How to Withdraw Money Using Mpesa

How to Withdraw Money Using Mpesa
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Introduction

M-Pesa is a very popular money transfer service all over Kenya and other African countries, even though there is no M-Pesa international money transfer. It boasts of an easy-to-use system that allows users to withdraw or send money using their mobile phone from any location in the country without physically having to go to a bank.

M-Pesa also offers different services like M-Shwari, M-Kesho, M-Tiba, and much more. This is all dependent on the region where you get to access the M-Pesa services from.

M-Pesa also has a mobile money transfer system that allows you to deposit and withdraw your monies instantly. This means that most people are opting for this type of method when it comes to managing their finances.

But how do you get started on how to withdraw money using M-Pesa? Are there any charges attached with M-Pesa? What about the mpesa maximum limit and the mpesa withdrawal limit? For those who are interested in how they can handle their finances using the services provided by M-Pesa, then read on as we take you through all that you need to know about It.

The M-Pesa brand is synonymous with color green

How to Register for M-Pesa Services

You won’t be able to know how to withdraw money using M-Pesa unless you have registered to a network compatible with it. Registering for M-Pesa services you only need to have a number from Safaricom/ Vodafone. To register:

a)      Go to the STK application on your phone.

b)     Choose M-Pesa and you will be prompted to directly activate it.

c)      Click on the activate button

d)     You will be required to fill in some personal information on your phone including your name, ID number, and then set the PIN that you will be using. The PIN is usually a 4-digit code that you should keep secret at all times.

e)     After confirming the details step by step, you will wait for a few seconds, probably a minute at most and customer care will reach back telling you that the M-Pesa service has been activated on your phone.

Easy right? That’s just how to withdraw money using M-Pesa.

How to Top Up Your M-Pesa Account

Depositing funds to your M-Pesa account is as easy as ABC. Just follow these simple steps:

a)      You have to go to an M-Pesa agent with your phone, ID, and the money you intend to deposit into your account.

b)     The agent will take your phone, enter some details and send a message to the M-Pesa server telling how much you have deposited.

c)      In a matter of seconds, you will receive a text message from M-Pesa showing you how much money has been deposited into your account.

You can also deposit money into M-Pesa by sending it through online or mobile banking. It gets even easier when it comes to sending money to someone. All you have to do is follow the simple steps that will be listed on your STK application, M-Pesa service.

How to Withdraw Money Using M-Pesa

This is another option that will require you to find an M-Pesa agent, something that won’t be much of a problem.

a)      Head to the M-Pesa STK application and click on M-Pesa

b)     You will see the Withdraw Money option, click it

c)      The next few steps will require you to fill in the M-Pesa agent number and how much you intend to withdraw and then enter your PIN

d)     Confirm the transaction and give it a few seconds and you will receive a notification showing that the funds have been withdrawn

e)     You will be asked for your ID number then the funds will be given to you by the M-Pesa agent.

Another thing that needs to be said concerning how to withdraw money using M-Pesa is that there is an mpesa withdrawal limit. This amount was put into place as a security measure but if the withdrawal request exceeds this limit, it will need to be processed separately.

However due to the increase in M-Pesa service usage across the country the mpesa withdrawal limit was increased to a person being able to fully transact KSH 300,000 in a day.

M-Pesa has a straightforward withdrawal process

How to Withdraw Money from Till Number

To withdraw money from till number to an mpesa account of your choice, you’ll need the nominated number, which is the number you used when applying for the till.

  1. Use the nominated number to dial *234#
  2. Choose the Mpesa Business Till Option
  3. Key in your store number. This is a special number that you’re given when registering your till.
  4. Choose the “Withdraw Funds” option
  5. Choose the “Withdraw Funds to My Number” option in the resulting menu
  6. Key in the amount you wish to withdraw, your operator id and your password

Pros and Cons of Using M-Pesa

Pros of Using M-Pesa

i.                    M-Pesa Security is one of the reasons that you can save your money. It is close to being fully hack-proof with a person having no way of touching your money unless they have all your details.

ii.                  The transactions are cheap when compared to other payment methods and money transfer methods just not for M-Pesa international money transfers.

iii.                M-Pesa is convenient. It is easy to access and you can transact how much value of money you want how many days of the month. Though maximum mpesa transaction limits exist, most people find them adequate for their needs.

iv.                It is more accessible than any other method of payment given that it’s a mobile payment system. Plus, M-Pesa agents are so many that you are assured you won’t go more than a single block without spotting several M-Pesa agents.

v.                  The customer support is easy to get through their phone number or the codes that you are provided for.

