How to Send Money Between Equity Bank & MPESA 2024

Going to the bank is the least interesting task on any to-do list. If it isn’t the long lines, it’s the banking hall restrictions, such as not answering your cell phone. That is before we discuss the dangers of carrying large amounts of money.

Given the choice, many of us would skip the trip. But how do you avoid going to the bank when you need to make a deposit?

Financial transactions have become effortless with the advent of mobile money transfer services like M-PESA and bank platforms like Equity Bank. Especially in Kenya, the trend of sending money from your M-PESA wallet to an Equity Bank account and vice versa has grown enormously.

Whether you want to deposit money into your Equity account or withdraw to your M-PESA wallet, understanding the procedure of Mpesa to Equity transactions can save you from undue financial glitches. It’s not only about convenience but also about maximizing time, ease of operation, and cost-effectiveness in transacting.

So this article will delve into how to seamlessly effectuate a Mpesa to Equity transfer and vice versa, and the subsequent Mpesa to Equity charges. Stay with us to explore this step-by-step guide to flawless money transfer between Equity Bank and M-PESA.

Table of Content

The Relationship Between Equity Bank and M-Pesa

M-Pesa is a popular mobile banking service in Kenya that enables users to send and receive money, pay bills, and access other financial services via their mobile devices.

Equity Bank, on the other hand, is one of Kenya’s largest banks, providing a diverse range of financial goods and services to individuals and businesses.

M-Pesa and Equity Bank formed a corporation in 2016 to provide M-Pesa services through Equity Bank’s Equitel mobile banking network.

This collaboration led Equity Bank clients to use M-Pesa services directly from their Equitel accounts, and vice versa. Since the partnership’s inception, M-Pesa and Equity Bank have played key roles in driving the expansion of digital payments in Kenya.

According to data from the Central Bank of Kenya, the value of mobile money transactions increased from KES 1.8 trillion (approximately $17 billion) in 2016 to KES 3.8 trillion (about $36 billion) in 2020, reflecting a 17% compound annual growth rate.

This expansion has been fueled in large part by the widespread use of mobile money platforms such as M-Pesa, as well as the rising availability of mobile banking services like those provided by Equity Bank.

The partnership between M-Pesa and Equity Bank has significantly impacted the growth of digital payments in Kenya, allowing more people to access financial services and manage their finances more easily.

Understanding the Role of M-PESA Wallet in Transactions

M-PESA Wallet is an innovative product of Safaricom that offers secure and convenient mobile money services. It operates by storing digital cash which can be used to make transactions via the mobile phone. This has resulted in more individuals using mobile wallets to transfer money, buying airtime, pay for goods and services, pay bills, or even borrow money.

M-PESA wallet not only gives its users the flexibility of transacting anytime and anywhere but also enables Equity Bank to broaden its customer base. Furthermore, Mpesa to Equity transactions save time and offer security.

Through such innovative technologies, businesses and individuals are no longer hindered by distance or time in accessing their funds or making transactions.

Overall, the M-PESA Wallet and its ability to make transactions from Mpesa to Equity Bank offers convenient, secure, and instantaneous money transfer services. These transactions play a vital role in connecting people and businesses and supporting financial inclusion.

How to Send Money From Equity Bank to M-Pesa

Sending money from your Equity Bank account to an M-Pesa wallet is a straightforward process that requires a few steps. This transfer process, often referred to as M-Pesa to Equity transfer, makes it easy for users to conveniently and securely transfer their money.

Here’s how you can send money from Equity Bank to an M-PESA wallet:

To transfer funds from your Equity Bank account, first ensure you have enough funds in your account.

Access the Equity Bank mobile banking menu by dialing *247# or visiting the Equity mobile bank App.

Select “Eazzy Pay” and enter the M-PESA Pay Bill number: 220220.

Enter your M-PESA mobile number as the account number and enter the amount you want to transfer.

To authorize the transaction, enter your Equity Bank account PIN, review the details, and confirm.

You will receive a confirmation message from Equity Bank indicating that the transaction was successful.

Allow a few minutes for the funds to be credited to your M-PESA account, which may take longer in some cases.

You will receive a confirmation message both on your Equity Bank account and M-PESA account showing that the transaction is successful.

And voila! The process is as simple as that. By following these steps, the money will be sent from your Equity Bank account to M-PESA.

This method is particularly helpful in situations where you cannot physically access Equity Bank, or if you want to send money to a loved one who uses M-PESA services. This move has also been instrumental in pushing for financial inclusion and easy access to money transfer services.

It is, however, essential to ensure that all your personal information is safe and not shared with anyone to avoid fraudulent activities. This is an effective and fast way of moving money from Equity Bank to an M-PESA wallet, proving to be an easy means of M-Pesa to Equity transfer.

Sending Money From M-Pesa to Equity

Transferring money from M-Pesa to Equity is a simple, straightforward process. You can comfortably initiate an M-Pesa to Equity transfer from the comfort of your home or office, giving you flexibility, and control over your finances at all times.

To make your transfer, ensure you have sufficient funds in your M-PESA wallet. You will also need to have the account number you wish to send the money to at Equity Bank.

Follow these steps to perform a M-Pesa to Equity transfer:

To deposit funds, make sure your M-PESA account has enough funds.

Go to the M-PESA menu by dialing *234# or using the Safaricom Sim Tool kit.

From there, select “Lipa na M-PESA” (Pay with M-PESA)

Enter the Equity Bank Pay Bill number: 247247

Enter the account number for your Equity Bank account. If you don’t know your account number, check your bank statement or contact Equity Bank.

Enter the amount you intend to deposit into your Equity Bank account.

Confirm the transaction by entering your M-PESA PIN.

Review the information you entered and approve the transaction.

M-PESA and Equity Bank will send you a message confirming the transaction’s success.

Allow a few minutes for the funds to reflect in your Equity Bank account. It may take longer in some circumstances, so please be patient.

You will also get an SMS from Equity Bank, verifying that your account has been credited with the stated amount. It is important to always keep these messages until you confirm that the transfer has indeed been reflected in your bank account.

What Are the Charges Associated with M-PESA to Equity Transfers?

A point to remember, though, is that there are associated charges that come with the most to equity transfer service. These charges primarily depend on the amount being transferred and are deducted immediately upon making the transaction.

Here’s how much it will cost you to move from Equity Bank to Mpesa in 2024. Sending amounts less than Ksh100 is free, while all other tariff bands incur transaction fees. Check out:

Transfer Amount	Charges(2024)
Ksh1 – Ksh100	FREE
Ksh101 – Ksh500	Ksh10
Ksh501 – Ksh1,000	Ksh12
Ksh1,001 – Ksh1,500	Ksh14
Ksh1,501 – Ksh2,500	Ksh23
Ksh2,501 – Ksh3,500	Ksh33
Ksh3,501 – Ksh5,000	Ksh43
Ksh5,001 – Ksh7,500	Ksh55
Ksh7,501 – Ksh20,000	Ksh65
Ksh20,001 – Ksh150,000	Ksh67

Transaction Charges Between Equity Bank and Mpesa

Other Associated Costs

Apart from the transaction charges, it’s worth noting that there could be other fees involved when transferring money. For instance, if you are withdrawing cash from an Equity ATM using your M-PESA wallet, you will be charged an ATM withdrawal fee.

It is, however, essential to remember that these M-Pesa to Equity charges may vary and are periodically reviewed by both entities. Consequently, you’re encouraged to keep yourself updated on the current rates either by visiting their websites or contacting their customer care.

Potential Benefits of Using MPESA to Equity Bank Transfer Services

Transferring funds from Mpesa to Equity has become quite common today, with individuals opting for this money transfer system due to its numerous advantages. But, what potential benefits does using Mpesa to Equity bank transfer services have to offer?

1. Speed and Convenience

Using Mpesa for Equity transfer allows individuals to send or receive funds instantaneously, all with just a few clicks. You no longer need to endure long queues at the bank to deposit or withdraw money. All transactions can be done from the comfort of your own home, workplace, or even while on the move.

2. Security

Money transferred via Mpesa to Equity is safe. Both platforms use high-level security features to protect their users from potential fraud. Additionally, you’ll get an SMS confirmation for every transaction that’s made. This allows you to monitor your M-PESA wallet and Equity Bank account effortlessly.

