Safaricom has raised the limit for M-Pesa transactions to Sh250,000 per transaction.
Customers using M-Pesa will be able to send money and make payments for Lipa Na M-Pesa Buy Goods, PayBill, and all other transactions of up to Sh250,000.
This measure, which has been approved by the Central Bank of Kenya, would also result in the addition of a new transaction band ranging from Sh151,000 to Sh250,000.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh. 250,000,” Safaricom Cheif Executive Officer Peter Ndegwa said
“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.
According to the company, the Current maximum transaction fees will apply across the new bands including Sh108 per transaction for Send Money.
Mid August, Safaricom increased the daily M-Pesa transaction limit to Sh500,000.
M-Pesa customers were allowed to transact up to Sh500,000 per day after the telco increased the daily limit by Sh200,000.
That was the second time Safaricom increased the transaction limit after the first one was approved in March 2020 from Sh150,000 to Sh300,000.
Safaricom CEO Peter Ndegwa said the increased limits will accord customers, especially small businesses, increased convenience as the share of cashless transactions continues to rise.
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