Safaricom, Kenya’s leading telecommunications and mobile money service provider, has announced a significant increase in M-PESA transaction limits today, allowing users to transact up to Sh250,000 for each transaction.
This move introduces a new transaction band ranging from Sh151,000 to Sh250,000 for various M-PESA services, including Send Money, Lipa Na M-PESA BuyGoods, PayBill, and all other transactions.
Chief Executive Officer (CEO) of Safaricom, Peter Ndegwa expressed his enthusiasm for this development, stating, “We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to Sh250,000. 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.”
This announcement comes after the telco received approval from the Central Bank of Kenya and builds upon the recent expansion of daily transaction limits and M-PESA limits to Sh500,000 per day, which was implemented on August 14, 2023.
Importantly, the current maximum transaction fees will apply to the new transaction bands, including Sh108 per transaction for Send Money services.
Safaricom’s decision to maintain these fees ensures that users will continue to enjoy cost-effective transactions while taking advantage of the expanded transaction limits.
The increased transaction limits represent a significant milestone in Kenya’s mobile financial services sector, allowing individuals and businesses to conduct larger transactions with greater ease and convenience.
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