Safaricom announces M-Pesa charges for Ksh250K transaction limit following CBK review.
The telecommunication company on Thursday released charges for customers who will be sending between Ksh151,000 and Ksh250,000.
For transactions above 150,001 transfer to registered MPESA users will be Ksh108. To transfer to unregistered MPESA users will be Ksh318 and withdrawal will be Ksh309.
Transfer a similar amount to Pochi la Baishara and the Business Till Number will be Ksh108.
“Safaricom has today increased the M-PESA transactions limit to Ksh250,000 for each transaction,” the company announced in a statement.
“The move will see the addition of a new transaction band of Ksh151,000 to Ksh 250,000 for Send Money, Lipa Na M-PESA BuyGoods, PayBill and all other transactions.”
However, withdrawal charges for the different amount above Ksh20,000 will vary, with Ksh20,001 costing Ksh197. Ksh35,001 to Ksh50,000 will cost Ksh278 to withdraw while Ksh50,001 to Ksh250,000 will charge Ksh309.
The announcement comes after the Central Bank of Kenya (CBK) recently increased the daily mobile money transaction limit to Ksh500,000 as digital transactions take root in the country.
Speaking after the approval, Safaricom CEO, Peter Ndegwa said the new limit will provide customers and businesses with additional convenience when doing business.
“We welcome the move by the Central Bank of Kenya to increase M-PESA transaction limits to KSh. 250,000. 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,” said Ndegwa.
The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise.
In addition to the higher account limit, Safaricom also increased daily transaction limit of KSh. 500,000 per day.
“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,” Ndegwa announced on Monday, August 14.