After Safaricom announced a revised ceiling for mobile money transactions on Monday, Kenyans will now have larger transaction limits.
The company announced that, with the Central Bank of Kenya’s clearance, the ceiling would be raised from the existing KSh300,000 to KSh500,000.
This enhanced account limit will become effective for all Safaricom users on Tuesday, August 15, as stated in the release.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” Safaricom CEO, Peter Ndegwa said in a statement.
The telecom noted that although Kenyans will be allowed to trade up to KSh 500,000 per day, the present per transaction limit of KSh 150,000 will remain in place.
According to Peter Ndegwa, CEO of Safaricom, the company’s commitment to offering clients simple and safe mobile money services is shown in the rise in account limits.
According to the announcement, KSh1.625 trillion was transacted in the financial year that ended in March 2023, with more than 606,000 firms using Lipa Na M-PESA to receive payments.
“We appreciate the role that the CBK 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,” said Ndegwa.
Businesses are anticipated to benefit greatly from the larger transaction limit since they will be able to conduct a bigger volume of cashless transactions.
With the generation of digital receipts, this change will make it easier to manage large quantities of cash and improve accountability.
