Co-operative Bank of Kenya (Co-op Bank) increased its daily ATM withdrawal limit by 50% to KES 60,000, aligning with other banks that are reevaluating transaction ceilings in response to customers’ diminished spending power.
Going forward, clients seeking to withdraw between amounts less than KES 60,000 need not go to the banking halls. Co-op Bank has about 600 ATMs countrywide and customers can utilise them.
Part of the notice from the bank to clients read, “we have increased the total amount of money you can withdraw on our ATMs from Sh40,000 to Sh60,000 per day,”
Co-op Bank now has a higher ATm Withdrawal limit than local giants Kenya Commercial Bank and Equity Bank. KCB and Equity Bank currently have a daily withdrawal limit of KES 50,000.
In the last 2 years, the Kenyan shilling has been depreciating in value and the depreciation continues unabated. Therefore, purchasing the same amount of goods requires more money than before. Hence, Co-op Bank’s decision is the only rational thing to do. In fact, mobile money platforms already made adjustments.
Last year, after receiving a go ahead from the Central Bank of Kenya both Airtel Money and Mpesa raised the daily transaction limit to KES 500,000. The mobile money platforms also raised the per transaction limit to KES 250,000.
