M-Pesa customers will from Tuesday, August 15th transact up to Ksh. 500,000 per day after the company 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.
The move comes after an application made by Safaricom was approved by the Central Bank of Kenya.
Safaricom changes
M-Pesa users were previously allowed to hold up to Sh300,000 in their wallets. The regulators have in the past raised concerns over the money laundering risk associated with mobile money, preferring to take a cautious approach in raising the limit.
But those concerns appear to be diminishing, with this being the second time in three years that the Central Bank of Kenya (CBK) has allowed Safaricom to raise the account and daily transaction limits.
“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 [Know Your Customer guidelines], anti-money laundering and other financial regulations and safeguards,” said the CEO of Safaricom.
Increased transactions on M-Pesa also quickens the country’s march to a cashless economy, which gathered momentum at the height of the Covid-19 pandemic.
“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” Mr Ndegwa said.
By BNN