Co-operative Bank Raises Daily App Transfer Limit to Sh2 Million

Co-operative Bank of Kenya has increased the daily transfer limit on its app to Sh2 million for transactions between customers within the same bank, responding to the growing demand for digital banking solutions.

This new limit is a significant increase from the previous cap of Sh500,000 on its MCoopCash app, effectively quadrupling the amount customers can send.

The bank has communicated to its clients that the new transaction limit per transfer is set at Sh1 million. Therefore, customers wishing to transfer Sh2 million will only need to complete two transactions.

“Dear client, using MCoopCash, you can now transfer up to Sh2 million a day from one Co-op Bank account to another, in multiples of up to Sh1 million,” the bank stated in a message to its customers.

This updated limit surpasses the Sh500,000 cap for transfers made through PesaLink, which has a daily maximum limit of Sh999,999.

The increase in digital app transfer limits follows a similar adjustment in January, when Co-op Bank raised its daily ATM withdrawal limit by 50% to Sh60,000, marking the first review in nearly a decade.

These higher limits aim to alleviate congestion in bank branches, which are increasingly being utilized as advisory centers rather than for traditional deposit and withdrawal transactions.

The new limits will also address concerns among customers who may feel uneasy transacting large amounts of money through bank agents, particularly in areas where security is a concern.

A recent customer satisfaction survey conducted by the Kenya Bankers Association revealed that 45.7% of customers prefer fully automated or self-service platforms—including mobile, Internet, and chatbots—for their banking needs.

This trend highlights a shift away from traditional banking methods, with only 16.5% of respondents favoring human-assisted services like call centers and branch visits.

In the same survey, Co-op Bank was recognized as the top bank for customer experience for the second consecutive year, followed by NCBA Bank and Family Bank.