Safaricom has announced it will be increasing M-PESA account and daily transaction limits following approval by the Central Bank of Kenya. The telco has said this move will help boost business transactions in the country, especially SMEs, as the share of cashless transactions continues to rise.
In the last financial year to March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-PESA, with a total of KSh. 1.625 trillion transacted in the 12 months.
The approval by CBK will see Safaricom raise M-PESA account limits to KES 500, 000 and will be effective from Tuesday, August 15 for all M-PESA customers.
“We appreciate the role that the Central Bank of Kenya has played by constantly providing guidance on innovations and protections that we have put in place to strengthen M-PESA’s adherence to KYC, anti-money laundering and other financial regulations and safeguards. The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” said Peter Ndegwa, CEO – Safaricom.
In addition, M-PESA customers will enjoy an increased daily transaction limit of KES 500,000 per day from the previous KES 300,000. Notably, the current limit per transaction of KES 150,000 will remain. However, customers can make as many transactions up to the KES 500,000 daily limit.
Safaricom recently increased M-PESA transaction costs following the enactment of the Finance Act. Here are the updated MPESA transaction charges in effect.