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Co-operative Bank of Kenya has increased its daily ATM withdrawal limit by 50 percent to Sh60,000, as banks respond to the reduced spending power among customers due to the weakening Kenyan shilling.
The bank informed its customers about the adjustment, marking the first such revision in nearly a decade. This move aims to provide greater convenience for customers who need to withdraw larger amounts, reducing the need to visit branches.
While the daily limit has been raised, the maximum withdrawal per transaction remains at Sh40,000. Therefore, customers requiring Sh60,000 will need to conduct two separate transactions.
This adjustment follows similar actions by other banks, such as Standard Chartered Bank Kenya, which raised its daily ATM withdrawal limit to Sh60,000 in February 2019.
Higher withdrawal limits not only alleviate pressure on branches but also accommodate customers who may have concerns about transacting large sums at bank agents, particularly in areas with security challenges.
The adjustment in ATM limits reflects broader efforts within the banking sector to adapt to changing consumer needs and enhance convenience in financial transactions.
