Absa Bank Kenya has raised the daily transaction limit on its mobile platform, Timiza, from Sh300,000 to Sh500,000. Additionally, the maximum amount for a single transaction on the platform has been increased from Sh150,000 to Sh300,000. This change is aligned with recent adjustments in mobile money transaction limits and the changing needs of consumers.
Steve Omamo, the Head of Digital Channels at Absa Bank Kenya, made this announcement, emphasizing the bank’s commitment to offering the best possible service and competitive products to its customers. Omamo stated that their primary focus is on becoming a customer-centric financial institution, where customer input shapes Absa’s products and services to meet evolving needs.
By implementing these higher transaction limits, Absa aims to be more responsive to customer needs and adapt to the increasing demand for digital banking. This change is expected to enhance the efficiency and convenience of mobile banking for Absa customers.
Notably, this announcement follows Absa Bank’s introduction of an ATM withdrawal option on the Timiza platform, allowing subscribers to withdraw funds from any Absa Bank ATM across Kenya.
The Central Bank of Kenya had previously issued a directive in September, instructing payment service providers to raise mobile money transaction limits and expand the size of mobile money wallets. Under this directive, the mobile money wallet size increased from Sh300,000 to Sh500,000, and the daily transaction limit was raised from Sh150,000 to a maximum of Sh250,000.
The Central Bank explained that these changes are driven by substantial growth in businesses and mobile money transactions between 2020 and 2022 when payment service providers implemented similar adjustments. These measures are anticipated to promote financial inclusion and support the government’s efforts to digitize payments for services provided to Kenyan citizens.
