Kenyans will enjoy higher transaction limits after Safaricom on Monday announced a revised ceiling for mobile money transactions.
In a statement, the company said the limit will be increased from the current Ksh300,000 to Ksh500,000 following approval from the Central Bank of Kenya (CBK).
As outlined in the statement, this increased account limit will take effect starting Tuesday, August 15, for all Safaricom 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 in a statement.
However, the telco pointed out that current per transaction limit of Ksh 150,000 will remain, but Kenyans will be able to transact up to Ksh500,000 per day.
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.
As per the statement, in the financial year ended March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-PESA, with a total of Ksh1.625 trillion transacted in the 12 months.
“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.
Anticipatedly, businesses stand to gain significantly from the higher transaction limit, as they will gain the capacity to engage in a greater number of cashless transactions.
This shift will alleviate the challenges associated with managing substantial cash amounts and enhance accountability through digital receipts generated.
