Safaricom Increases Daily M-PESA Account Limits And Daily Transactions To Ksh.500,000 From 15th August 2023
From tomorrow Tuesday August 15th 2023, the daily M-pesa limits and account transaction will be increased to a half a million Kenyan shillings 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.
M-PESA transaction limits were previously increased in March 2020 when the Central Bank of Kenya approved doubling of transaction limits to KSh. 150,000 and daily account limits to KSh. 300,000.
New M-pesa Transaction Limit:
In addition to the new higher account limit, M-PESA customers are also set to enjoy an increased daily transaction limit of Ksh.500,000 per day.
“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.”
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” said Peter Ndegwa, CEO of Safaricom.
The current per-transaction limits of Ksh.150,000 will remain, however customers can make as many transactions up to the Ksh.500,000 daily limit.
The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise.