How to Get Started with the MCo-op Cash Business Plus Loan

The MCo-op Cash Business Plus Loan is a mobile loan that offers up to Ksh 1 million, repayable over a period of up to 6 months. It is available to Co-op Bank customers who have maintained an active Co-op Bank Business account for at least six months.

The MCo-op Cash Business Plus Loan is ideal for individuals, registered partnerships, limited companies, and private schools. Additionally, Co-op bank customers who have an existing loan with the bank can apply for the Business Plus Loan. The loan can also be accessed through the MCo-op cash app, even if you’re outside Kenya.

The MCo-op Cash Business Plus Loan charges an interest rate of 3% per month for the loan amount applied.

You can apply for the MCo-op Cash Business Plus Loan via USSD *667#, the web, or through the MCo-op Cash App, which is available on the Google Play Store and App Store.

After successfully completing a loan application, you will receive a confirmation message stating that the loan has been approved and the funds have been deposited into your MCo-cash account. If you don’t receive this message due to a signal issue, check your account, and if the loan wasn’t processed, submit a new application.

NOTE: If your MCo-op Cash Business Plus loan application is declined, you can visit the nearest Co-op Bank branch, call customer service on 020 2776000 / 0736 690101 / 0703 027000 or email customerservice@co-opbank.co.ke.

Read: How to Easily Apply for an M-Shwari Loan

Borrowers can apply for the loan multiple times but are only eligible for one MCo-op loan at a time. Borrowers with a loan repayment term of 2 months or longer can also top up after repaying at least one installment. For those with a one-month loan, a top-up is available within the same one-month period.

Additionally, if one has more than one registered mobile number, they can register more than one MCo-op cash account, but can only take one MCo-op cash loan at a time.

Users can increase their MCo-op Cash Business Plus Loan limit by consistently borrowing and repaying loans on time. Additionally, borrowers can sign up for a Co-op Till to receive payments, which improves their credit score and raises their Business Plus loan limit.

To check your MCo-op Business Plus Mobile Loan Balance:

1. Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
2. Select ‘LOANS’.
3. Select ‘LOAN ENQUIRIES’.
4. Select ‘LOAN BALANCE’.
5. Follow the instructions.

What should I do if I forget my MCo-op cash PIN?

1. Dial *667# and select option 1.
2. Agree to the terms and conditions by replying with 1.
3. Enter your National ID or passport number (whichever was used for MCo-op cash registration).
4. Choose one of the following options:

• Reset PIN via Mpesa transaction.
• Call the contact center at 0703 027000.

5. If you choose option 1 (Reset PIN via Mpesa transaction), an Mpesa screen will prompt you to confirm a deposit of Ksh 1.00 to your MCo-op cash account by entering your Mpesa PIN. If the wrong Mpesa PIN is entered, you will need to repeat the process.
6. Once you enter the correct Mpesa PIN, you will receive a 6-digit password via SMS. This password will expire in 30 minutes, after which you will need to repeat the process if necessary. If you don’t receive the password, contact the support team at 0703 0270000.
7. To reset your PIN:

• Redial *667# and input the 6-digit password.
• You’ll then be prompted to enter and confirm your new MCo-op cash PIN.

NOTE: You cannot reset your PIN through the MCo-op cash app.

To repay your MCo-op Business Plus Mobile Loan:

1. Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
2. Select ‘LOANS’.
3. Select ‘PAY LOAN’.
4. Follow the instructions to repay your loan.

NOTE: If a borrower defaults on the MCo-op Cash Business Plus Loan, the loan may be deducted on any of their other Co-op bank accounts.