Ever wondered where your money goes? CBA Loop saves you the hassle of trying to reconcile your receipts every month. Analyze your income and spending and know where you stand financially, so you’re always one step ahead. It takes you up a notch to compare yourself against your peers so you can challenge yourself to do better.
The CBA loop app also enables you to get term loans and overdrafts without seeing or talking to anyone. CBA loop app will help you Channel your income and transactions consistently through Loop and let your data make the decision.
What is CBA Loop
The new service by CBA bank was meant to eliminate the need for customers to visit physical bank branches as all the core banking services would be provided through the app. According to CBA, this app was meant to capture millenials and mentor them through providing expert tools on the app that help young people to manage their credits.
While the service was meant to eliminate the need for customers to visit physical bank branches, the most annoying aspect of the service, is the registration process. Once you download the app, you will be required to register for the Loop account which involves filling several forms on your device.
The information required is also not that necessary but CBA thought that you shouldn’t get an account if you cannot give them details of how much you earn monthly, where you work (the address) and even where you live. As if that was not enough, filling the forms is just a tip of the iceberg.
You have to walk into a bank and spend some time to get your biometrics and picture taken and collect your MasterCard-powered CBA Loop Debit Card.
The Best Part about CBA Loop Service
However, despite all the hustle, the best thing about CBA Loop and the core of the service is the app itself. Admittedly, the app is beautifully designed and well thought out. Once you launch the app, you’re met with a dashboard that shows you an analysis of your income versus your spending and an “Ok to spend” tab that shows you how much money you have to play around with.
Majority of the young people in the country do several transactions via their phones. As such, CBA Loop App enables its users to; Send money at any time, Pay utility bills conveniently at any time anywhere, Borrow loans, manage your personal finances, Invest money, Invite friends to join the love loop, create financial goals. CBA like to call this app the Love loop for reasons well known to them.
How to get started with the CBA Loop app
- You can download the app from Google Play or App store for android users.
- Downloading the app is just the first step to being a CBA looper. You will have to register the account and load it with money.
To load money to the loop account, Loopers can use the following methods.
CBA Loop Mpesa Paybill 714777
- Go to your M-Pesa menu
- Select Pay Bill
- Enter business number 71477
- Enter your CBA Loop account number or your mobile phone number. (the one you used to register your Loop account with)
- Complete transaction.
Loop to Loop transfer
This is like peer to peer money transfer where you can send money to another looper via the app.
- Log in to your CBA Loop account
- Click on the MENU Icon on the left side of the app
- Select the send money option
- Select send money to mobile, then send via Loop
- Fill in the recipients’ details, amount to send
- Click send
Wire transfer from other Banks
This option allows you to make an electronic funds transfer or a real time gross settlement to your CBA Loop account from your bank account.
(Option for CBA account holders)Log in to your CBA Bank account using the CBA Internet Banking platform. Select ‘Send to Loop’ from the listed money transfer options.