14 August 2023
New Limits Follow Central Bank of Kenya Approval, Set to Boost Business Transactions
Nairobi, Kenya – 14th 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 15th August 2023 for all M-PESA customers.
“We appreciate the role that the Central Bank of Kenya has played by constantly providing guidance on innovations and protections that we have put in place to strengthen M-PESA’s adherence to KYC, anti-money laundering and other financial regulations and safeguards. The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” said Peter Ndegwa, CEO – Safaricom.
In addition to the higher account limit, M-PESA customers are also set to enjoy an increased daily transaction limit of KSh. 500,000 per day. The current per transaction limits of KSh. 150,000 will remain, however customers can make as many transactions up to the KSh. 500,000 daily limit.
The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise. In the last financial year to March 2023, more than 606,000 businesses were receiving payments through Lipa Na M-PESA, with a total of KSh. 1.625 trillion transacted in the 12 months.
M-PESA transaction limits were previously increased in March 2020 when the Central Bank of Kenya approved doubling of transaction limits to KSh. 150,000 and daily and account limits to KSh. 300,000.
FAQs
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.
How to increase M-PESA transaction limit? ›
However, despite the shift of Mpesa limits from Ksh300K to Ksh500K, the amount you can transfer at one moment still stands at Ksh150,000, meaning that to take advantage of the expanded limit, you will have to send Ksh150,000 thrice to amount of Ksh450,000 and move the remaining amount separately to hit the Ksh500,000 ...
What is the daily limit for Safaricom M-PESA? ›
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.
Can M-PESA hold $500,000? ›
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.
What is the M-PESA limit for 2024? ›
You can hold a maximum of KShs. 500,000 in your M-PESA account.
Can M-PESA hold 1 million? ›
Safaricom's M-PESA customers can now hold up to KES 500,000 ($3,480 in the current exchange rate) in their wallet accounts following approval from the Central Bank of Kenya. The changes will take effect from August 15. Safaricom has also increased the daily transaction limit to KES 500,000 ($3,480) per day.
How much does it cost to send $250,000 via M-PESA? ›
M-PESA Charges
| TRANSACTION RANGE (KSHS) | TRANSACTION TYPE AND CUSTOMER CHARGES (KSHS) |
|---|
| MIN | MAX | TRANSFER TO OTHER REGISTERED MOBILE MONEY USERS |
|---|
| 20,001 | 35,000 | 108 |
| 35,001 | 50,000 | 108 |
| 50,001 | 250,000 | 108 |
12 more rowsChecking your M-PESA balance
- Select "Show balance" on the Safaricom App or select Check Balance on M-PESA menu in your Safaricom sim tool kit.
- Enter your secret PIN.
- Wait for SMS confirmation message with your balance.
Safaricom has increased its per-transaction limit on its mobile money platform M-Pesa to Ksh250,000 ($1,697), up from the previous Ksh150,000 ($1,018) just weeks after rival Airtel, which operates Airtel Money, made a similar move following regulatory approval by the Central Bank of Kenya (CBK).
How to increase fuliza limit from 300 to 30000? ›
To grow Fuliza limit, you need to continue using Safaricom and M-PESA services and repay your Fuliza M-PESA facility on time by toping up your M-PESA account. Customers on our network for less than 6 months will have a ZERO LIMIT.
You can send up to Ksh250,000 in one transaction. You can now hold up to Ksh. 500,000 in your M-PESA account.
Can you have more than one M-PESA account? ›
You must not maintain more than five M-PESA Accounts.
What are the new M-PESA withdrawal charges for 2024? ›
Withdrawing KES 5,000 from your M-Pesa account at an M-Pesa agent or ATM will cost you KES 69. Withdrawing even a shilling more, i.e KES 5,001 hikes that withdrawal cost to KES 87 for agent withdrawals, and KES 115 for ATM withdrawals.
How much can you start an M-PESA? ›
a) A minimum of one outlet. b) Minimum Float balance of Kshs 200,000 in the head office. The following circ*mstances shall be considered for appointment of special agents: a) Remote locations (a radius of 50-80km from an existing M-PESA agent) b) Temporary agents for special purposes – to be approved from time to time.
How much can you transact in a day? ›
M-Pesa customers will from Tuesday, August 15 transact up to Sh500,000 per day after the telco increased the daily limit by Sh200,000. This is the second time Safaricom is increasing the transaction limit after the first one was approved in March 2020 from Sh150,000 to Sh300,000.
How do I increase my M-PESA loan limit? ›
How do I grow my loan limit? Increase activity on your KCB M-PESA account by moving money in and out of your account. Increase savings on your KCB M-PESA account. Increase usage of M-PESA services.
How do I transfer money more than limit? ›
What if I want to send more than my bank allows?
- Go to your bank branch in person. ...
- Call your bank to increase the limit. ...
- Add several smaller amounts to your balance, over a few days. ...
- Or, set up a transfer for the full amount and pay for it in several, smaller amounts.
