Safaricom PLC on Thursday September 21 increased M-PESA transactions limit to KSh. 250,000 for each transaction following approval by the Central Bank Of Kenya (CBK).
In a statement sent to newsrooms, Safaricom said they will introduce a new transaction band of KSh. 151,000 to KSh. 250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
Safaricom CEO Peter Ndegwa noted the increased transaction limits are a timely intervention to 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 noted that the current maximum transaction fees will apply across the new bands including KSh. 108 per transaction for Send Money.
The increased transaction limit comes barely a month after the Central Bank of Kenya approved daily transaction limit and M-PESA limit increases 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.”
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” said Ndegwa on August 14.
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
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