Safaricom receives approval to raise the daily and account limits for M-PESA to KSh 500,000

New Limits Are Approved by the Central Bank of Kenya and Will Boost Business Transactions.

Safaricom (NSE: SCOM) has received authorization from the Central Bank of Kenya to enhance M-PESA account limits to KSh 500,000. All M-PESA clients will be able to use the greater account limit starting on Tuesday, August 15, 2023.

We value the part the Central Bank of Kenya has played in continuously advising us on new strategies and safeguards we have implemented to improve M-PESA’s adherence to KYC, anti-money laundering, and other financial legislation and safeguards. As the percentage of cashless transactions keeps increasing, the enhanced account limits would provide customers and small businesses in particular greater convenience, according to Peter Ndegwa, CEO of Safaricom.

Customers of M-PESA will also benefit from an increased daily transaction limit of KSh. 500,000 per day in addition to the higher account limit. Customers can make as many transactions as they like up to the KSh 500,000 daily limit, but the present per-transaction limits of KSh 150,000 will remain in effect.

As the percentage of cashless transactions keeps increasing, the decision is expected to benefit the nation’s enterprises, particularly SMEs. More than 606,000 businesses received payments through Lipa Na M-PESA in the most recent fiscal year, which ran from March 2023 to March 2023, for a total of KSh 1.625 trillion in transactions.

The Central Bank of Kenya earlier upped the M-PESA transaction limitations in March 2020, increasing the transaction limits to KSh. 150,000 and the daily and account limits to KSh. 300,000.