Safaricom has increased its M-Pesa transaction limit to Sh250,000 for various services after receiving approval from Central Bank of Kenya (CBK).
Speaking on the transaction limit revision, Safaricom CEO Peter Ndegwa said the enhancement will immensely benefit customers and businesses operating across Kenya.
“We welcome the move by the Central Bank of Kenya to increase M-Pesa transaction limits to Sh250,000. 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.
This latest development builds upon the previous approval granted by CBK, which allowed for daily and M-Pesa limit increases to Sh500,000 per day, effective from August 14, 2023.
The addition of a new transaction band ranges from Sh151,000 to Sh250,000 for services such as Send Money, Lipa Na M-Pesa, Buy Goods, PayBill, and all other transactions.
According to Ndegwa, the significant adjustment in transaction limits is expected to have a profound impact on how financial transactions are conducted within the country.
Kenyans will now be able to transact bigger amounts through their mobile phones, pay for large purchases, settle bills, and conduct business transactions more conveniently in Kenya.
M-Pesa is credited for revolutionizing financial services in Kenya by expanding financial inclusion to millions who previously had limited access to traditional banking services.
It is important to note that, while the M-Pesa transaction limits have been increased, the current maximum transaction fees will still apply across the new transaction bands.
This essentially means that for Send Money transactions within the new limit, a fee of Sh108 per transaction will be charged.