Absa Bank Kenya PLC has announced an increase on transaction limits on its Timiza wallet, following Central Bank of Kenya (CBK) directive.
Early September, CBK issued a statement allowing payment service providers that offer mobile money wallets to increase daily mobile money transaction limit from Sh150,000 to Sh250,000 and the size of mobile money wallet expanded from Sh300,000 to maximum of Sh500,000.
“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 new measures are also expected to support efforts by the Government to digitize payments for services offered to Kenyans.”
In response, Absa Kenya raised the maximum amount that one can transact in a single transaction on Timiza to Sh250,000 from Sh150,000. At the same time, the daily transaction limit has been increased to Sh500,000 from Sh300,000.
Making the announcement, 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. 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 said.
“By implementing the increase in transaction limits, we 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 added.
The lender joins Safaricom which mid last month increased M-PESA transactions limit to Sh. 250,000 for each transaction. The telcos move will see the addition of a new transaction band of Sh. 151,000 to Sh. 250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Sh. 250,000. The increased transaction limits are a timely intervention as they will provide customers and businesses with additional convenience when doing business empowering them to do more from their phones,” said Peter Ndegwa, CEO – Safaricom.