NAIROBI, Kenya- Absa Bank Kenya has announced significant changes to its transaction limits for account-to-mobile wallet transfers, sparking conversations about the impact on customer convenience and security.
The bank unveiled these revisions in a notice to its customers, citing security concerns as the primary driver behind the adjustments.
Under the revised policy, the maximum amount customers can transfer per transaction to mobile wallets has been reduced from Ksh.500,000 to Ksh.150,000.
Additionally, the daily transaction limit for such transfers now stands at Ksh.300,000, a notable reduction that could affect customers who rely on high-value transactions for business or personal use.
In a related move, the bank also adjusted the limits for Absa-to-Absa account transfers, capping them at a daily maximum of Ksh.500,000.
Absa Bank clarified the reasons behind these changes, emphasizing enhanced security for customer transactions.
In a statement, the bank explained:
“This decision was taken purely in the interest of enhancing the security and safety of customer transactions. Customers can still transact to their maximum limit of Ksh.500,000 on our other channels, including the Absa App, Absa Online Banking, and Pesa Link. Our liquidity ratios are well above regulatory requirements.”
While the statement underscores a commitment to protecting customers, it leaves some questions unanswered about the timing and specifics of the decision.
The changes could prompt customers to explore alternative channels for large transactions.
With Absa highlighting its digital platforms—such as the Absa App and Online Banking—as options for transactions up to Ksh.500,000, the focus appears to be on encouraging digital adoption.
These adjustments come as Kenya’s financial ecosystem continues to emphasize digital security amid rising concerns about fraud in mobile money transfers.
For those who frequently transfer funds to mobile wallets, adapting to the new limits may require adjusting habits or leveraging alternative banking channels.
