Co-operative Bank of Kenya has raised the daily limit for sending money via its app to customers in the same bank to Sh2 million, offering its clients more convenience on the back of increased preference for digital transactions.
The new figure is four times the Sh500,000 daily limit that Co-op Bank has been allowing customers to transact on its MCoopCash app.
The Nairobi Securities Exchange-listed lender has informed the customers of the review that has raised the limit per transaction to Sh1 million, meaning that a customer wishing to transfer Sh2 million from one Co-op Bank account to another will just require two transactions.
“Dear client, using MCoopCash, you can now transfer up to Sh2 million a day from one Co-op Bank account to another, in multiples of up to Sh1 million,” said the lender in a message to customers.
The amount is also above the transaction limit of Sh500,000 Co-op Bank allows customers to send through PesaLink, subject to a daily maximum of Sh999,999.
The new limit for transactions on the digital app comes on the back of the lender also having raised its daily ATM withdrawal limit by 50 percent to Sh60,000 in January.
The increase in the ATM limit from Sh40,000 became the first review in nearly a decade.
Higher daily limits at ATMs and the digital app will help Co-op Bank to decongest branches further. Many lenders are increasingly using branches as advisory centres for small and large businesses, instead of for depositing and withdrawing money.
The raised limits will also accommodate customers who may have reservations transacting such sums of money from bank agents, especially in areas where security may be a challenge.
A Kenya Bankers Association customer satisfaction survey released in mid-March showed 45.7 percent of customers preferred fully automated or self-service platforms, including mobile, Internet, and chatbots, for their banking services.
The rising preference for self-service banking is in contrast with 16.5 percent who prefer human-assisted service including call centers and branches.
The survey respondents ranked Co-op Bank as the best overall bank in customer experience for the second year running, followed by NCBA Bank and Family Bank respectively.
