Absa Bank Kenya has implemented new limits on account-to-mobile wallet transfers. The maximum per-transaction amount has been reduced from KSh500,000 to KSh150,000. Additionally, the daily transaction limit has been lowered to KSh300,000.
The bank has also adjusted the daily limit for Absa-to-Absa account transfers to KSh500,000.
While the bank has not provided a specific reason for these changes, it has emphasised its commitment to enhancing customer security and safety.
”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 500k on our other channels including the Absa App, Absa Online Banking and Pesa Link. Our liquidity ratios are well above regulatory requirements,” the bank says.
Absa Bank Kenya Reports 20% Profit Surge
Absa Bank Kenya announced a robust financial performance, with a 20% increase in profit after tax to Sh14.7 billion for the period. This growth is attributed to a 19% rise in funded income to Sh34.5 billion and a 13% increase in non-funded income to Sh12.2 billion.
The bank’s loan book expanded to Sh311 billion, driven by Sh94 billion in new lending to key sectors like agriculture, infrastructure, and SMEs. Customer deposits also grew to Sh352 billion, reflecting strong customer confidence.
Absa CEO Abdi Mohamed highlighted the disciplined execution of strategic initiatives as a key driver of strong performance. The bank’s focus on digital innovation, enhanced customer experience, and expanded payment solutions positions it as a modern, holistic financial services provider.
While operational costs increased by 13.7% due to investments in long-term growth and digital transformation, Absa remains committed to supporting sustainable economic growth and financial inclusion through products like Wezesha and Microinsurance.
