money from Mpesa to Equity online using the Safaricom Mpesa app. Download the app, verify your account, and use the details I’ve provided above to complete your transactions.
- How to Deposit Money from M-pesa to Equity Bank
- How to Transfer Money from M-pesa to Corporative Bank
- How to Transfer Money from M-pesa to KCB Account
If there’s one thing that’s for sure, it’s that most Kenyans have adopted mobile banking.
The trend is diverse, with businesses and individuals alike now using M-pesa and Equity to make and receive payments.
Keep in mind that Safaricom chargers are small fee for sending money to an Equity Bank account. Equity also charges a transaction fee for any transfer greater than Ksh. 100 to M-pesa.