Standard Chartered Bank Kenya will from next month raise its daily ATM withdrawal limit to Sh80,000, double the present maximum cap for most lenders, in what it says is a response to changing customer needs.
The bank has introduced a flat maximum daily withdrawal limit of Sh80,000 for all its debit card holders from Sh40,000 (for Gold cardholders), Sh50,000 (platinum) and Sh60,000 (infinite).
Head of personal banking Dickson Sitei in a January 7 notice asked customers who prefer a different limit to get in touch with the bank in 30 days.
"The new limits will be effective February 1 and will apply to both local and foreign currency debit cards," he said.
"This service has been provided to facilitate your banking needs."
The limit will be among the highest in the banking industry with the maximum daily amount for most of its competitors set at Sh40,000 as part of a strategy to mitigate against fraud.
Banks are increasingly facing competition from mobile money platforms such as M-Pesa which offer customers more convenience.
Some Sh1.15 trillion was transacted through debit cards during the 10 months through October 2018, according to the Central Bank of Kenya's latest statistics, about a third of the Sh3.27 trillion transacted via mobile phones.
Market leader Safaricom has been lobbying the CBK to raise the daily transaction cap for mobile money, M-Pesa which stands at Sh140,000, with customers allowed to send up to Sh70,000 per transaction.
Read the original article on Nation.
AllAfrica publishes around 600 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 600 news and information items daily from over 150 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Monrovia, Nairobi and Washington DC.