In this article, you will learn how to send money from MPesa to Equity Bank, how to withdraw your money, and also the transaction charges involved.
Equity Bank is one of the largest banks in Kenya in terms of a large customer base. It has a network of over 190 branches and 220 ATM locations throughout the country.
In this article, we’ll show you how to send money from MPESA to Equity Bank, withdraw funds from Equity Bank, and their respective charges.
How to Send Money from MPESA to Equity Bank
Here is how to transfer money from Mpesa account to Equity Bank Account in a few steps:
- Open your Mpesa Sim Toolkit
- Go to Lipa na Mpesa
- Select the Pay Bill Option
- Tap on Enter Business Number
- Key in the Equity Bank Paybill No. 247247 as the business number
- Enter your Equity Bank account number
- Input the amount to deposit
- Then enter the Mpesa pin and send.
You will receive a confirmation message from Mpesa and Equity Bank that the transaction has been processed successfully.
How to Withdraw Money from Equity to MPESA
You can use the USSD code *247# or the Equity Mobile app available for Android and iOS devices to withdraw funds from the Equity Bank account.
Additionally, you can also register for Equity Online banking services with your branch. With the Equity online services, you will access your bank statement anytime you want and also use it to initiate the process of withdrawing money from your PayPal account.
Equity Bank Transaction Charges
Now that you’ve learned how to move your money to and from your Equity Bank account let’s learn about the Equity Bank to MPesa transaction charges.
With this understanding, you must also learn about the transaction charges that come with Mpesa to Equity transfers and vice versa. This will help you plan accordingly and adjust your everyday habits to reduce transaction charges.
Effective January 1, 2023, Equity Bank announced the re-introduction of the charges for Bank to mobile wallet transactions after the Central Bank of Kenya announced the re-introduction. The fees were waived on March 16, 2020, as part of the emergency measures to facilitate the use of mobile money as part of measures to reduce the spread of COVID-19 (Coronavirus) disease.
On February 15, 2023, I&M Bank Kenya announced a waiver of transaction charges from its digital banking platform I&M On-The-Go (OTG) to mobile money wallets. This makes I&M Bank the first major Bank in Kenya to officially offer zero fees for Bank to MPESA and Airtel Money transactions.
Let’s dive into the charges for sending money from MPesa to equity and vice versa.
MPESA to Equity Bank Charges
Here are the charges for sending money from MPesa to Equity Bank account:
Effective January 1, 2023, Safaricom announced changes to the MPesa tariff applicable for sending money from MPesa to paybill numbers.
Below is the breakdown of the MPesa to Paybill charges in 2023:
|Transaction Bands (Kshs)||Paybill Charges (Kshs)|
|1 – 49||0|
|50 – 100||0|
|101 – 500||4|
|501 – 1,000||9|
|1,001 – 1,500||14|
|1,501 – 2,500||19|
|2,501 – 3,500||24|
|3,501 – 5,000||33|
|5,001 – 7,500||40|
|7,501 – 10,000||46|
|10,001 – 15,000||55|
|15,001 – 20,000||60|
|20,001 – 25,000||65|
|25,001 – 30,000||70|
|30,001 – 35,000||80|
|40,001 – 45,000||100|
|45,001 – 50,000||105|
|50,001 – 70,000||105|
|70,001 – 150,000||105|
It is good to note that the above Paybill transaction charges are determined by the sending Telco company (in this case, Safaricom), and not the banking institution.
Moreover, you can the MPesa the charges for sending money to businesses using paybill or till numbers using the mySafaricom App. Here is how to check the Mpesa to Paybill or till number charges using the Cost calculator on mySafaricom app:
- Download the app on the Google Play Store or App Store if you don’t have it already
- Install and register
- Log in to the app and tap on the MPESA button (beside the Home button)
- Tap on Account, then Tap Cost Calculator
- Select Lipa na Mpesa
- Enter Till or Paybill number and the amount you wish to transact
- Tap on “Check Transaction Cost.”
The c”st calculator also provides the option for checking the cost of sending money from MPesa to other registered MPesa users, unregistered users, ATM Withdrawal, and charges for withdrawing from an agent.
Equity Bank to MPESA and Airtel Money Charges
The table below shows a breakdown of the transfer charges for withdrawing money from Equity Bank to MPesa and Airtel Money.
|Transfer Amount (Kshs)||To MPesa (Kshs)||To Airtel Money (Kshs)|
|1 – 100||0||0|
|101 – 500||10||11|
|501 – 1,000||12||13|
|1,001 – 1,500||14||20|
|1,501 – 2,500||23||25|
|2,501 – 3,500||33||35|
|3,501 – 5,000||43||45|
|5,001 – 7,500||55||55|
|7,501 – 20,000||65||65|
|20,001 – 150,000||67||65|
What is the Equity Bank Paybill Number?
Equity Bank Paybill Number is 247247.
is sending money from MPESA to Equity free?
No. You will be charged to send money from your MPESA wallet to your Equity bank account according to be above paybill charges.
Transact to Equity Seamlessly
If you are an Equity Bank customer, you can safely and securely transact money to and from your Equity Bank account with convenience. The money is usually available within minutes after the transaction unless there is a delay with MPESA or Equity. If you face any challenges, you can contact Equity Bank customer care via social media and phone.
You have probably heard the phrase, “Every penny counts.” This is true, especially when you want to save something little during these hard financial times. Develop a plan and adjust your everyday habits as a means of cutting on the Bank to MPesa transaction charges.
Finally, with the new innovative technologies emerging, we expect to see even more innovative solutions that will further simplify financial transactions and reduce mobile money charges in Kenya and beyond.