Safaricom, a telecommunications company in Kenya, has made a change to its mobile money service, M-Pesa. They have increased the maximum amount of money that can be sent or used for transactions in one go. Before, the limit was KSh 150,000, but now it is KSh 250,000. The Central Bank of Kenya (CBK) has given its permission for this change.
With this update, people who use M-Pesa can now send more money or make bigger payments when they use the service. This change applies to various types of transactions, such as sending money to others, making payments at stores, and paying bills.
The CEO of Safaricom, Peter Ndegwa, expressed his approval of this decision by the Central Bank of Kenya. He said, “We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh. 250,000.” He also mentioned that these higher limits will make it more convenient for customers and businesses to do transactions using their phones. It will give them the power to do more with M-Pesa.
The CBK had already approved an increase in the daily limit for M-Pesa to KSh 500,000 on August 14, 2023. This means that people can now do even larger transactions in a single day using M-Pesa.
The fees for these transactions will remain the same as before. For example, sending money to someone will still cost KSh 108 per transaction.
