If you want a loan backed by a major bank with lower interest rates and flexible terms, MCo-opCash by Co-operative Bank of Kenya is a top choice. You don’t need to visit a physical branch to borrow—everything is done directly from your phone.

Loan Options & Limits:

  • MCo-opCash Salary Loan: If you receive your salary through a Co-op Bank account, you can borrow from Ksh 1,000 up to Ksh 500,000. You can choose a repayment period of 1 to 3 months.

  • Business Plus Loan: For small business owners and MSMEs, Co-op Bank offers mobile loans from Ksh 100 up to Ksh 1,000,000. You get up to 6 months to repay, making it ideal for restocking inventory or scaling operations.

  • Kamilisha Overdraft: If you are paying for bills or sending cash on the Co-op Bank App and run short on funds, Kamilisha automatically tops up your balance up to Ksh 100,000.

Fees & Costs:

  • Salary Loans: Fronted with a simple appraisal fee (8% for 1 month, 10% for 2 months, or 12% for 3 months) plus statutory excise duty and credit insurance.

  • Business Loans: Monthly interest rates start at around 1.083% per month, making it one of the most affordable mobile options available.

How to Apply:

  1. Via Code: Dial *667# on your Safaricom or Airtel line.

  2. Via App: Download the Co-op Bank App from the Google Play Store or Apple App Store.

  3. Log in, navigate to LOANS, check your limit, and request your cash. Money can be sent directly to your bank account or instantly transferred to your M-Pesa wallet.

Tips to Grow Your Limit:

  • Deposit Regularly: Consistently run your business revenues, daily sales, or monthly salary through your Co-op Bank account.

  • Use Co-opTill: If you run a business, setting up a Co-opTill merchant account to collect M-Pesa payments automatically boosts your Business Plus borrowing limits.