Safaricom has increased M-PESA account limits to KES 500,000 following approval from the Central Bank of Kenya, CBK. The higher account limit will be effective from 15th August 2023 for all M-PESA customers.
“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, especially small businesses, with increased convenience as the share of cashless transactions continues to rise,” said Peter Ndegwa, CEO of Safaricom.
Besides a higher account limit, M-PESA customers are also set to enjoy an increased daily transaction limit of KES 500,000 daily. The current per-transaction limit of KES 150,000 will remain. However, customers can make as many transactions up to the KES 500,000 daily limit.
The move is set to boost businesses in the country, especially SMEs, as the share of cashless transactions continues to rise. In the last financial year to March 2023, more than 606,000 businesses received payments through Lipa Na M-PESA, totalling KSh. 1.625 trillion transacted in the 12 months.