Telco company Safaricom announced that it will be increasing M-PESA account limits to Sh500,000 following approval from the Central Bank of Kenya (CBK).
The higher account limit will be effective from Tuesday, August 15, 2023, for all M-PESA customers.
The increase in account limits is a major boost for M-PESA customers, especially small businesses.
The higher limits will allow businesses to transact more easily and efficiently, and will also make it easier for customers to make large payments.
In addition to the higher account limit, M-PESA customers are also set to enjoy an increased daily transaction limit of Sh500,000 per day.
The current per transaction limits of Sh150,000 will remain, however, customers can make as many transactions up to the Sh500,000 daily limit.
The move is set to be a major boost for the Kenyan economy, as it will encourage more businesses to adopt cashless payments. It will also make it easier for Kenyans to make large payments, such as school fees and medical bills.
Safaricom CEO Peter Ndegwa said that the increase in account limits was in line with the company’s commitment to providing customers with convenient and secure mobile money services.
“We appreciate the role that the CBK 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,” said Ndegwa.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise.”
The increase in M-PESA account limits is a welcome move for businesses and customers alike.
It is a sign that Safaricom is committed to providing its customers with the best possible mobile money services.
The higher limits will make it easier for businesses to transact and will also make it easier for customers to make large payments.
This is a major boost for the Kenyan economy and is sure to have a positive impact on the lives of many Kenyans.