Safaricom on Thursday, September 21, 2023, increased the M-PESA transactions limit to KSh250,000 for each transaction.
The move will see the addition of a new transaction band of KSh151,000 to KSh250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
For several years, the maximum amount per transaction has been Ksh150,000.
However, the new increased transaction limit follows approval by the Central Bank of Kenya (CBK).
While announcing the latest development, Safaricom Chief Executive Officer (CEO) Peter Ndegwa said “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,” he added.
The increase in transaction limits comes on the heels of the previous approval for daily limit and M-PESA limit increases to KSh500,000 per day from 14th August 2023.
Current maximum transaction fees will apply across the new bands including KSh108 per transaction for Send Money.
M-PESA is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya.
It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, and South Africa.
Data from Safaricom indicat that Kenya remains M-PESA’s most active market accounting for more than 30 million of the service’s 51 million customers across Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho, Ghana and Egypt.
