Coop Bank ups ATM withdrawal limit, waives deposit charges

Co-operative Bank has increased its maximum ATM withdrawal limit, from Sh20,000 per day to Sh40,000 per day. The cost per transaction remains at Sh30 per ATM withdrawal.

The bank has also waived the Sh50 fee charged for school fees and rent payments and also the Sh20 fee charged for customer deposits made through bank agents.

Director for Retail Banking Maurice Matumo yesterday said that this will enable customers who need to withdraw amounts above the Sh20,000 limit to use the 500 ATMs across the country, instead of lining up at branches.

“Reduction of customer numbers inside the branches will free staff time to provide more personal attention to customers, especially those who require financial advice,” said Matumo in a statement.

He said the removal of deposit charge at the bank’s Co-op kwa Jirani agents, will encourage customers to use bank agents, saving them more money. The bank aims to reduce the cost of accessing services by customers by encouraging greater use of cheaper and convenient channels. Matumo said the bank aims to have up to 60 per cent of its transactions taking place at alternative channels and technology-driven platforms including ATMs, mobile and Internet banking, point-of-sale terminals and agents.

The move is part of a larger transformation strategy by the financial institution. It aims utilise technology and alternative channels to improve service efficiency, lower cost-to-income ratio and provide deeper financial access across Kenya and the region.

Last year, the bank concluded a Sh3 billion investment in a new core banking system, which has enhanced the bank’s capacity and service quality to customers.

Last October, the bank launched its mobile wallet M-Co-opcash, which allows customers to transfer money and make payments across telecoms and banks. So far, M-Co-op Cash has more than a million active users.