Safaricom to Raise Daily M-Pesa Transaction Limit to Sh500,000 from Sh300,000 After CBK Nod

After receiving regulatory approval from the Central Bank of Kenya (CBK), Safaricom will increase the daily transaction limit on M-Pesa from the current Sh300,000 to Sh500,000.

According to a statement from the telco, all M-Pesa users would be affected by the changes starting tomorrow.

“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, anti-money laundering, and other financial regulations and safeguards,” Safaricom CEO Peter Ndegwa said.

“The increased account limits will provide customers and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” Ndegwa added.

As the use of cashless transactions increases, a higher transaction limit is expected to benefit businesses, particularly small ones.

For instance, more than 606,000 businesses received payments through Lipa Na M-Pesa in the most recent financial year, which ran from March 2023 to March 2024, for a total of Sh1.625 trillion in transactions.

Prior to March 2020, the CBK doubled the amount from Sh150,000 to Sh300,000 for M-Pesa transaction limits.