Absa Bank Kenya PLC has recently announced a significant adjustment in transaction limits for its Timiza mobile wallet. This move comes in direct response to a directive from the Central Bank of Kenya (CBK).
Earlier in September, the CBK issued a directive allowing payment service providers to raise the daily mobile money transaction limit from Ksh150,000 to Ksh250,000. Additionally, the maximum size of mobile money wallets has been expanded from Ksh300,000 to a maximum of Ksh500,000.
The adjustment was met with approval from the financial institution, with Absa Kenya raising the maximum transaction amount on its Timiza platform to Ksh250,000 from the previous Ksh150,000. In tandem with this, the daily transaction limit has been increased from Ksh300,000 to Ksh500,000.
Head of Digital Channels at Absa Bank Kenya, Steve Omamo highlighted the institution’s commitment to addressing evolving consumer needs and providing the best service and competitive products. He emphasized that the decision to increase transaction limits was guided by the institution’s mission to be more responsive to customer needs and to advance its digital banking services.
Read Also: Safaricom Increases Daily Transaction Limits to Ksh500,000
“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 center 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.
Subscribe to our YouTube channel Switch TV
The move by Absa Bank Kenya aligns with a similar decision by Safaricom, a leading telecommunications company in Kenya. Last month, Safaricom raised the M-PESA transaction limit to Ksh250,000, introducing a new transaction band ranging from Ksh151,000 to Ksh250,000 for various transactions, including Send Money, Lipa Na M-PESA BuyGoods, PayBill, and more.
