Safaricom’s M-Pesa customers will now be able to transact up to Sh. 500,000 per day effective Tuesday, 15th August 2023, the telco has said.
In the new changes to the M-Pesa account limit and daily transaction, Safaricom has increased its daily limit by Sh. 200,000 after getting a nod from the Central Bank of Kenya. In addition, customers will enjoy higher account limits of up to Sh. 500,000.
The telco is confident that the latest move will boost business operations in the country as the share of cashless transactions continues to rise.
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“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 chief executive officer Peter Ndegwa.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise.”
This is the second time Safaricom is increasing the transaction limit after the first one was approved in March 2020 from Sh. 150,000 to Sh. 300,000. The telco observed increased cashless payments as consumers shift to digital payments.
In the last financial year to March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-Pesa, with a total of Sh. 1.625 trillion transacted in the 12 months.
