The Central Bank of Kenya has granted approval to Safaricom Plc to increase the M-PESA account limit to KSh. 500,000. This new limit, effective from August 15, 2023, applies to all M-PESA customers.
In addition to the increased account limit, M-PESA customers will also enjoy a raised daily transaction limit of KSh. 500,000. While the per-transaction limit of KSh. 150,000 remains unchanged, customers now have the flexibility to carry out multiple transactions within the new daily limit. This adjustment is expected to particularly benefit small and medium-sized enterprises (SMEs) in Kenya, providing them with enhanced convenience as they engage in cashless transactions.
In the previous financial year up to March 2023, the Lipa Na M-PESA service facilitated payments for more than 606,000 businesses, resulting in a significant total transaction volume of KSh. 1.625 trillion over the 12-month period.