Customers Can Now Send Money and Make Payments of Up To KSh. 250,000 Per Transaction;
Safaricom (NSE: SCOM) has increased M-PESA transactions limit to KSh. 250,000 for each transaction.
The move will see the addition of 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.
“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 Peter Ndegwa, CEO – Safaricom.
The increased transaction limit follows approval by the Central Bank of Kenya and comes on the heels of the previous approval for daily limit and M-PESA limit increases to KSh. 500,000 per day from 14th August 2023.
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.
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 KSh. 1.625 trillion transacted in the 12 months.
Central Bank of Kenya (CBK) has played by constantly providing guidance on innovations and protections that have been put in place to strengthen M-PESA’s adherence to KYC, anti-money laundering and other financial regulations and safeguards.