Co-op Bank Raises Daily ATM Withdrawal Limit to Sh60,000 Amid Inflation Pressures: Shilling depreciation drive demand for higher access!
After over a decade, Co-operative Bank of Kenya has increased its daily ATM withdrawal limit by 50%, raising it from Sh40,000 to Sh60,000.
The move aims to align with current economic realities and enhance customer convenience amid rising living costs.
In a notice to customers, Co-op Bank stated that clients can now withdraw up to Sh60,000 per day at any of its 600+ ATMs across the country without the need to visit a branch.
This adjustment positions Co-op Bank ahead of local giants KCB and Equity Bank, both of which still cap ATM withdrawals at Sh50,000 daily.
The decision comes as the Kenyan shilling continues to depreciate, eroding purchasing power.
Higher withdrawal limits reflect the growing need for more accessible cash to meet everyday expenses.
Mobile money providers have already adapted.
In 2024, M-PESA and Airtel Money raised their daily transaction limits to Sh500,000, with per-transaction limits of Sh250,000, after approval from the Central Bank of Kenya.
Co-op Bank’s move is part of a broader shift in the financial sector to accommodate the cost-of-living squeeze.
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