The Co-operative Bank of Kenya has raised its daily automated teller machine (ATM) withdrawal limit by 50%, up to Sh60,000. The revision by the bank was in response to the need for adjusted transaction ceilings as customers face reduced spending power.
This move by banks aims to accommodate customers who now make smaller withdrawals, necessitating more frequent ATM visits and increasing cash handling costs.
The depreciation of the Kenyan shilling has further compounded the situation, as customers now require more money to purchase the same amount of goods.
The bank which is listed in the Nairobi Securities Exchange has over 600 ATMs spread across the country. ATMs offer a more convenient alternative to queuing at branches, and also for weekend withdrawals when most banks are closed.
“Dear client, for your convenience, we have increased the total amount of money you can withdraw on our ATMs from Sh40,000 to Sh60,000 per day,” the bank communicated via a message to its customers.
Co-op Bank had previously doubled the limit to Sh40,000 in February 2015, citing the aim to alleviate pressure on branches.
Despite the increase in the daily withdrawal limit, the maximum amount per transaction at ATMs will remain at Sh40,000. Therefore, customers requiring Sh60,000 will need to conduct two separate transactions.
Presently, Stanbic Bank Kenya maintains a daily limit of Sh40,000 and maximum withdrawal limit of Sh40,000.
KCB Bank Kenya and Equity Bank on the other hand have a daily withdrawal limit of Sh50,000, with a maximum transaction limit of Sh40,000.
