Loop Paybill: How To Deposit or Withdraw Money via M-Pesa And Charges

Digital banking services have revolutionized the way we manage our finances. One such innovative service is Loop by NCBA Bank, a digital banking platform that offers a seamless and secure way to handle your money. In this comprehensive guide, we will delve into the intricacies of using Loop's Paybill feature to deposit and withdraw money via M-Pesa, all while keeping an eye on the associated charges. Whether you're a seasoned Loop user or just getting started, this article will provide you with valuable insights to navigate the world of digital banking effortlessly.

Key Takeaways

1. Loop by NCBA Bank is a digital banking service offering a wide range of features for seamless money management.
2. The Loop Paybill number, 714777, allows users to deposit money from their M-Pesa wallets into their Loop accounts.
3. Merchants benefit from safe and fast transactions, while customers enjoy the convenience of secure payments.
4. Loop offers easy methods to transfer money within the Loop ecosystem to M-Pesa and other banks.
5. Branches across Kenya provide accessibility to Loop services, catering to customers' banking needs.
6. Additional features like Money Pools and Buy Now Pay Later enhance the banking experience.

What is the Loop Paybill Number?

The National Commercial Bank of Africa (NCBA) offers a convenient way to handle financial transactions through its digital banking service, Loop. To kickstart our journey into the world of Loop, let's begin by understanding the Loop Paybill number and how it works.

Loop Paybill number, also known as the CBA Loop Paybill number, is a unique identifier that allows Loop users to deposit money into their Loop accounts from their M-Pesa wallets. This 6-digit number, 714777, bridges your M-Pesa funds and your Loop account, enabling seamless money transfers.

Advantages of Using the Loop Paybill Number

Loop's Paybill feature offers many advantages for merchants and customers. Let's explore some of these benefits:

For Merchants:

1. Safe and Secure Transactions: Loop Paybill ensures merchants receive payments safely, with minimal risk of transaction reversals.
2. Instant Payment Confirmation: Payments made via Loop Paybill reflect in the merchant's Loop account almost immediately, reducing waiting times.
3. Build Credit History: Regular transactions through the Paybill number can help merchants build a strong credit history, improving their chances of obtaining loans.

For Customers:

1. Convenient Payments: Customers can conveniently pay for goods and services using funds from their M-Pesa wallets or MPESA Fuliza, making transactions hassle-free.
2. Safety Assurance: Paying via the Loop Paybill number eliminates concerns about the safety of your money during transactions.
3. Ease of Use: Making payments via the Paybill number follows the standard Lipa Na MPESA transaction steps, ensuring a smooth experience.

Now that we understand the advantages let's dive into the practical aspects of using the Loop Paybill number.

How to Deposit Money via Loop Paybill Number

Deposit money into your Loop account with ease using M-Pesa and the Loop Paybill number. Here's a step-by-step guide to help you complete this process effortlessly:

1. Open the Safaricom Sim Toolkit on your mobile device.
2. Navigate to the M-Pesa menu and select "Lipa na M-Pesa."
3. Choose the "Paybill" option from the list.
4. Enter the CBA Loop M-Pesa Paybill number 714777 and press "OK."
5. Enter your CBA Loop account number associated with your account as the account number and press "OK."
6. Specify the amount of money you wish to deposit and press "OK."
7. Enter your M-Pesa PIN and click "OK."
8. Verify that all the transaction details are correct and press "OK."
9. You will receive a confirmation message from M-Pesa confirming your successful deposit.
10. Loop will also notify you, indicating that the money has been deposited into your Loop account.

Please note that M-Pesa to CBA Loop charges apply. Ensure you have sufficient funds in your M-Pesa wallet to cover the transaction and any associated fees.

How to Transfer Money from Loop to Loop

Transferring money between Loop accounts is a straightforward process. Follow these steps to send money to another Loop user:

1. Log in to your CBA Loop account.
2. Click on "Payments" and then select "Send Money" (if you are using a laptop).
3. Choose 'Loop' as your medium of transfer.
4. Fill in the recipient's details.
5. Click on "Send" to complete the transaction.

Sending money within the Loop ecosystem is not only convenient but also free of charge.

How to Withdraw Money from Loop to M-Pesa

Withdraw funds from your Loop account to your M-Pesa wallet effortlessly using the Loop app or website. Here's how to do it:

1. Open the CBA Loop app or log in to the Loop website.
2. Click on "Payment."
3. Choose the "Send Money" option.
4. Select 'Mobile Money.'
5. Enter the registered M-Pesa recipient number to which you want to send the money.
6. Specify the amount you wish to send and click "Proceed."

