Updated 1 November 2026
The MCo-op Cash loan, now the Co-op Bank App Salary Loan (dial *667# or use the app), lets anyone whose salary lands in a Co-op Bank account borrow KSh 1,000 to KSh 500,000, up to 1.5 (and in some cases 2) times their net salary. You repay in 1, 2 or 3 months, and a one-off fee of 8%, 10% or 12% plus insurance and excise duty is deducted upfront. Updated November 2026.
Updated November 2026. Source: Co-operative Bank of Kenya FAQs (Co-op Bank App Salary Loan, business loans and KESONIA sections), read 1 November 2026. Co-operative Bank of Kenya is licensed by the Central Bank of Kenya. This is information, not financial advice.
MCo-op Cash loan limits and who qualifies
- Who: anyone whose salary is paid into a Co-op Bank account. Your employer does not need an agreement (MOU) with the bank.
- Which account: any Co-op account except the pure savings (Hekima) account.
- When: after at least 1 salary credit into the account.
- How much: up to 1.5 (and 2) times your net salary as received, from KSh 1,000 to a maximum of KSh 500,000.
- One loan at a time: you can register more than one phone number, but only one app loan can run at a time. You can still borrow if you have another Co-op loan, such as a personal loan.
MCo-op Cash loan charges (1, 2 or 3 months)
| Repayment period | One-off fee | Excise duty (20% of fee) | Fee plus excise on KSh 10,000 |
|---|---|---|---|
| 1 month | 8% | 1.6% | KSh 960 |
| 2 months | 10% | 2% | KSh 1,200 |
| 3 months | 12% | 2.4% | KSh 1,440 |
On top of that there is credit insurance of 0.034% a month on the loan amount. Everything is taken off before the money reaches your wallet. Co-op’s own example for a 1-month KSh 10,000 loan:
| Item | KSh |
|---|---|
| Fee (8% of 10,000) | 800 |
| Insurance (0.034% of 10,000) | 3.40 |
| Excise duty (20% of 800) | 160 |
| Total cost | 963.40 |
| Amount credited to you | 9,036.60 |
So you receive KSh 9,036.60 and repay KSh 10,000. Paying about KSh 963 for a month’s use of roughly KSh 9,000 is expensive if repeated; compare it with a bank personal loan in best banks for personal loans in Kenya.
How to apply for the MCo-op Cash (Co-op Bank App) loan
- Dial *667# or open the Co-op Bank App and log in.
- Select Loans, then the salary loan, and check your limit.
- Enter the amount and choose 1, 2 or 3 months.
- Confirm the fee shown and accept. The net amount goes to your Co-op Bank App wallet.
To check your balance: *667#, then Loans, Loan Enquiries, Loan Balance (or Eloans, Check Balance in the app). If you forget your PIN, dial *667#, reply 1, accept the terms and choose either the contact centre (0703 027 000) or security questions.
Repayment dates and what happens if you default
- Due date: loans taken between the 1st and 10th fall due on the 19th of the same month; loans taken from the 11th to the 31st fall due on the 19th of the next month.
- Automatic deduction from your salary account when due. You can also pay early from any linked Co-op account or by M-Pesa to paybill 400200, account number = your salary account.
- Top-ups: on 2- or 3-month loans after at least one instalment; on a 1-month loan you can draw more within your limit before it falls due.
- Default: Co-op can recover from your other Co-op accounts, and if you do not repay within 30 days you will be listed with CRB.
- Job loss: notify the bank and agree how you will repay.
Other Co-op Bank App loans
| Loan | Limit | Who qualifies |
|---|---|---|
| Unsecured Business Plus | KSh 100 to KSh 1,500,000 | Business account operated for at least 6 months; based on turnover and CRB score |
| Co-op Till Biashara | KSh 1,000 to KSh 1,500,000 | Merchants with a Co-op Till linked to a business account for 6 months |
| Stock Finance | KSh 1,000 to KSh 500,000 | Buying stock from Co-op’s approved anchor suppliers |
| Co-op Kwa Jirani Float | Up to KSh 200,000 | Agents; repayment from 7 days |
MCo-op Cash vs other mobile loans
The 1-month MCo-op Cash fee (8% plus excise) is in the same range as other bank mobile loans: KCB lists 8.80% for its one-month KCB M-PESA loan, and NCBA a one-time 7.5% fee per M-Shwari loan. See KCB M-Pesa vs M-Shwari and Fuliza vs M-Shwari. For bigger or longer needs a Sacco may be cheaper; see bank vs Sacco loans.
MCo-op Cash loan: frequently asked questions
How much can I borrow on MCo-op Cash?
From KSh 1,000 up to KSh 500,000, limited to 1.5 (and 2) times your net salary as received in your Co-op Bank account.
What is the MCo-op Cash interest rate?
There is no monthly interest rate quoted; instead you pay a one-off fee of 8% (1 month), 10% (2 months) or 12% (3 months), plus 0.034% a month insurance and 20% excise duty on the fee, all deducted upfront.
What is the Co-op Bank paybill for repaying the loan?
Paybill 400200, with your salary account number as the account number.
What happens if I don’t repay MCo-op Cash in 30 days?
Co-op says you will be listed with CRB, and it can recover the amount from your other Co-op Bank accounts.
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