Safaricom has increased the M-PESA transaction limit to Ksh250,000 per transaction from the previous Ksh150,000.
This is after the Nairobi Securities Exchange (NSE)-listed telco got approval from the sector regulator the Central Bank of Kenya (CBK).
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Ksh250,000,” said Safaricom Chief Executive Officer (CEO) Peter Ndegwa.
Read: CBK Increases Daily Mobile Money Transaction Limit, Mobile Wallet To Ksh250,000 And Ksh500,000
“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 new limit will result in an addition of a new transaction band of Ksh151,000 to Ksh250,000 by the telco giant for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.
Current maximum transaction fees will apply across the new bands including Ksh108 per transaction for Send Money.
Read: Safaricom Increases Daily M-PESA Transaction Limit To Ksh500,000
The move follows CBK’s revision of the daily mobile money transactions limit and size of mobile wallet to Ksh250,000 and Ksh500,000 from a previous limit of Ksh150,000 and Ksh300,000 respectively.
The increase, according to CBK, is aimed at supporting mobile money customers, businesses and institutions including government agencies to make and receive digital payments in larger amounts.
Through this, the apex bank aims to increase the convenience of mobile money services in the country.