Absa Bank Kenya PLC raises transaction limits on its Timiza wallet following a Central Bank of Kenya directive, enhancing customer convenience and digital transformation.
Absa Bank Kenya PLC has increased the transaction limits on its Timiza wallet, following a directive from the Central Bank of Kenya (CBK).
The CBK in September allowed payment service providers to increase daily mobile money transaction limits from Sh150,000 to Sh250,000 and expand the size of mobile money wallets from Sh300,000 to a maximum of Sh500,000.
In response to this directive, Absa Kenya has raised the maximum amount that one can transact in a single transaction on Timiza to Sh250,000 from Sh150,000.
Additionally, the daily transaction limit has been increased to Sh500,000 from Sh300,000.
Steve Omamo, Absa Bank Kenya’s Head of Digital Channels, stated that this move aligns with recent changes in mobile money transaction limits and evolving consumer needs.
He emphasized that Absa aims to ensure that customers can do more on their platforms as they strive to provide them with the best possible service and competitive products.
“Our key priority remains to become a truly customer-obsessed financial institution that places the customer at the centre of every decision, giving them a voice and a platform to shape Absa’s products and services with their evolving needs in mind,” Omamo said.
The Timiza app was launched in mid-March 2018 as part of the bank’s investment in digital innovations.
“We haven’t fully switched on the capabilities of Timiza. We have pretty much used Timiza as an additional short-term borrowing channel. You can expect us to expand our offering of borrowing products to longer-term loans of higher value,” he said.
“We also expect to switch on more capabilities because we truly see the market moving to micro and mobile-only financial services. We are really seeing a growth opportunity here. Thirty per cent of our loans in terms of the total value we lend in retail come from Timiza.”
Absa Bank Kenya PLC joins Safaricom, which increased the M-PESA transaction limit to Sh. 250,000 for each transaction last month.
The telco’s move added a new transaction band of Sh. 151,000 to Sh. 250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill, and all other transactions.
Airtel Money also revised its per-transaction limit from KES 150,000 to KES 250,000.