M-Pesa to Equity Money Transfer (2024)

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Sending Money From M-Pesa to Equity Bank Account

If you’re an Equity Bank member, you can easily deposit money from your M-Pesa wallet to your bank account. This is an effective and convenient way to manage your personal and business finances.

This link between M-Pesa and Equity Bank was made possible when Equity partnered with M-Pesa, allowing its customers to access M-Pesa services through Equity’s mobile banking platform, Equitel.

Below, we look at the simple steps you need to take to deposit money from your M-Pesa wallet to your Equity bank account.

You have two options for sending money from M-Pesa to your Equity Bank account, and we’ll look at each.

Transferring Money from M-Pesa to Equity Bank Using Sim Toolkit

For this first option, we use the Safaricom Sim Toolkit. Here are the steps to follow:

1. Open the M-Pesa menu on your phone.
2. Select the “Lipa na M-Pesa option.”
3. Choose the “Paybill” from the three options.
4. You’ll be prompted to “Enter business number.” Enter the Equity pay bill number 247247.
5. You’ll be asked to enter the “Account number.” This is where you enter your Equity bank account number. Ensure you double-check the number before proceeding to the next step.
6. Enter the amount you want to deposit from your M-Pesa to your Equity Bank account.
7. Enter your M-Pesa PIN to authorize and finalize the transaction. M-Pesa prompts you to confirm the details before hitting send. It’s a good idea to look through the details for confirmation.
8. You’ll get an SMS from M-Pesa and Equity Bank notifying you of the transaction's success.

Sending Money from M-Pesa to Equity Bank Using the M-Pesa App

Many Kenyans are now using the M-Pesa app, which offers various financial services under one umbrella. It’s an even more convenient way to send money, make payments, pay bills, and make M-Pesa-to-bank transactions.

You can use the M-Pesa app to send money from your M-Pesa wallet to your Equity Bank account by taking the following steps:

1. Download and install the M-Pesa app if you haven’t already. It’s available on both the Google Play Store and the App Store. You must have a registered M-Pesa account to log into the app.
2. Log into your M-Pesa app using your M-Pesa PIN or biometrics, depending on your preference.
3. Tap the “Pay” icon on the home screen and choose “Pay bill” from the options.
4. Enter the Equity Bank pay bill number 247247
5. Enter the Equity Bank account number to which you want to send the money. Confirm this number, especially if you have multiple Equity Bank accounts.
6. Enter the amount you want to send from your M-Pesa wallet to your Equity Bank account.
7. Confirm the details and authorize the transaction. You can do so by entering your M-Pesa PIN or using your biometrics. You can enable biometric authentication by going to the account settings in the app.
8. If the transaction is successful, you’ll get SMS notifications from Equity Bank and M-Pesa.

Reasons for Unsuccessful Transaction

Sometimes, you get a message back that your transaction is not complete. There could be several reasons for this, including:

• Insufficient funds: Maybe you do not have enough money in your M-Pesa to transfer your desired amount to your Equity Bank account. The cash in your M-Pesa should cover both the amount and the transaction cost.
• Wrong PIN: You may have been inattentive and entered the wrong M-Pesa PIN. You’ll have to start the process again.
• The system is down: Sometimes, M-Pesa experiences technical hitches, and some of its services are temporarily unavailable. You can confirm if this is the case by contacting Safaricom customer care.

FAQ About Sending Money from M-Pesa to Equity

• Is sending money from M-Pesa to Equity free?

  No. Pay bill rates apply when you send money from M-Pesa to Equity Bank. The amounts will differ depending on the amount you want to send to the bank.

• What is the Equity Pay bill number?

  Equity’s official pay bill number is 247247.

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