Safaricom raises M-Pesa transaction limit to Sh250,000
Telecommunications company Safaricom Plc has increased M-Pesa transaction limit to Sh250,000 for a single transaction following approval from the Central Bank of Kenya (CBK).
Under the new changes, users will enjoy a higher transaction limit on Send Money, Lipa Na M-Pesa Buy Goods, Paybill and other services.
According to Safaricom CEO, Peter Ndegwa, this move will also see an addition of a new transaction band of Sh151,000 to Sh250,000.
“We welcome the move by the Central Bank of Kenya to increase M-Pesa transaction limits to Sh250,000. The increased transaction limits are a timely intervention as they will provide customers and businesses with additional convenience when doing business empowering them to do more from their phones,” he said.
This follows CBK’s approval to increase the M-Pesa daily limit to Sh500,000 on August 14, 2023.
According to the company, the current maximum transaction fees will apply across the new bands including Sh108 per transaction for Send Money.
Last month, Safaricom increased the daily M-Pesa transaction limit to Sh500,000.
M-Pesa customers were allowed to transact up to Sh500,000 per day after the telco increased the daily limit by Sh200,000.
This was the second time Safaricom increased the transaction limit after the first increase was approved in March 2020 from Sh150,000 to Sh300,000.
Last week, President William Ruto asked entrepreneurs in the United States to consider investing in Kenya, citing the country’s potential as an economic hub with robustness and “dynamism in technological innovation and beyond.”
President Ruto also hinted at a forthcoming partnership between international tech giant Apple and Safaricom’s mobile money platform M-Pesa, which will see the telco expand its reach.
“Safaricom is developing a partnership with Apple Inc to integrate M-Pesa and the Apple Pay platform to expand the transaction reach of M-Pesa globally,” said President Ruto.