Co-operative Bank of Kenya has raised its daily ATM [automated teller machine] withdrawal limit by 50 percent to Sh60,000, as banks start reviewing their daily transaction ceilings to reflect the reduced spending power among customers.
The weakening Kenyan shilling has left customers worse off given that they need more money to buy the same amount of goods.
The purchasing power of the Sh1,000 note, for instance, has fallen by nearly half in the past decade, which means that it can only buy half of what it bought ten years ago.
Co-op Bank has informed the customers of the review, the first in nearly a decade, that will enable those who need to withdraw amounts above Sh40,000 to use the over 600 ATMs across the country, instead of lining up at branches.
“Dear client, for your convenience, we have increased the total amount of money you can withdraw on our ATMs from Sh40,000 to Sh60,000 per day,” said the Nairobi Securities Exchange-listed bank in a message to customers.
