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How to Top Up CIC MMF using M-PESA

The CIC Money Market Fund (MMF) is a low risk investment tool for those that want to save their money while earning interest.

Compared to the traditional saving accounts offered by banks, MMFs such as the one offered by CIC have two clear advantages: they tend to offer better interest rates and two, one can access their money at any time since they have no minimum investment periods (fixed durations.)

Customers of the CIC MMF also get the opportunity to top up their accounts conveniently using M-PESA. Since CIC uses Co-operative Bank for their MMF account, the top-up basically involves sending money to their bank account via a PayBill number.

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Deposit Funds using M-PESA Pay Bill

One can use either the default CIC M-Pesa paybill number or the Co-operative Bank M-Pesa paybill.

The difference between the two paybills is that the default one doesn’t need any reconciling as the member number is declared as the account number. As such, the deposited funds will be acknowledged as received quickly and without having to contact CIC.

Comparatively, using Co-op’s paybill will require you to inform CIC that you’ve deposited the funds into their collection account. The advantage of using this route is that at the time of this writing, this paybill doesn’t attract any transaction charges. These charges may prove very costly when transferring large sums and in the long run may negate some of the interest you earn from the fund.

Let’s take a look at both methods.

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Option 1: Deposit Funds using CIC’s M-PESA Pay Bill

  1. Go to your M-PESA menu and select the Lipa na M-PESA option.
  2. Select the Pay Bill option.
  3. Select Enter business no. and enter the paybill number 600118.
  4. For the Account Number enter your CIC Member Number followed by an M e.g. if your member number is 12345 you’ll enter 12345M.
  5. Enter your M-PESA Pin to confirm the transaction.
  6. Shortly after this you’ll get an SMS from CIC confirming that you’ve successfully topped up your account. It may however take a few days for the amount to reflect in your account which you can check via the CIC Asset app or the CIC Asset Online Portal.
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Option 2: Deposit Funds using Co-op Bank M-PESA Pay Bill

  1. Go to your M-PESA menu and select the Lipa na M-PESA option.
  2. Select the Pay Bill option.
  3. Select Enter business no. and enter the paybill number 400200.
  4. Next, enter 01122190806600 which is the CIC Unit Trust Collection Account number at Co-op Bank.
  5. Enter your M-PESA Pin to confirm the transaction.
  6. You’ll then receive a confirmation SMS from M-PESA and from Co-operative Bank.
  7. Forward these two SMS to CIC customer care email address at [email protected] informing them of the deposit. Include details of your member number and/or ID number.
  8. Your deposit will be acknowledged and thereafter confirmed in a few days.
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Conclusion

Should you experience any difficulties after depositing the funds, do reach out to your account manager or email [email protected] for assistance.

As an alternative to M-PESA, you may also consider depositing funds through other avenues such as PesaLink, RTGS (usually costly but varies with bank) or find a Co-op Kwa Jirani agent near you to do a deposit.

The latter option is the most cost-effective of the three, however it requires one to have the funds in cash, making it more suitable for smaller amounts. The last option is to open a Co-op bank account and make use of internal bank transfers, which are instant and usually free.

Jumia Anniversary 2022

Kelvin Kathia

Kelvin is the editor of Tubytes. A long-standing blogger, he's passionate about writing, music and helping where he can in this little corner of the internet.

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