Safaricom Boosts M-PESA Limits: Up to Ksh.500,000
Following approval from the Central Bank of Kenya, Safaricom is poised to increase M-PESA account limits to Ksh.500,000.
The increased account limit will become effective for all M-PESA customers on Tuesday, August 15, 2023.
“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 – of Safaricom.
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Customers of M-PESA will soon be able to take advantage of an enhanced daily transaction limit of Ksh.500,000 per day, in addition to the previously announced rise in the maximum amount that can be stored in their accounts.
The existing limits of Ksh.150,000 per transaction will continue to apply; however, clients will be able to conduct as many transactions as they like up to the daily maximum of Ksh.500,000.
The change is expected to be beneficial for businesses across the nation, particularly small and medium-sized enterprises (SMEs), particularly in light of the continuing rise in the proportion of cashless transactions.
More than 606,000 companies were using Lipa Na M-PESA to receive payments during the most recent fiscal year, which ended in March 2023, and the platform processed a total of Ksh.1.625 trillion in transactions during that period.
M-PESA’s transaction limits had already been raised in March 2020, when the Central Bank of Kenya approved a doubling of transaction limits to KSh. 150,000 and a doubling of daily and account limits to KSh. 300,000.
Safaricom Boosts M-PESA Limits: Up to Ksh.500,000
