Safaricom is set to increase M-PESA account limits to Ksh500,000 following approval from the Central Bank of Kenya. The higher account limit will be effective from Tuesday 15th August 2023 for all M-PESA customers.
“We appreciate the role that the Central Bank of Kenya 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,” Mr Peter Ndegwa, CEO – Safaricom, said this evening in a statement.
The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise.
In addition to the higher account limit, M-PESA customers are also set to enjoy an increased daily transaction limit of Ksh500,000 per day. The current per transaction limits of Ksh150,000 will remain, but customers can make as many transactions up to the Ksh500,000 daily limit.
The move is a major boost for businesses in the country, especially SMEs, as cashless transactions rise. 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 Ksh1.625 trillion transacted in the 12 months.