Co-operative Bank of Kenya responds to the diminished spending power of customers by raising its daily ATM withdrawal limit by 50% to Sh60,000. The move, the first review in nearly a decade, acknowledges the impact of the weakening Kenyan shilling, which has reduced the purchasing power of the currency.
This adjustment aims to accommodate #customers needing higher withdrawals, streamlining transactions and reducing the reliance on branches. Other banks, including Standard Chartered Bank Kenya, KCB Bank Group, and Equity Bank Kenya, have also adjusted their ATM withdrawal limits, reflecting a broader trend in the industry to adapt to changing economic conditions.
The Co-op Bank’s decision aligns with similar moves by other financial institutions, recognizing the evolving financial landscape and the need to cater to customers facing reduced spending power. As the Kenyan shilling weakens, customers require larger sums for everyday transactions, prompting banks to revisit withdrawal limits. This adjustment not only addresses the economic challenges but also enhances efficiency by reducing congestion in branches, encouraging more ATM usage, and aligning with the changing dynamics of digital transactions in the financial sector.
