The Central Bank of Kenya (CBK) has approved Safaricom’s move to increase MPesa transaction limit to Ksh 250,000 per transaction up from Ksh 150,000.
Safaricom customers will now enjoy a new transaction band of KSh. 151,000 to KSh. 250,000 for Send Money, Lipa Na M-PESA, Buy Goods, PayBill, and all other transactions.
Speaking after the approval, Safaricom CEO, Peter Ndegwa said the new limit will provide customers and businesses with additional convenience when doing business.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh. 250,000. The increased transaction limits are a timely intervention, as they will provide customers and businesses with additional convenience when doing business empowering them to do more from their phones,” said Ndegwa.
Safaricom also noted that the current maximum transaction fees will apply across the new bands including KSh. 108 per transaction for Send Money.
The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise.
This comes a month after Safaricom increased Mpesa account limits to KSh. 500,000 following approval from CBK.
In addition to the higher account limit, Safaricom also increased the daily transaction limit to KSh. 500,000 per day.
“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," Ndegwa announced on Monday, August 14.