The Central Bank of Kenya has issued approval to increase the daily M-pesa account limit to Ksh 500,000. The approval which will take effect on August 15, 2023, will allow M-pesa users to increase their daily transaction limits from the previous Ksh 300,000.
Customers who make bulk transactions per day have a reason to smile with the revised M-pesa charges. Even so, the Ksh. 150,000 per transaction limit will remain in place amid the changes.
Safaricom CEO on daily M-pesa account limit
Safaricom’s CEO Peter Ndegwa appreciated the move by CBK terming it as one that will provide businesses with increased convenience as the cashless transactions continues to rise.
Further reports from Safaricom show that more than 606,000 businesses were receiving payments through Lipa Na M-pesa. A total of Ksh. 1.625 trillion is believed to have been transacted via M-pesa in the past 12 months.
“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,”
Kenyans will enjoy the increased limit as from Tuesday 15, 2023. It will also be a great boost for businesses in the country relying on cashless money transfers.
What is the lowest amount of money you can send on M-pesa? You will be able to send three M-pesa Kadogo transactions (Kshs 100 and below) for free per day. You will be charged from the 4th Kadogo transaction onwards. Ksh 1-49 will be charged Ksh 1 while Ksh 50-100 will be charged Ksh 2.
