SAFARICOM GETS APPROVAL TO INCREASE M-PESA ACCOUNT AND DAILY TRANSACTION LIMITS TO KSH. 500,000

Safaricom Gets Approval To Increase M-PESA Account and Daily Transaction Limits to KSh. 500,000

By Wangechi Wahome

Safaricom (NSE: SCOM) has increased M-

PESA account limits to KSh. 500,000

following approval from the Central

Bank of Kenya.

The higher account limit is now

effective for all M-PESA customers.

“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 Peter Ndegwa,

CEO – Safaricom.

In addition to the higher account

limit, M-PESA customers are also set to

enjoy an increased daily transaction

limit of KSh. 500,000 per day. The

current per transaction limits of KSh.

150,000 will remain, however customers

can make as many transactions up to the

KSh. 500,000 daily limit.

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.

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