Safaricom increases M-Pesa account, daily transaction limits to Ksh500K

 

M-PESA account limits are set to increase to Ksh500,000 following approval from the Central Bank of Kenya(CBK).

In a statement, Safaricom announced that the new account limits will be effective starting Tuesday, August 15, 2023, for all M-PESA customers.

“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” Safaricom CEO Peter Ndegwa said.

Further Ndegwa noted that in addition to the higher account limit, the daily transaction limit has also been increased to KSh500,000 per day.

However, the current per-transaction limit of Ksh150,000 remains.

"The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise," he noted.

M-PESA transaction limits were last reviewed in 2020 when CBK approved the doubling of the per-transaction limit to Ksh150,000 as well as daily and account limits to Ksh300,000.  BY K24 NEWS