Life has been easier since the introduction of mobile money transfers. In addition to sending and receiving money via a virtual wallet, you can also deposit money from Mpesa to your Equity bank account.
You can deposit money from your M-pesa to any equity bank account using Equity’s paybill number, which is 247247. You can transfer up to Ksh. 300,000 per day, with the maximum amount per transaction still standing at Ksh. 150,000.
The one thing I love about depositing money from Mpesa to equity bank account is that it’s free. Also, you don’t have to worry about hacking because the money transfer is secure.
Mpesa to Equity: How to Transfer Money from Mpesa to Equity Bank
Transferring money from your SIM card is safer and faster.
You just can’t compare the convenience that comes with mobile money transfer to walking with hard cash to an Equity bank near you.
With that said, below are instructions on how to deposit money from Mpesa to Equity bank account:
- Find and select the SIM Toolkit on your phone.
- Select your Safaricom line and then M-pesa
- Choose Lipa na M-pesa then Pay Bill
- Tap on “Enter business no” and enter 247247, which is Equity’s Paybill number.
- Next, M-pesa will ask for the Account Number. Here, enter your account number or the account number to which you would like to deposit the money.
- Enter the amount you wish to send from M-pesa to Equity.
- Enter your PIN to confirm the transaction.
A window will pop up showing all your transaction requests (business number, account number, and the amount you wish to send).
Hit the OK button once you confirm that the details on the pop-up are correct. Otherwise, cancel the transaction and repeat the process from scratch.
Another pop-up window will also show. This pop-up allows you to cancel the transaction by sending any letter or number within 25 seconds if you’ve changed your mind about the transaction.
Otherwise, M-pesa will process the transaction and send you a confirmation message that you’ve successfully made a payment to the respective Equity bank account.
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Mpesa to Equity Charges
Depositing money from Mpesa to Equity bank using the Pay Bill number 247247 is free.
However, it is important to note that Safaricom may start imposing charges in the future. We just don’t know when.
Advantages of Depositing Money from M-Pesa to Equity
Depositing money to your Equity bank account or a recipient’s account from Mpesa is much a form of mobile banking that eliminates the need of being present at the bank.
And here are the advantages of using the service:
1. You Can Deposit Money from Anywhere
Depositing money to an Equity account from M-pesa is something you can do from anywhere in Kenya, as long as there’s good network coverage and money in your M-pesa account.
I also like that the process is quicker, taking not more than 2 minutes to complete.
2. You Don’t Have to Be Physically Present at the Bank
Most Kenyans prefer this form of transaction because it allows them to deposit to their Equity account even when there are no banks around.
3. Enhanced Security
This type of money transaction also reduces the use of tangible cash, hence increasing security for both businesses and customers.
4. Protects You from Corona
Paper and coin money pass through many hands that can pose a great threat to your health, especially during this Covid-19 era.
It would therefore be much safer if you considered being paid, sending payment, or depositing money to Equity banks directly from your M-pesa.
What We Don’t Like About M-pesa to Equity Transfers
What we don’t like about depositing money to Equity bank form M-pesa is the transaction confirmation delays.
There are times when transaction confirmation messages delay either on Mpesa, Equity or both.
What I like to do in such a case is to check my M-pesa balance to see if the amount I sent to Equity went to the intended account.
If the Mpesa balance is intact, it means the transaction never completed. In such an instance, the solution is to redo the transaction by following the procedure that I’ve already shared.
If your current balance is lower than the previous, it means the transaction was successful and you just have to wait a little bit longer for the transaction confirmation message.
Related
- How to Transfer Money from Mpesa to Cooperative Bank
- How to Transfer Money from Mpesa to KCB Account
Frequently Asked Questions
1. What is the Difference between Paybill and Till Number?
Mpesa Pay Bill number and Till Number are numbers chosen by Safaricom for merchants, which customers use to pay for goods and services through their mobile phones.
With that said, there’s a slight difference between the two.
The M-pesa Till Number allows you to pay businesses and individuals to their M-pesa Buy Goods Accounts.
Paybill numbers, on the other hand, are transaction codes owned by other business and customers to make payments to those businesses via M-pesa use them.
For example, 247247 is a Paybill number owned by Equity bank. If you want to transfer money from your M-pesa to any Equity bank account, you’ll use this Paybill number.
2. Does Equity Charge a Fee?
No, Equity Bank to does not charge account holders a maintenance or log fees. Users from Kenya, Rwanda, Uganda, and South Sudan can access their accounts freely.
3. Can Mpesa Hold 1 Million?
Sadly, an M-pesa account cannot hold 1 million. For now, Mpesa can only allow up to Ksh. 300,000 per account.
You will need to register up to 4 Safaricom lines to be able to deposit the 1 million shilling to an Equity bank account, but that’s not an available option either.
The only option is to make deposits of up to Ksh. 300,000 per day for four days.
4. Can I Send Money from Mpesa to Equity?
Safaricom and Equity Bank became partners back in 2019.
The partnership has made it possible for Equity account holders in Kenya to send money deposit money from their Mpesa account to Equity as well as withdraw money from their Equity account to Mpesa.
Final Thoughts
Years back, Equity and Safaricom collaborated to make it easy for Equity and Safaricom customers to transfer money from Mpesa to Equity and vice versa easily with ease.
Instead of walking with bundles of cash to the bank, you can now deposit through the Equity’s paybill number.
If anything, the digital payment system has helped a great deal in ensuring that you never get in the wrong hands with thieves that roam towns and cities looking for easy money.
Keep in mind that you won’t be able to use this service if the recipient to whom you want to send money doesn’t have an active Equity bank account.
Also, you don’t need to have your Equity bank account linked to M-pesa for this to work. In fact, M-pesa doesn’t have a function that allows its customers to link their lines to Equity bank, making M-pesa just a means to transfer money.
The only thing required for money to go to an Equity bank account is the account itself.