The Kenya Commercial Bank (KCB) has responded to concerns about capping daily counter withdrawals at Ksh60,000 in some branches.
Speaking to The Kenya Times, KCB Group said there are no Over the Counter (OTC) withdrawal limits.
The Bank explained that the only restriction is any amount over Ksh1 million that requires documentation.
KCB stated that customers can still get over Ksh1 million with the right documentation.
KCB CEO Clarification
This comes after KCB Group CEO Paul Russo clarified that there are no restrictions for withdrawals below the said amount.
“There is no restriction if below Ksh1 million. Any value at and above Ksh1m requires supporting documentation in line with regulations. Happy to pick up any specific case,” he wrote on X.
However, for mobile banking, the Bank said the limit per transaction is Up to Ksh150,000 and the daily transfer limit is Ksh300,000.
Complaints on X
X user Naftali Murgor is one of the KCB customers who raised the alarm about the new capping rates.
“Someone explain to me why over-the-counter withdrawals at KCB Group are capped at only KES60,000 per day? Is there something we need to know that we shouldn’t know?” Murgor asked.
While replying to this tweet, KCB asked Murgor to engage their customer desk directly via direct message (DM).
“We are in touch via your DM,” KCB said.
However, this decision was resisted by most of the X users who wanted the Bank to answer questions in public and in private.
“We are all your customers. Address the concerns here. You can fit in all our DMs,” Maina x Maina wrote.
“Why DM? What are you hiding?” asked another X user by the name of Felister Mùmbi.
Bank Response
The customers later urged Murgor to share a screenshot of his private conversations with KCB.
In the screenshot shared Murgor, KCB asked him to provide his full name, ID number, Account Number, phone number, branch location and the date he visited the branch that capped the withdrawals at Ksh60,000.
“Hi @nkmurgor, thanks for reaching us. Please share the below details for assistance. Full name, ID number, Account Number, Phone Number registered, Branch Location and Date you visited the branch,” read the screenshot.
Also Read: KCB CEO Feted in Prestigious Global Awards
OTC Branch Concerns
Another user, Tex Avid, said the withdrawals had been limited at the KCB OTC branch in Nairobi.
The user criticized KCB for reaching out to all customers who raised the issue through DM instead of providing public clarification.
“KCB is asked why OTC withdrawals have been capped to Ksh60,000 and the Bank said they are reaching out to those asking via DMs, yet the question has been asked publicly KCB what is so difficult in explaining?” the user asked.
Also Read: REVEALED: Billions Equity, KCB & Other Top Kenyan Banks Have Made in 2024
Kikuyu Pipes Conversation with the Bank
Similar concerns were raised by another user named ‘Kikuyu Pipes’ but he received the same answers.
The user asked KCB to make the reason public, but the Bank went ahead to send him direct messages just like the other customers.
“Don’t DM me, just make it public knowledge. Is there anything to hide?” Kikuyu Pipes replied to a message by KCB.
The user later revealed that the Bank asked for his phone number and the branch he/she visited.
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