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StanChart set to raise ATM limit to Sh80,000



Market News

A StanChart ATM lobby along Kenyatta Avenue in Nairobi. FILE PHOTO | NMG 

Standard Chartered Bank Kenya #ticker:SCBK will from next month raise its daily ATM withdrawal limit to Sh80,000, double the present maximum cap for most lenders, in what it says is a response to changing customer needs.

The bank has introduced a flat maximum daily withdrawal limit of Sh80,000 for all its debit card holders from Sh40,000 (for Gold cardholders), Sh50,000 (platinum) and Sh60,000 (infinite).

Head of personal banking Dickson Sitei in a January 7 notice asked customers who prefer a different limit to get in touch with the bank in 30 days.

“The new limits will be effective February 1 and will apply to both local and foreign currency debit cards,” he said.

“This service has been provided to facilitate your banking needs.”

The limit will be among the highest in the banking industry with the maximum daily amount for most of its competitors set at Sh40,000 as part of a strategy to mitigate against fraud.

Banks are increasingly facing competition from mobile money platforms such as M-Pesa which offer customers more convenience.

Some Sh1.15 trillion was transacted through debit cards during the 10 months through October 2018, according to the Central Bank of Kenya’s latest statistics, about a third of the Sh3.27 trillion transacted via mobile phones.

Market leader Safaricom #ticker:SCOM has been lobbying the CBK to raise the daily transaction cap for mobile money, M-Pesa which stands at Sh140,000, with customers allowed to send up to Sh70,000 per transaction.