In response to changing market dynamics, Co-operative Bank of Kenya (Co-op Bank) has taken a strategic step by raising its daily ATM withdrawal limit by 50% to KES 60,000.
This move brings the bank in line with industry trends, as other financial institutions also reevaluate transaction ceilings to better serve their clientele.
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ToggleConvenient Access for Clients
Clients seeking withdrawals below the new limit of KES 60,000 can now conveniently utilize Co-op Bank’s extensive network of approximately 600 ATMs nationwide.
This eliminates the need for customers to visit banking halls for transactions within this range.
Official Statement from Co-op Bank
According to an official statement from the bank, “We have increased the total amount of money you can withdraw on our ATMs from Sh40,000 to Sh60,000 per day.”
This adjustment reflects Co-op Bank’s commitment to providing enhanced financial flexibility to its customers.
Co-op Bank Surpasses Competitors
With this modification, Co-op Bank now boasts a higher ATM withdrawal limit compared to local industry giants Kenya Commercial Bank (KCB) and Equity Bank.
KCB and Equity Bank currently maintain a daily withdrawal limit of KES 50,000.
Addressing Economic Realities
Co-op Bank raised its ATM withdrawal limit due to economic challenges.
The Kenyan shilling has steadily depreciated.
Adjustments in transaction limits were necessary to cope with higher costs of goods and services.
Co-op Bank’s decision is viewed as a rational response to these economic shifts.
Industry-Wide Adjustments
Notably, this move by Co-op Bank follows similar adjustments made by mobile money platforms.
Airtel Money and Mpesa got approval from the Central Bank of Kenya last year.
They increased their daily transaction limit to KES 500,000 and per transaction limit to KES 250,000.
These adjustments in financial services respond to customers’ reduced spending power in the current economic situation.
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