Your funds will be transferred to your M-Pesa wallet, ready for use.

How to Withdraw Money from Loop to Other Banks

Loop provides the flexibility to withdraw money from your Loop account and transfer it to any other bank in Kenya. Follow these steps to initiate the process:

1. Open the CBA Loop app or log in to the Loop website.
2. Click on "Payment."
3. Choose the "Send Money" option.
4. Select "To Bank."
5. Pick the most suitable method for the transfer, such as 'Loop,' 'Pesalink,' 'EFT,' or 'RTGS.'
6. Enter the registered bank account number where you want to send the money.
7. Specify the amount you want to send and click "Proceed."

Your funds will be on their way to the designated bank account.

NCBA Paybill Number Charges

• For MPESA to NCBA transfers, a fixed charge of Ksh 30 per transaction applies.
• Charges for transferring money from NCBA to MPESA and Airtel Money vary based on the transfer amount.

Loop Branch Locations

Loop by NCBA Bank has conveniently located branches across Kenya to serve your banking needs. Here are some of the vital branch locations where you can access Loop services:

1. CBA Loop Mama Ngina: International Life House, Mama Ngina Street, Nairobi
2. CBA Loop The Point Mall Branch Buru Buru: The Point Mall, 1st Floor, Buru Buru Phase 4, Nairobi
3. Garden City Loop Store: Garden City Mall, 2nd Floor, Along Thika Road, Nairobi
4. Ongata Rongai Loop Store: Maasai Mall, Ground Floor, Ongata Rongai
5. Sarit Center Loop Store: Sarit Centre, Lower Ground Floor, Nairobi
6. Yaya Center Loop Store: Yaya Centre, 1st Floor, Kilimani, Nairobi

Loop has branches in other major Kenyan cities and towns, including Mombasa, Machakos, Nakuru, Eldoret, and Kisumu, making it accessible to customers nationwide.

Loop's Additional Features: Money Pools and Buy Now Pay Later

Loop doesn't stop at conventional banking services; it offers a range of additional features to enhance your banking experience:

Money Pools: If you enjoy the spirit of Harambee, Loop has a "Money Pool" feature that allows individuals to create and manage Harambees efficiently. This feature facilitates collective contributions for various purposes.

Buy Now Pay Later: While not currently active, Loop plans to introduce a "Buy Now Pay Later" feature, offering customers the convenience of making purchases and settling payments later. Keep an eye out for updates on this exciting feature.

READ ALSO: M-Pesa to Loop Charges: What You Need to Know

Conclusion

Loop by NCBA Bank is a digital banking service that prioritizes user experience, security, and convenience. From quick and easy account setup to seamless money transfers and robust budgeting tools, Loop offers a comprehensive banking solution. With its innovative features like Money Pools and the upcoming Buy Now Pay Later, Loop continues to evolve to meet the diverse financial needs of its users. Whether you're a business owner or an individual, Loop provides a platform where you can manage your finances with confidence and ease.

FAQs

What is Loop by NCBA Bank?

• Loop is a digital banking service by NCBA Bank Kenya that offers comprehensive banking experiences through mobile and web platforms.

How can I deposit money into my Loop account via M-Pesa?

• You can deposit money into your Loop account using M-Pesa by following these steps:
• Open Safaricom Sim Toolkit.
• Navigate to the M-Pesa menu and select "Lipa na M-Pesa."
• Choose the "Paybill" option and enter the CBA Loop M-Pesa Paybill number: 714777.
• Enter your CBA Loop account number, specify the amount, and complete the transaction.

What are the advantages of using the Loop Paybill number?

• Using the Loop Paybill number offers advantages such as safe and secure transactions, instant payment confirmation, and the opportunity to build a merchant credit history. Customers enjoy convenient and safe payments.

How can I transfer money from my Loop account to another Loop user?

• To transfer money within the Loop ecosystem, log in to your CBA Loop account, click on "Payments," select "Send Money," fill in the recipient's details, and click "Send."

How do I withdraw money from my Loop account to M-Pesa?

• To withdraw money from your Loop account to M-Pesa, open the CBA Loop app or website, click "Payment," choose the "Send Money" option, select 'Mobile Money,' and enter the recipient's M-Pesa number and amount.

What additional features does Loop offer?

• Loop provides features like Money Pools, allowing users to manage harambees, and plans to introduce a "Buy Now Pay Later" feature for convenient future payments.