Kenya Commercial Bank (KCB) currently under the leadership of Paul Russo, one of the country’s leading financial institutions, is on the spot following an incident that exposed major shortcomings in its digital transaction policies.
A customer traveling to China for machinery procurement found themselves in a precarious situation due to the bank’s restrictive daily transfer limit of KES 50,000.
Unable to complete crucial payments, the customer was forced to return to Kenya to withdraw funds manually or seek alternative banking solutions.
This ordeal has sparked widespread criticism, shedding light on the challenges business clients face with KCB’s digital banking services.
The bank imposes varying transaction limits based on the platform and type of transfer.
For instance, mobile banking transfers to mobile wallets like M-Pesa are capped at KES 150,000 daily.
International transfers, however, are often subjected to stricter limits, citing regulatory compliance and risk management measures.
While such policies aim to mitigate fraud and financial crimes, their implementation often leaves customers uninformed and ill-prepared, particularly when conducting high-value transactions abroad.
The customer’s ordeal underscores broader systemic issues within KCB, particularly in customer service and transparency.
Despite its robust portfolio of digital solutions, including partnerships with global financial services like Western Union, KCB has struggled to provide clear communication about transaction limits and their potential impact on international business operations.
This lack of transparency leaves customers, especially businesses, grappling with unforeseen disruptions.
For the affected customer, KCB’s inability to offer a swift and practical resolution exacerbated their frustration.
They reported poor communication and delays in addressing account-specific issues.
Such lapses raise concerns about the bank’s capacity to meet the needs of a growing business clientele, prompting some customers to consider shifting to banks with more flexible and responsive digital banking solutions.
This incident highlights a major gap between KCB’s banking services and the demands of a globalized economy.
As Kenyan businesses increasingly venture into international markets, the need for seamless cross-border transactions with higher limits has become critical.
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