Safaricom, currently Africa’s leading digital money trading company, has announced a significant increase in daily limits for M-Pesa transactions.
The service was previously limited to a daily transaction limit of kes300,000, but the recent Central Bank of Kenya approval will raise that figure to kes500,000.
Effective today, August 15, 2023, Safaricom’s latest measures are expected to benefit all his M-PESA customers. The change is in line with the evolving financial landscape in the country, especially at a time when the focus is on cashless transactions.
Safaricom CEO Peter Ndegwa thanked the Central Bank of Kenya for its continued support. Ndegwa said the increase in account limits would bring more convenience to customers, especially small businesses, as the proportion of cashless transactions continues to increase.
However , despite the daily transaction limit the single transaction limit remains at 150,000 KES per transaction.
This means that a user can make multiple transactions ensuring they stay within thr6 revised daily limit of 500,000 KES.
Kenyan businesses, especially small and medium enterprises is expected to bring a huge boost from this progressive move.
The shift to cashless transactions is true working , with impressive numbers seen in the last financial year. According to Safaricom data, as of March 2023, over 600,000 businesses processed payments through Lipa Na M-PESA service. Equating to a total trading volume of KES 1.625 trillion in one year.