We have unveiled a new way of funds collection to make it easier for our MSME (Business category) members. Unlike the old method where members had to memorize every account number for different accounts such as loans account and savings accounts, members will now channel their contributions to a single account which will then distribute the funds to appropriate accounts.
The purpose of this single code is to make it easier for members to make timely payments to various accounts. The old method of funds collection was prone to errors especially when sending money to different accounts. Missing a digit in the account number would result in the money not reaching the right account on time hence causing default.
How it works
Members will now be required to put their ID Number and the code 0105 (e.g ID#0105) to deposit money which will then proportionately be distributed to other accounts such as risk, loan, share capital, and savings.
Example
If you send Ksh. 5000 to the Micro Credit Savings Account (0105) with a loan repayment of Ksh.2500 PM, Deposit contribution of Ksh.1200 PM, Risk Cover Contribution of Ksh. 100 and Share Capital Contribution of Ksh. 100, your distribution for the month will be as follows.
Micro Credit Premiums – Ksh. 1200
Risk Cover – Ksh. 100
Share Capital – Ksh. 100
Loan – ksh 2500
NB: The remaining Ksh 1100 will be taken to either loan if you have an active one or savings.
How to deposit money
- Go to Lipa na M-PESA
- Select Pay Bill
- Enter Business no. : 926500
- Enter Account no: ID#0105
- Enter you M-Pesa pin and send
Consult with your field Officer (Mwalimu) for any questions about the new method.
