In an exciting development for mobile money users in Kenya, Safaricom has decided to upped the ante by increasing the transaction limit for M-PESA to a whopping KSh 250,000. This bold move, approved by the Central Bank of Kenya, not only caters to the growing needs of its users but also ushers in a new era of financial freedom and flexibility.
Previously, M-PESA transactions were capped at lower limits, but this monumental change allows customers to send money, make payments, and conduct various financial transactions, including Lipa Na M-Pesa BuyGoods and PayBill, with a maximum limit of KSh 250,000. The increase in the transaction limit isn’t just a slight tweak; it introduces a new transaction band, stretching from KSh 151,000 to KSh 250,000. This expansion reflects Safaricom’s commitment to adapting to the evolving financial landscape in Kenya.
Peter Ndegwa, the Chief Executive Officer of Safaricom, expressed his enthusiasm for this move, saying, “We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh 250,000.” Ndegwa underlined the significance of these heightened limits, emphasizing how they will empower both customers and businesses to conduct more transactions with ease, all from the convenience of their mobile phones.
With great power comes great responsibility, and Safaricom has taken this adage seriously. The current maximum transaction fees will apply across these new bands, with a standard charge of KSh 108 per transaction for Send Money. This approach ensures that users are not burdened with exorbitant fees while enjoying the benefits of higher transaction limits.
Safaricom’s decision to increase the M-PESA transaction limit isn’t an isolated event. In mid-August, the telecom giant had already bolstered the daily transaction limit to KSh 500,000. This marked a significant increase, allowing M-PESA customers to transact an additional KSh 200,000 per day. It’s worth noting that this wasn’t the first time Safaricom enhanced its transaction limits. In March 2020, they initially raised the cap from KSh 150,000 to KSh 300,000.
As cashless transactions gain more traction in Kenya, these elevated transaction limits will offer customers, especially small businesses, unparalleled convenience. The ability to conduct substantial financial transactions via M-PESA underscores its pivotal role in Kenya’s financial ecosystem.