How to Easily Transfer Money from Equity Bank to Mpesa: A Step-by-Step Guide

 How to Easily Transfer Money from Equity Bank to Mpesa: A Step-by-Step Guide.

Pic Credits:Tuko News

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

1. Introduction
2. What is Equity Bank?
3. What is Mpesa?
4. How to link your Equity Bank account to Mpesa
5. How to transfer money from Equity Bank to Mpesa
6. Transaction fees and limits
7. Common errors when transferring money to Mpesa
8. How to resolve common errors
9. Benefits of using Equity Bank to Mpesa
10. Security measures
11. Customer service
12. Conclusion
13. 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:

1. Dial *247# on your mobile phone
2. Select "Link account"
3. Enter your Equity Bank account number
4. Enter your Equity Bank mobile banking PIN
5. 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:

1. Dial *247# on your mobile phone
2. Select "Bank to Mpesa"
3. Enter the amount you want to transfer
4. Enter your Mpesa PIN
5. 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

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.