Loop by CBA (Commercial Bank of Africa) is a popular mobile banking solution in Kenya, designed for individuals who prefer convenient digital banking services. One of the primary ways to deposit money into your Loop account is by using M-Pesa, Kenya’s leading mobile money platform. This guide outlines the steps to successfully deposit funds into your Loop account via M-Pesa.
1. Understanding the Benefits of Using Loop and M-Pesa
Loop offers various banking services such as savings, loans, and payments, making it an ideal choice for many Kenyans. By using M-Pesa to deposit into your Loop account, you enjoy:
- Instant transfer of funds
- Ease of access anywhere, anytime
- Secure transactions
Now, let’s dive into the steps to deposit money using M-Pesa.
2. Requirements for Depositing Money via M-Pesa
Before you begin, ensure you have:
- A registered M-Pesa account with sufficient funds.
- Your Loop account number (phone number linked to Loop).
3. Step-by-Step Process to Deposit Money into Loop via M-Pesa
Step 1: Access the M-Pesa Menu
- On your phone, dial
*334#or open the M-Pesa app.
Step 2: Select “Lipa na M-Pesa”
- From the M-Pesa menu, choose “Lipa na M-Pesa”.
Step 3: Choose “Pay Bill”
- Select “Pay Bill” from the available options.
Step 4: Enter the Loop Pay Bill Number
- The Loop Pay Bill number is 714777.
Step 5: Enter Your Loop Account Number
- In the account number field, enter your Loop phone number (this is the phone number you used when signing up for Loop).
Step 6: Enter the Amount You Want to Deposit
- Specify the amount of money you wish to transfer to your Loop account.
Step 7: Enter Your M-Pesa PIN
- Input your M-Pesa PIN to authorize the transaction.
Step 8: Confirm the Transaction
- Review the details and confirm the payment. You will receive two SMS notifications: one from M-Pesa confirming the payment and another from Loop confirming the deposit into your account.
4. M-Pesa Charges for Depositing into Loop
When using M-Pesa to deposit money into your Loop account, standard M-Pesa Pay Bill charges will apply. The fees are based on the amount you are transferring and can range between KSh 0 to KSh 105.
5. Troubleshooting Common Issues
In case of delays or errors during the transfer, here are a few troubleshooting steps:
- Ensure that you have entered the correct Pay Bill number (714777) and the correct account number (your Loop-registered phone number).
- Verify that your M-Pesa account has sufficient funds, including enough to cover the transaction fees.
- If the transaction is still unsuccessful, contact Loop customer support or Safaricom for assistance.
6. Checking Your Loop Account Balance
After completing the deposit, you can check your balance through the Loop app or by logging into the Loop website. The funds should reflect almost immediately, allowing you to begin transactions or investments.
7. Benefits of Using M-Pesa to Deposit into Loop
- Convenience: Accessible from anywhere with mobile coverage.
- Speed: Instant transfer of funds to your Loop account.
- Security: Transactions are encrypted and safe.
8. How to Ensure Security During M-Pesa Transactions
To protect your finances during mobile banking:
- Always double-check the Pay Bill number and your account number.
- Keep your M-Pesa PIN confidential.
- Report any suspicious activity to Safaricom or CBA Loop immediately.
9. Frequently Asked Questions (FAQs)
1. How do I check my Loop payment account balances?
- Access the Loop app.
- Select ‘My Accounts.’
- Select your ‘payment’ wallet.
- Click on the four asterisks (****) to view your balance.
2. How do I check my Loop bank account balances?
- Access the Loop app.
- Select ‘My Accounts.’
- Select your ‘Bank.’
- Click on the four asterisks (****) to view your balance.
3. How do I top-up my Loop payment or bank account?
- Use M-Pesa PayBill (714777), Loop App, or transfer from a fellow Loop customer via “Send Money.”
- You can also top up via PesaLink, EFT, RTGS, or at NCBA branches.
4. What is Pay by Code?
- This feature allows you to pay bills or make payments directly to tills and PayBill numbers without transferring money to Mobile Money first.
5. How do I access my account statement?
- Log in to the app, select ‘Transactions,’ click on the three dots, choose the account, set transaction type and time range, and either download or email the statement.
6. I mistakenly sent money to the wrong number or till. How do I reverse the transaction?
- Use the “Get Support” option in the Loop app, raise a ticket, and submit the details for the reversal request.
7. How do I enable biometric login?
- In the Loop app, choose ‘Other sign-in options,’ select ‘Face ID,’ and follow the instructions to enable biometric login.
8. How do I invite a friend to Loop?
- Share your unique Loop code with friends using the ‘Invite a Friend’ option in the Loop app.
9. How do I save my beneficiaries’ details?
- Go to ‘Beneficiary Management’ under the ‘Cash Management’ menu, click the ‘+’ button to add a new beneficiary, and save the details for future transactions.
10. Can I add another mobile money number in addition to my registered Loop number?
- Yes, go to ‘Manage Mobile Money’ in ‘My Profile’ to add a new mobile number and verify it with a code sent to your registered email.
11. How do I link an account to multiple devices?
- Install the Loop app on the new device, log in, and follow the instructions to link the new device to your account.
12. How can I help safeguard my information?
- Do not share login credentials, always log out after your session, and choose strong passwords and PINs. Make sure to regularly change your passwords and PINs.
13. What are the charges for loading funds into Loop Bank Account or Loop Wallet?
- There are no charges for receiving funds into your Loop account.
14. Can I set up standing orders on Loop?
- Yes, you can use the standing orders feature in the Loop app to automate regular bill payments.
15. Is there a minimum amount I can deposit using M-Pesa?
No, there is no specified minimum amount for depositing via M-Pesa into Loop, but M-Pesa has a minimum transaction of KSh 1.
Depositing money into your Loop account using M-Pesa is a quick and secure process that enhances your digital banking experience. By following the simple steps above, you can easily transfer funds and access various Loop services. Whether you are making a payment, saving for a goal, or managing your day-to-day finances, M-Pesa and Loop provide the convenience and security needed in today’s fast-paced environment.
