Airtel Money, the mobile money platform by Airtel, and MPESA by Safaricom have taken a significant step by raising their daily transaction limits. As of Wednesday, 16th August, Airtel Money and MPESA customers can now engage in transactions of up to Kshs 500,000 daily, a significant increase from the previous cap of Kshs 300,000.
However, the current per transaction limit still remains at Ksh150,000 for both mobile money operators. This adjustment comes with the Central Bank of Kenya (CBK) approval. In addition to these new transaction limits, Airtel and Safaricom have expanded the storage capacity of their mobile wallets.
Individuals and businesses can now hold up to Kshs 500,000, a significant jump from the previous cap of Kshs 300,000.00. This transformation reflects the evolution of mobile money beyond person-to-person payments, transforming it into a tool for e-commerce.
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Anne Kinuthia, Managing Director of Airtel Money, expressed enthusiasm over the CBK’s approval, highlighting that this alteration empowers customers and partners, fostering larger transactions and more efficient financial management.
The change is anticipated to benefit businesses in their operations and offer consumers access to a broader range of goods and services, thus contributing to economic growth, job creation, and financial stability in Kenya. This regulatory endorsement coincides with Airtel’s aggressive expansion efforts, including a substantial increase in mobile money agents with a target of 120,000 agents by the end of the year.
The adjusted mobile account limits will empower Airtel and Safaricom to compete more effectively with commercial banks, which have intensified their financial technology endeavours, especially in payment solutions. This shift also accelerates Kenya’s progression towards a cashless economy, a trend that gained momentum during the Covid-19 pandemic.
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