- The move is in line with recent changes in mobile money transaction limits and evolving consumer needs.
- In September, CBK gave a directive to payment service providers to increase mobile money transaction limits and the size of the mobile money wallet.
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Absa Bank Kenya has announced an increase in the daily transaction limit on its mobile platform, Timiza, from Sh300,000 to Sh500,000.
Similarly, the maximum amount that one can transact in a single transaction on the platform has been raised from Sh150,000 to Sh300,000
Making the announcement on Thursday, Absa Bank Kenya’s Head of Digital Channels Steve Omamo said the move is in line with recent changes in mobile money transaction limits and evolving consumer needs.
“As Absa, we aim to ensure that our customers can do more on our platforms as we strive to provide them with the best possible service and competitive products,” Omamo said.
“Our key priority remains to become a truly customer-obsessed financial institution that places the customer at the centre of every decision, giving them a voice and a platform to shape Absa’s products and services with their evolving needs in mind.”
Omamo stated that by implementing the increase in transaction limits, they are conscious of the need to be responsive to customer needs but also the growing need to transform into a digitally powered business.
“It will also make banking on the go more efficient and convenient for our customers,” he said.
The announcement comes months after Absa Bank unveiled an Automated Teller Machine (ATM) withdrawal option on Timiza to allow subscribers to withdraw funds from any Absa Bank ATM across the country.
In September, the Central Bank of Kenya gave a directive to payment service providers to increase mobile money transaction limits and the size of the mobile money wallet.
It directed that the size of the mobile money wallet increased from Sh300,000 to Sh500,000.
Additionally, the daily transaction limit increased from Sh150,000 to a maximum of Sh250,000.
“The increase in the amount transacted through mobile money, and a higher mobile money wallet, will further deepen financial inclusion and facilitate businesses that have been constrained by the size of the mobile money wallet," the CBK statement read.
"The new measures are also expected to support efforts by the government to digitize payments for services offered to Kenyans.”
The Central Bank explained that this move was driven by a substantial growth of businesses and mobile money transactions between 2020 and 2022 when PSPs made similar changes.