Safaricom plans to increase M-Pesa account and daily transaction limits to KSh 500,000 for all customers on August 15, 2023. This move follows the Central Bank of Kenya’s approval.
Safaricom CEO, Peter Ndegwa, says the increase in account limits is consistent with the company’s commitment to offering customers simple and reliable mobile money services.
He also states that as the share of cashless transactions keeps increasing, the higher account limits will offer customers, especially small and medium enterprises (SMEs), greater convenience.
In 2021, a survey by Amethyst Consultants on "SMEs perceptions of banking products and how M-Pesa is driving SME payments" reportedly shows that 9 out of 10 SMEs, or 95%, use the mobile money service.
Further, M-Pesa customers will benefit from an increase in the daily transaction limit from KSh 300,000 to KSh 500,000.
Although Kenyans can now transact up to KSh 500,000 per day, the telco mentioned that the current per-transaction cap of KSh 150,000 would remain in place.
For more than 606,000 businesses, Lipa Na M-Pesa processed KSh 1.625 trillion transactions during the previous fiscal year, which ran from March 2022 to March 20223.
In 2020, M-Pesa launched several products and services, including the M-Pesa business app, USSD codes for merchants, and micro SME wallet, to empower and assist SMEs grow.
