Kenya’s leading telco Safaricom has today increased M-PESA transactions limit to KSh. 250,000 for each transaction.
The move will see the addition of a new transaction band of KSh. 151,000 to KSh. 250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh. 250,000. 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,” said Peter Ndegwa, CEO – Safaricom.
The increased transaction limit follows approval by the Central Bank of Kenya and comes on the heels of the previous approval for daily limit and M-PESA limit increases to KSh. 500,000 per day from 14th August 2023.
Current maximum transaction fees will apply across the new bands including KSh. 108 per transaction for Send Money.
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 KSh. 1.625 trillion transacted in the 12 months.
M-PESA is also Safaricom’s highest revenue earner. According to the telco’s results for the last financial year, the company processed 6.4 billion payments through M-PESA. Data from the Central Bank of Kenya shows the number of total card payments in the country was at 70 million for the same period making M-PESA the most preferred mode of cashless payments.