Kenya’s largest telecommunications company Safaricom has increased M-Pesa transactions limit to Sh250,000 for each transaction.
The move will see the addition of a new transaction band of Sh151,000 to Sh250,000 for Send Money, Lipa Na M-Pesa Buy Goods, PayBill, and all other transactions.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Sh250,000. 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,” said Safaricom CEO Peter Ndegwa.
The increased transaction limit follows approval by the Central Bank of Kenya and comes on the heels of the previous approval for daily limit and M-Pesa limit increases to Sh500,000 per day from August 14.
The higher limits will allow businesses to transact more easily and efficiently, and will also make it easier for customers to make large payments.
Current maximum transaction fees will apply across the new bands including Sh108 per transaction for Send Money.