M-PESA users from today are set to enjoy a daily transaction limit of Ksh500,000 from the previous Ksh300,000.
This new change announced by Telco giant Safaricom follows regulatory approval from the Central Bank of Kenya (CBK).
“We appreciate the role the Central Bank of Kenya 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 Safaricom Chief Executive Officer (CEO) Peter Ndegwa.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” added Ndegwa.
The new limit is set to boost small businesses amid growth in the preference for cashless transactions.
However, in the new changes, the current limit of Ksh150,000 per transaction will remain in place.
Read: Safaricom To Reward 15 Customers and 25 Businesses Every Hour For Transactions on M-PESA Super Apps
In the last financial year ended March 2023, over 606,000 businesses were receiving payments via Lipa na M-PESA, with a total of Ksh1.625 trillion transacted.
In March 2020, the apex bank doubled M-Pesa daily transactions to Ksh300,000 from Ksh150,000 at the onset of COVID-19 to promote cashless transactions to curb the spread of the novel virus.