Kenya Bankers Association Issue New Directives For Bulk Withdrawals Beyond Ksh10 Million

Kenyan Bankers Association
Kenyan Bankers Association

The Kenya Bankers Association (KBA) has issued a new directive on cash withdrawals amounting to Ksh10 million. In the new directives someone withdrawing such an an amount will have to give a three day notice to the Branch manager before withdrawing.

The person withdrawing would also have to disclose the purpose of withdrawal. If depositing the person should produce evidence of the source of the funds being deposited. They would also need to produce identification card for the person transacting and the beneficiaries.

Read:Kalonzo To Sue Government Over Ownership Of Alleged 500 Acres NYS Land

The new directive also showed the new levels of approvals for over the counter transactions with amounts over Ksh20  million to only be approved the head of Branch Banking or a director.


Kenya Bankers Association


Here is how Kenyans reacted to this new directive:

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Written by Merxcine Cush

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