Absa Bank Kenya Lowers Account-to-Mobile Wallet Transaction Limits
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Absa Bank Kenya has revised its transaction limits for account-to-mobile wallet transfers, reducing the maximum per transaction amount from Ksh 500,000 to Ksh 150,000, with the daily transaction limit now capped at Ksh 300,000.
In a notice to customers, Absa bank also revealed adjustments to Absa-to-Absa account transfers, which are now limited to a daily maximum of Ksh 500,000.
Absa bank explained that the decision was made to enhance the security and safety of customer transactions, assuring that its liquidity ratios remain well above the regulatory requirements.
”This decision was taken purely in the interest of enhancing the security and safety customer transactions. Customers can still transact to their maximum limit of 500k on our other channels including the Absa App, Absa Online Banking and Pesa Link. Our liquidity ratios are well above regulatory requirements.” the bank says.
Read: Absa Kenya Partners with Visa to Launch Kenya’s First Metallic Infinite Card
In October 2023, Absa Bank Kenya had increased transaction limits on its mobile platform, Timiza. The daily transaction limit was raised from Ksh 300,000 to Ksh 500,000, and the maximum per transaction amount was increased from Ksh 150,000 to Ksh 300,000.
The lender followed in the footsteps of Safaricom, which raised the M-PESA transaction limit to Ksh 250,000 per transaction. This change introduced a new transaction band ranging from Ksh 151,000 to Ksh 250,000 for services such as Send Money, Lipa Na M-PESA, Buy Goods, PayBill, and other transactions.
These adjustments were made in response to a directive from the Central Bank of Kenya (CBK), which instructed payment service providers to increase both mobile money transaction limits and wallet sizes.
The directive led to an increase in the mobile wallet size from Ksh 300,000 to Ksh 500,000, while the daily transaction limit was raised from Ksh 150,000 to Ksh 250,000.
According to the CBK, these changes were driven by significant growth in mobile money transactions and business activity between 2020 and 2022, prompting similar updates by payment service providers.
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