Yes, a customer with two different credit facilities e.g. asset finance and working capital, can have different rates for each facility. If the facilities are approved at different times, the customer’s risk rating can be different for the two facilities based on changes in their financials, repayment behavior among others.

For new-to-bank borrowers, the effective interest rate shall be under the KESONIA model i.e. KESONIA Reference Rate plus a Customer Premium (“K”). This shall be determined by the applicable risk rating for the customer segment.

The Customer Premium (K) is a variable component of the overall effective interest rate.

No, each bank has developed its own risk rating model based on its risk appetite and risk evaluation criteria.

KESONIA is an interbank rate publicly published by Central Bank of Kenya (CBK) in their website on a daily basis. The Bank shall use KESONIA rates as the Lending Reference Rate for variable rate Kenya Shilling Denominated loans.

The Risk-Based Credit Pricing Model (RBCPM) is a differentiated credit pricing that is determined by the customer risk profile. Borrowers with lower risk rating get better interest rates, while higher risk borrowers would get higher interest rates. Therefore, two borrowers in the same customer segment can have different pricing based on their different risk profile.

We encourage all staff to enlighten customers on the need to bank their business sales proceeds and salaries through their accounts with us, and ensure prompt loan repayment, to improve their risk rating and in turn improve their customer pricing.

There is no charge for using this service.

HOW TO RE-SET YOUR CO-OP BANK APP PIN

In case you forget your Co-op Bank App PIN or wish to change it, you can re-set it by dialling *667#. All you need is:

1. Your National ID or Passport Number (the one you used to open your Co-opBank accounts).
2. The Safaricom number you used to register Co-op Bank App.

1. Dial *667#. Reply with 1 in case you have forgotten your PIN.
2. Replying with 1 to Accept Terms and Conditions.
3. Enter your National ID or Passport Number.
4. Select your preferred option which is either 1. Calling the Contact Center number 0703 027 000.  2. Reset Via Security Questions
5. When you select the option of Reset PIN via Security Questions, answer them
6. Enter your preferred 4-digit PIN.
7. Confirm your preferred PIN.

Yes

1. Go to Co-op Bank App
2. Select Forgot Pin
3. Enter your National ID Number and Phone Number
4. Enter Date of Birth and Email address
5. Input the OTP that is sent
6. Answer the Security Questions and Select the Security Image you set during onboarding
7. Enter your preferred Pin
8. Enter the Pin to confirm.

To reset the App/web password using USSD

1. Dial *667# and log in to Co-op Bank.
2. Select option 98: More
3. Select option 12: Self Service
4. Select Option 4: Online banking
5. Select Option 3: Reset my password.

You will receive the password via SMS.

The OTP expires in 30 minutes. If you exceed the 30 minutes before using the OTP, then you will be required to re-do the process.

If you do not receive an OTP, kindly call our contact center on 0703027000.

*I am getting the error, ‘’ your account is blocked’’ when I dial 667#. Will I be able to reset my PIN? No. You will be required to first unblock your Co-op Bank app account by calling our contact centre via 0703027000 or visiting the nearest Co-op Bank Branch.

Kindly visit your nearest branch to confirm that your ID or Passport number is properly captured.

No. There is no limit on the number of times you can reset your Co-op Bank app pin.