Safaricom on Thursday, September 21 announced that it had increased M-PESA transaction limit following the Central Bank of Kenya‘s approval.
In a statement, the giant telco said customers can send and make payments of up to Ksh 250,000, a new transaction band of Ksh 151,000 to Ksh 250,000 for Send Money, Lipa Na M-PESA Buy Goods, Pay Bill and all other transactions.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Kes. 250,000.
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,” said Peter Ndegwa, CEO – Safaricom.
Moreover, the move comes barely a month after CBK allowed Safaricom to increase the daily M-PESA limit to Ksh 500,000 from Ksh300,000 in 2022.
“Current maximum transaction fees will apply across the new bands, including Kes. 108 per transaction for Send Money” read part of the statement.
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Further, the move came after the company increased transaction costs effective July 29 following the reading of the Budget 2023/2024 and the subsequent enactment of the Finance Act 2023.
The company increased the transaction cost of sending money by an extra Ksh5 when sending above Ksh 5,001.
However, sending Ksh 5,000 and below now costs Ksh2 more for transactions up to Ksh 2,501 and Ksh1 when sending between Ksh100 and Ksh2,500.
Similarly, the withdrawal cost increased by Ksh9 for withdrawing Ksh50,000 where the customer pays Ksh309.
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The charges for withdrawal between Ksh20,001 and Ksh35,000 rose by Ksh8 from Ksh191 to Ksh197 while a withdrawal of between Ksh 35,001 and Ksh50,000 attracts Ksh270-Ksh278.
The withdrawal cost of money ranging between Ksh10,001 and Ksh20,000 increased by Ksh5.
In addition, the upward review of daily transaction limit is a blessing for most Kenyans who conduct most of their businesses on mobile money. It also enhances circulation of money within the economy.
