If you are a Cooperative Bank customer, you must have come across the new Coop Bank Paybill Number 400222 and felt confused. In essence, the bank now has two MPESA paybill numbers. The other is 400200 which you can read about here. So, what is the difference between the two?
Coop Bank Paybill number 400222
This paybill number is targeted for businesses and organisations which receive payments via m-pesa, for example schools, landlords and real estate companies that receive money from tenants, suppliers, etc.
The business or organisation has to apply for a free code in order to benefit from this paybill number. The code is called MCollection Business Code:
- The code is linked to your account as well as your phone number.
- Share the code with your customers or tenants.
Your customers will go to Lipa Na Mpesa, PayBill option:
- Enter PayBill Number 400222.
- Under Account No: enter Code followed by ‘#’ e.g. 123456#
- After the #, write your name or customer number e.g. 123456#Hse24 or 123456#Annie
- Enter amount.
- Enter M-Pesa PIN and confirm the transaction.
- Both you and you customer will receive a confirmation SMS.
Instant SMS for every deposit made to the account helps you reconcile accounts. You won’t have to call or text people asking for deposit confirmation as happens with 400200.
How to apply for the Coop Bank Paybill 400222 code
- Fill in an MCollection registration form at any Co-opBank branch.
- The process will be completed at the branch and you will be given your business code on the same day.
- There are no further registration requirements since the Bank already has your documents.
- You can start receiving M-Pesa payments on the same day.
- There is no charge to register for the service and no commission is charged when you receive money.