Safaricom has announced a significant increase in the M-PESA transaction limit, which now stands at KSh. 250,000 per transaction.
This change introduces a new transaction band of KSh. 151,000 to KSh. 250,000 for Send Money, Lipa Na M-PESA Buy Goods, PayBill, and all other transactions.
The decision by the Central Bank of Kenya to increase the M-PESA transaction limits was welcomed by Safaricom’s CEO, Peter Ndegwa.
“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.
This increase in the transaction limit follows the Central Bank of Kenya’s approval and comes after the previous approval for daily limit and M-PESA limit increases to KSh 500,000 per day from August 14, 2023.
The current maximum transaction fees will apply across the new bands, including KSh. 108 per transaction for Send Money.
In the last financial year ending March 2023, over 606,000 businesses received payments through Lipa Na M-PESA, totalling KSh. 1.625 trillion transacted in the 12 months. M-PESA is also Safaricom’s highest revenue earner.
According to the company’s results for the last financial year, Safaricom processed 6.4 billion payments through M-PESA.
Data from the Central Bank of Kenya shows that 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.