Safaricom has increased M-PESA transaction limits to KES 250,000 for each transaction, the company announced Thursday.
The move adds a new KES 151,000 to KES 250,000 transaction band for services including Send Money, Lipa Na M-PESA merchant payments, PayBill bill payments and other transactions done through the mobile money platform.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to 250,000 shillings,” said Peter Ndegwa, CEO of Safaricom. “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.”
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The Central Bank of Kenya approved the increase, which comes after it also approved raising daily limits and overall M-PESA limits to 500,000 shillings per day.
The current maximum transaction fees will apply to the new bands, including KES 108 per Send Money transaction.
M-PESA, which launched in Kenya in 2007, has evolved from a basic mobile money transfer service into a platform that offers loans, savings, insurance and more to over 30 million customers across Africa. The increases to transaction limits aim to allow businesses and merchants to leverage M-PESA for more services.
