Safaricom, Kenya’s leading mobile network operator, will increase the account limits for its mobile money service M-Pesa to Sh500,000, following approval from the Central Bank of Kenya (CBK).
The new account limit, which will take effect from Tuesday, August 15, 2023, will apply to all M-PESA customers and will enable them to transact up to Sh500,000 per day.
Safaricom CEO Peter Ndegwa said the move was aimed at providing more convenience and flexibility to customers and especially small businesses that rely on M-PESA for cashless transactions.
“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,” Ndegwa said.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” he added.
The per-transaction limit of Sh150,000 will remain unchanged, but customers will be able to make as many transactions as they want up to the Sh500,000 daily limit.
The announcement comes as M-PESA continues to grow its customer base and transaction volume in Kenya. In the last financial year to March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-PESA, with a total of Sh1.625 trillion transacted in the 12 months.
M-PESA transaction limits were previously increased in March 2020 when the CBK approved doubling of transaction limits to Sh150,000 and daily and account limits to Sh300,000.