Absa Bank Kenya has increased transaction limits on its Timiza mobile wallet to Sh250,000, up from the previous Sh150,000, just weeks after rival platforms that include Airtel Money and Safaricom’s M-Pesa made a similar move.
Making the announcement, the lender’s head of digital channels Steve Omamo said the move, following regulatory approval by the Central Bank of Kenya (CBK), was in line with the recent changes in mobile money transaction limits as well as evolving consumer needs.
“By implementing the increase in transaction limits, we are conscious of the need to be responsive to customer needs but also the growing need to transform into a digitally powered business. It will also make banking on the go more efficient and convenient for our customers,” he said.
The expansion of the limits comes months after Absa Bank unveiled an automated teller machine (ATM) withdrawal option on Timiza, allowing subscribers to withdraw funds from any Absa Bank ATMs.
Last month, leading telcos Safaricom and Airtel reviewed the daily total transaction limits on their mobile wallets from Sh300,000 to Sh500,000 after obtaining the nod from the CBK.
The latest data from the Central Bank shows that mobile money payments grew by 6.3 percent last July to hit Sh684.6 billion, which was the highest value of monthly mobile transactions since last December when it stood at Sh708.1 billion.
Further growth is expected with the regulator’s approval of higher transaction limits coupled with the stagnation of transaction fees levied.
