Below are the steps you must follow to transfer money from MPesa to Standard Chartered bank account. But before we get there let’s learn some fun facts
FUN FACTS
Standard Chartered is the oldest bank in Kenya; founded in 1910 but opened its first two branches in Nairobi and Mombasa in January 1911. As of 2013, StanChart Kenya was ranked the 4th largest bank in Kenya with a total asset valuation of 220 billion.
It is currently owned by Standard Chartered Bank headquartered in London with a majority stake of 76% and a minority stake belonging to over 32,000 individuals and institutional investors on the NSE.
The Biggest Bank in Kenya based on customers (14 million) is Equity Bank; find out precise MPesa Equity transaction procedures.
Transfer money from MPesa to Standard Chartered Account
- Access MPesa menu
- Go to Lipa Na MPesa
- Select Paybill
- Enter StanChart M-Pesa Paybill Number 329329
- Input your StanChart Bank Account number
- Enter amount to send
- Input your MPesa Pin
- Click send and confirm.
These steps are pretty straight forward and easy to follow. Make sure you input the right StanChart pay bill and account numbers otherwise you’ll be calling preparing yourself for a painstakingly long process of recovering your funds.
MPesa to StanChart Charges
Most Lipa Na Mpesa transactions have no charges. This is an incentive Safaricom initiated to encourage Kenyans to adopt mobile transactions more than cash transactions. Sending money to Standard Chartered Bank of Kenya should therefore be free of charge.
However, sending money from Standard Chartered Bank to MPesa attracts a charge. These charges were put in place when the two behemoths (Safaricom and StanChart) made a deal to provide mobile banking services.
StanChart to MPesa Charges
To send money from Standard Charted Bank using mobile banking, you normally charged as follows.
| Amount Being Transacted | Cost of Transaction (Ksh) |
|---|---|
| 1 – 1,000 | 40 |
| 1001 – 5000 | 55 |
| 5,001 – 10,000 | 60 |
| 10,001 – 20,000 | 65 |
| 20,001 – 35,000 | 70 |
| 35,001 and Above | 75 |
However, when the Covid19 pandemic hit the world, the Government of Kenya made a few strides to ease the financial burden of Kenyans by requiring the elimination of charges for transfer between mobile money wallets and bank accounts.
Consequently, Standard Chartered Bank had to eliminate the charges above which means it’s currently free to send money between MPesa and Standard Chartered Bank. Although this move was a great relief to Kenyans, it resulted in a significant reduction of revenue for banks for instance Standard Chartered have been losing as much as 5 million per month.
Standard Chartered Products
StanChart provides several products to enable customers to access services at their convenience. They include:
- The Standard Chartered Mobile App
- Online Banking
- USSD Mobile Banking
- PesaLink
- Straught2Bank
Most of their services only require you to have access to a smartphone and internet connection. For instance, you can easily open a StanChart Bank account using the mobile app and start saving. Meanwhile, the online banking portal enables you to enjoy self-service no matter your location. To get advanced services, you might have to visit one of the numerous locations in Kenyan Towns.