Starting today, Tuesday, August 15, all Safaricom M-Pesa customers will enjoy increased daily transaction limits as well as increased account limits of Ksh500,000. This follows approval from the Central Bank of Kenya(CBK).
“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.
M-PESA users will also benefit from a higher daily transaction ceiling of Ksh.500,000. While the current individual transaction caps of Ksh.150,000 will remain, customers can now make multiple transactions as long as they stay within the Ksh.500,000 daily threshold.
“The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise,” Ndegwa said.
The M-PESA transaction limits were last revised in March 2020, following approval from the Central Bank of Kenya. This led to a doubling of the transaction limits to KSh. 150,000 and an increase in both the daily and account limits to KSh. 300,000.