3. 24/7 Service

Unlike banks that operate under specific working hours, Mpesa to Equity bank transfer services are available round the clock. This is advantageous to those who may need to transact outside of regular banking hours.

4. Cost-Effective

If compared to traditional banking services, the fees charged for transferring money from your Mpesa to Equity bank account can be considerably lower. Especially when making larger transfers, using Mpesa can prove more economical.

5. Extensive Network

With the widespread adoption of Mpesa in Kenya and other parts of Africa, one can make a transaction from practically anywhere. Both the M-PESA wallet and Equity Bank have a wide network that allows for convenient money transfers from different geographical locations.

6. Utility Bill Payment

The Mpesa to Equity service also lets you pay your bills quickly and efficiently. It allows for utility bill payments such as electricity, water, and even television subscription services, saving you the trip to the respective offices.

7. Easy Access to Loans and Savings

One of the key benefits of linking your Mpesa to Equity Bank is the ease of accessing loans and savings. With this connection, you can conveniently apply for loans and track your savings directly from your M-PESA wallet.

8. Ease of Business Transactions

For business owners, this service facilitates smooth business transactions. Payments received can be instantly transferred to an Equity Bank account, aiding in proper cash flow management.

Mpesa to Equity transfer service simplifies money transfer while also delivering value in terms of cost, convenience, and security. So, whether it’s personal or business-related, Mpesa to Equity is undoubtedly an excellent financial tool to leverage.

Troubleshooting: What to Do in Case of Issues?

The integration between M-PESA and Equity Bank enables customers to seamlessly transfer money between their M-PESA wallet and Equity Bank accounts.

However, you may encounter issues while performing a transaction from M-PESA to Equity. Here is what to do if you face any challenges.

1. Check Network Status

At times, the problem may lie with the network connectivity. Ensure you have stable network coverage before making your M-PESA to Equity transfer.

2. Confirm the Transaction Details

Before completing the transaction, confirm that you have the correct Equity Bank account details. The account number, the amount to be sent, and the recipient details should be accurate to prevent errors or sending money to the wrong account.

3. Check Your M-PESA Balance

Before initiating a transfer from your M-PESA wallet to your Equity Bank account, confirm that you have sufficient funds to complete the transaction. This includes accounting for any M-PESA to Equity charges. If your balance is low, top up your M-PESA wallet before proceeding.

4. Monitor System Downtimes

There may be scheduled system updates or maintenance periods that may affect your transactions. Both M-PESA and Equity Bank will usually notify customers of such downtime, so ensure you plan your transactions outside these periods.

5. Seek Assistance

If you still experience issues despite all these checks, get in touch with customer care from either M-PESA or Equity Bank. They have 24/7 help centers that can provide you with assistance, identify the problem, and guide you on how to fix it.

Final Thoughts

The integration of MPESA and Equity Bank offers seamless and convenient transactions. The M-Pesa to Equity transfer is fast and secure, providing a simple method of transferring funds directly to your Equity Bank account from your M-PESA wallet.

It is important to understand the M-Pesa to Equity charges before initiating any transfer. Although technology has made financial transactions easier, being knowledgeable about transaction costs ensures you utilize your resources wisely.

Therefore, the convenience of transferring money between Equity Bank and M-PESA is revolutionary, adding value to users by saving time and enhancing their banking experience.

Frequently Asked Questions

Is it possible to reverse a transaction if I sent money to the wrong MPESA number from my Equity account?

Yes, it is possible to reverse a transaction, but you must act swiftly. Contact Equity Bank customer care immediately via their hotline or social media platforms and provide them with erroneous transaction details.

Is it safe to send money between Equity Bank and MPESA?

Yes, it is safe. Both Equity Bank and M-PESA use secure platforms that protect their customers’ information and transaction details.

How long does it take for the money to reflect in my account or the recipient’s MPESA account?

Normally, the transfer is instantaneous. However, in rare cases, network issues may cause a slight delay. In case of significant delays, you are advised to contact customer service.

What can I do if my transfer fails and receive a debit?

Contact Equity Bank’s customer care immediately. Provide them with your transaction details for assistance.