- The Sh500,000 daily M-Pesa limit increase follows an approval by CBK.
- Safaricom says the move will be a major boost for businesses in Kenya.
Safaricom will from Tuesday August 15, 2023 increase the M-Pesa account limits for all customers to Sh500,000 after receiving approval from the Central Bank of Kenya (CBK).
Safaricom has also increased the daily transaction limit on M-Pesa to Sh500,000 even as the limit per transaction has been retained at Sh150,000.
“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,” said Safaricom CEO Peter Ndegwa.
He added, “The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise.”
The telecommunications firm says the move will boost businesses in Kenya, especially SMEs, as the company continues to realise an increase in the share of cashless transactions.
During the last financial year ending March 2023, more than 606,000 businesses received payments via Lipa Na M-Pesa, with a total of Sh1.625 trillion transacted in the 12 months.
M-Pesa has 42 million registered customers, 32 million active monthly customers, one million businesses and transacts Sh90 billion every single day.