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Safaricom, the telecommunications giant in Kenya, has revealed its plan to enhance M-PESA account and daily transaction limits after securing approval from the Central Bank of Kenya. This initiative aims to promote business transactions in the country, especially benefiting SMEs, as the preference for cashless transactions continues to grow.
During the last financial year until March 2023, over 606,000 businesses received payments through the Lipa Na M-PESA platform, with a total transaction value of KSh 1.625 trillion within the 12-month period.
With the CBK’s endorsement, Safaricom will elevate M-PESA account limits to KES 500,000. This change will become effective from Tuesday, August 15, for all M-PESA customers.
Peter Ndegwa, CEO of Safaricom, commented on the development, stating, “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.”
In addition, M-PESA users will enjoy a raised daily transaction cap of KES 500,000 per day, up from the previous limit of KES 300,000. Notably, the existing transaction ceiling per individual transaction at KES 150,000 will remain unchanged. Nonetheless, customers can engage in multiple transactions up to the new daily threshold of KES 500,000.
It’s worth mentioning that Safaricom recently adjusted M-PESA transaction costs in response to the enactment of the Finance Act. Updated M-PESA transaction charges are currently in effect.
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