Central Bank Approves Safaricom’s M-PESA Account Limit Increase to KSh. 500,000 (2024)

FAQs

Central Bank Approves Safaricom’s M-PESA Account Limit Increase to KSh. 500,000? ›

The increased transaction limit follows approval by the Central Bank of Kenya and comes on the heels of the previous approval for daily limit and M-PESA limit increases to KSh. 500,000 per day from 14th August 2023.

Effective to all customers from August 15, Safaricom PLC has raised Mpesa account daily limits to Ksh500,000 after winning a gesture of approval from the Central Bank of Kenya (CBK), the supervisor and regulator of banks and other important financial institutions, in this case, Mpesa.

The Central Bank of Kenya has granted approval to Safaricom Plc to increase the M-PESA account limit to KSh. 500,000. This new limit, effective from August 15, 2023, applies to all M-PESA customers. In addition to the increased account limit, M-PESA customers will also enjoy a raised daily transaction limit of KSh.

You can hold a maximum of KShs. 500,000 in your M-PESA account.

Nairobi, Kenya – 14^th August 2023 …

Safaricom (NSE: SCOM) is set to increase M-PESA account limits to KSh. 500,000 following approval from the Central Bank of Kenya. The higher account limit will be effective from Tuesday 15^th August 2023 for all M-PESA customers.

Safaricom said the current per transaction limits of Sh150,000 will remain. However, customers can make as many transactions up to Sh500,000 daily. The daily transaction limits, which had been doubled during the Covid-19 pandemic, were at Sh150,000.

As an M-PESA Agent, you will be charged a fee of 0.123 % of the total value of the amount requested.

Dial *234# and Select Fuliza M-PESA to check your limit, balance, mini statement and opt out option. Every time you transact using Fuliza, you will receive an sms with the outstanding Fuliza amount.

You may register for an M-PESA Account with any M-PESA Cash Merchant or at any Safaricom retail centre by completing the M-PESA Registration Form. Safaricom may in its absolute discretion restrict or limit the number of accounts you may operate at any one time.

How much money can I withdraw from M-PESA? ›

You are allowed to make multiple cash withdrawals from the ATM. However, the maximum withdrawal amount is limited to Ksh35,000 per day. Withdrawals vary from Kes 200-Kes 35,000 depending on the ATM.

What is the minimum/maximum that can be paid using M-PESA GlobalPay? M-PESA customer M-PESA limits will apply, ranging from KSh 1 to KSh 250,000 per transaction, with a maximum limit of KSh 500,000. The minimum amount will vary depending on the current USD-KES exchange.

10^th March 2022…

Kenya remains M-PESA's most active market accounting for more than 30 million of the service's 51 million customers across Kenya, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho, Ghana and Egypt.

What is the maximum amount that can be saved in an M-Shwari Lock Savings Account? There is no maximum target amount. However, M-PESA daily limits apply.

PesaLink is a 24-hour digital payment solution offering real-time bank to bank transfers at a low cost. With PesaLink you can send or receive money from as low as Ksh. 10.00 to as much as Ksh. 999,999.00 instantly.