How To Load Money And Make Payments With CBA Loop Account

A few weeks ago, we informed you on how to register and unbank yourself with the new CBA Loop account. If you did not have a chance to read the article, read it here. Today, let’s talk on how you can load, and easily make your payments from the comfort of your house.

Loop is not a bank! It is a fully digital management application that helps you manage your finances, loans and investments.

It  is for this reason that you need to unbank yourself with Loop! It makes banking so unconventional! You don’t have to queue nor waste your time and resources at the bank. The only time you will ever queue is for the purchases you make.

So, before we make any payments, how do you load money onto your loop account?

Loading Money

It’s simple, there are five ways in which you can load money into your account, they include;

1. MPESA Pay bill 714777 – you can go to your M-PESA account then using the Paybill number 714777 , and your mobile phone number ( the one you used to register your Loop account with) as your account number to complete the transaction.

2. Transfer from another Loop Account– if your friend has a loop account, it’s easier, log in to your loop account using your mobile application and click on the MENU Icon on left side of the app, a dashboard of services offered by loop will pop up. Select the first option which is send money. Select if you want to send the money to a mobile or account or a bank account. Since its loading a Looper account you will select mobile, then send the money via loop. Fill in the recipients’ details, amount to send and click send.

Loop is not a bank! It is a fully digital management application that helps you manage your finances, loans and investments.

3. Transfer from a CBA Account– The third option, is for CBA account holders. With this, log in to your CBA Bank account using the CBA Bank app and select from the listed money transfer options.

4. Wire transfer from other Banks (EFT or RTGS) – With this option you can do an electronic funds transfer or a real time gross settlement to your loop account from your bank account.

5. Cash deposit at any CBA Bank –Lastly, you can visit any CBA Bank branch and ask the tellers to help you load your account with cash.

Once you load your money using any of the above five options, you are ready to go and make your payments!

 

Making Payments

Loop understands that sometimes your time is tight, that sometimes you don’t have the necessary resources required to go and make payments. For this reason, it allows you to make your payments from the comfort of your business, office, house or joint at a fast and affordable means.

The sweet part is, the payment includes not only mobile money but also looping some cash to a fellow Looper, a bank or an international recipient.

To make your payments, log in to your loop account via your mobile application, and click on the MENU Icon on left side of the app, a dashboard of services offered by loop will pop up. Select the second option named Paybill or the third option (vertically) titled Buy Goods depending on what payment you want to make.

                5 key steps to follow while Making your payments

To those Paying bills, you will click on the second option, and then search your business number or name. To make your work easier. Loop has already listed a number of common services that you might be using. They include; DSTV, GOTV, JamboJet, Safaricom and Airtel Pre-paid Airtime, Nairobi Water, Zuku Fiber, Single Business Permit, Seasonal Parking, Jambo Pay Land rates, Daily Parking, Jambo pay NHIF, KPLC Pre and Post-paid and last but not least, Star times.

Once you enter any of the above services listed above on your phone, the application will request for your account number with the biller and the amount to debit from your account. Once you are done, you will be requested to select a category of your service and then prompted to proceed on the next step.

While at this next step, a message to confirm that you are about to make a payment of x money to x shop or vendor will pop up. Once you review it as authentic, proceed to make your payment.

On the other hand, to those Buying goods, the services are less or more the same. Loop is currently doing an upgrade on this option and once they are done we will update you!

You can see more information on CBA Loop by visiting their website www.cbaloop.com

editor@biznews.co.ke