Safaricom gets approval to increase M-PESA Account and Daily Transaction Limits to KSh. 500,000
Date: 2023-08-16
Safaricom has increased its M-PESA account limits to KSh. 500,000 following approval from the Central Bank of Kenya. The higher account limit took effect on Tuesday 15th August 2023 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 to the higher
account limit, M-PESA customers are also set to enjoy an increased daily
transaction limit of KSh. 500,000 per day. The current per transaction limits
of KSh. 150,000 will remain, however, customers can make as many transactions up
to the KSh. 500,000 daily limit.
The move is set to be a
boost for businesses 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.
M-PESA transaction limits
were previously increased in March 2020 when the Central Bank of Kenya approved
doubling of transaction limits to KSh. 150,000 and daily and account limits to
KSh. 300,000.
