Safaricom has raised the transaction limit on M-Pesa to Sh250,000 from Sh150,000, following the Central Bank of Kenya’s (CBK) approval.
The move will provide customers with an increased transaction cap for services such as Send Money, Lipa Na M-Pesa Buy Goods, Paybill, and more.
Safaricom CEO Peter Ndegwa on Thursday said the CBK approval will result in the introduction of a new transaction range, spanning from Sh151,000 to Sh250,000 for all transactions.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Ksh. 250,000,” Ndegwa said
“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,” he added.
Safaricom noted that the current maximum transaction fees will be applicable to the new transaction bands, including Sh108 per transaction for Send Money.
This development comes after the CBK approved a raise of the M-Pesa daily limit to Sh500,000 on August 14, 2023, allowing customers to conduct transactions of up to Sh500,000 per day.