Kenya: Absa increases mobile platform daily limit to Sh500,000

Absa Bank Kenya has raised the daily transaction limit on its mobile platform, Timiza, from Sh300,000 to Sh500,000.

Likewise, the maximum amount allowable for a single transaction on the platform has been increased from Sh150,000 to Sh300,000.

Absa Bank Kenya’s Head of Digital Channels Steve Omamo said the move is in line with recent changes in mobile money transaction limits and evolving consumer needs.

“At 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,” Omamo said.

“Our key priority remains to become a truly customer-obsessed financial institution that places the customer at the centre of every decision, giving them a voice and a platform to shape Absa’s products and services with their evolving needs in mind.”  

Omamo emphasized that by raising transaction limits, they are actively responding to customer needs while also embracing the imperative to transition into a digitally empowered business.

“It will also make banking on the go more efficient and convenient for our customers” he said.

The announcement follows Absa Bank’s introduction of an Automated Teller Machine (ATM) withdrawal feature on Timiza, enabling subscribers to access their funds from any Absa Bank ATM throughout the country, and this happened several months ago.

The Central Bank of Kenya gave a directive to payment service providers to increase mobile money transaction limits and the size of the mobile money wallet.

The directive stipulated an increase in the mobile money wallet size from Sh300,000 to Sh500,000.

“The increase in the amount transacted through mobile money, and a higher mobile money wallet, will further deepen financial inclusion and facilitate businesses that have been constrained by the size of the mobile money wallet,” the CBK statement read.

“The new measures are also expected to support efforts by the government to digitize payments for services offered to Kenyans.” 

The Central Bank clarified that this decision was motivated by the significant increase in business activities and mobile money transactions between 2020 and 2022, during which Payment Service Providers (PSPs) also implemented similar adjustments.