Safaricom on Thursday announced charges for customers who will be sending between Ksh151,000 and Ksh250,000.
For transactions between Ksh150,001 and Ksh250,000, to transfer to registered MPESA users will cost Ksh108. To transfer to unregistered MPESA users will cost Ksh318 and withdrawal will cost Ksh309.
Transfer of similar amounts to Pochi la Baishara and Business Till Number will cost Ksh108.
The Central Bank of Kenya (CBK) recently increased the daily mobile money transaction limit to Ksh500,000 as digital transactions take root in the country.
“Safaricom has today increased M-PESA transactions limit to Ksh250,000 for each transaction,” the company announced in a statement.
“The move will see the addition of a new transaction band of Ksh151,000 to Ksh250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.”
Kenya is known to be the home for mobile money transactions, ahead of other African powerhouses as locals ditch cash for safer and faster transactions.
Over time, the regulator and telcos have reviewed transaction limits to accommodate the growing importance of digital finance in the lives of Kenyans.
Telcos recently welcomed the move by CBK to review transaction limits, even as State agencies move to improve the safety of mobile transactions in the country.
Safaricom CEO Peter Ndegwa remarked that the increased limit would provide clients with additional convenience and ease of doing business.
Additionally, it would empower customers and businesses to do more using their phones.