Cons of Using M-Pesa

i.                    The information about users that has been leaked online shows how susceptible the system could be.

ii.                  Another con would be if your mobile phone is stolen then all your account details are readily available for someone else to use thus exposing your privacy.

iii.                There is no way how one can cancel or reverse an M-Pesa transaction after it has been sent hence very risky especially when sending money to a wrong number accidentally.

iv.                There have been increased scams where people try and source out your M-Pesa details and take the money away from you. However, Safaricom has increased its measures reducing such cases.

v. The maximum mpesa transaction limits may be a bother for people moving huge sums of money through mobile transfer.

Pros and Cons of Using M-Pesa
ProsCons
Top notch security for your moneyReversing wrong transactions can be troublesome
Convenience and ease of access Rising number of M-Pesa scams
Great accessibility There have been cases of personal information leaked online
Excellent customer service
Relatively cheap transactions

FAQs

Is there a Better Payment Method in Kenya than M-Pesa?

There is no other payment method that has been widely accepted as M-Pesa, from small businesses to the biggest companies. This makes it the best option that you can use to pay for services. These days you can ever reverse M-Pesa transactions that are wrong.

Thanks to features like Till Number and Pay Bill numbers, then you are able to take care of all your bills at the comfort of your phone and pay for goods and services without having to withdraw the money.

How Long Does It Take to Transact?

This is dependent on your location. If you are using M-Pesa in Kenya, then the service normally takes less than a minute to complete. However, if you are outside of Kenya, it may take a while longer for the transactions to be completed.

Maximum Amount to Send Via Mpesa

There is a maximum amount of money that you can transact with M-Pesa in a day. The amount differs from one country to another. For example, in Kenya, the maximum amount to send via mpesa is Kshs 300,000 in the day for everyone.

However, this mpesa maximum limit may be increased if you happen to be the type of person who transacts huge amounts of money in a day. There are people with limits that are as high as a million Kenyan shillings in a day.

The maximum transaction amount on M-Pesa is ksh 300,000

Maximum Mpesa Transaction: What Is the Minimum Mpesa Deposit Limit?

It depends on the mobile provider that you use. Some may allow transactions as low as 5 dollars while others do not allow transactions for less than 10 dollars.

Payments can be made as low as five cents if making them through M-Pesa kiosks. Payment through M-Pesa agents requires a minimum transaction size of 20 KES.

What Is the Maximum Mpesa Deposit Limit Per Day?

It is a common misconception that there is no such thing as a maximum amount on how much you can deposit into your M-Pesa account. However, it depends on how many transactions you have done for the day and how much money you are allowed to spend per day.

Since the mpesa maximum limit is sh 300,000, the maximum mpesa deposit limit per day is sh 300,000 if your account balance is zero.

You cannot exceed this amount or else the next time you try to make a withdrawal, deduct 10 dollars from your balance at any POS machines or ATMs. However, if the withdrawals are at M-Pesa kiosks make sure that you have only done one transaction per day.

Can you Transact M-Pesa with International Clients?

Yes, you can use M-Pesa for transacting with friends and family members who are outside Kenya. However, international transactions on M-Pesa are subject to charges (though you can send money via agent locations).

If you want to transact with non-Kenyans through an ATM or POS terminals, then it is possible but the clients must have a credit account at the bank that hosts the machine where they will receive their money from.

This facility becomes even more important when you want to withdraw cash from an ATM since banks do not charge transaction fees for withdrawals within the same network of ATMs which means free withdrawals.

Final Take

Now that you have learned how to withdraw money using M-Pesa and different maximum mpesa transactions, you probably understand the advantages that come with it. Now you can transfer money while at the comfort of your home and you can have your money still in your pocket but in the safest way possible.

It is always advisable that you carry your ID with you every time that you think that you are going to withdraw or deposit money. M-Pesa will remain among the best payment option in the region, all the more reason for you to sign up for its services.

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