Safaricom is poised to raise the M-PESA account limits to Sh500K, a move that gained approval from the Central Bank of Kenya.
This revised account limit is scheduled to take effect from Tuesday, August 15, 2023, encompassing all M-PESA customers.
Acknowledging the instrumental role played by the CBK, Safaricom's CEO, Peter Ndegwa, expressed gratitude for their continuous guidance in enhancing M-PESA's adherence to regulations like KYC and anti-money laundering measures.
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He emphasised that these augmented account limits would offer heightened convenience, especially benefiting small businesses, as the trend towards cashless transactions continues to surge.
Moreover, alongside the increased account limit, M-PESA users can also anticipate a boost in their daily transaction ceiling, now at Sh500K
Although the current per-transaction cap of Sh150K remains unchanged, customers will have the flexibility to engage in multiple transactions within the new daily limit, effectively enhancing their transactional freedom.
Back in March 2020, the realm of M-PESA transactions witnessed a significant transformation.
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This transformation occurred when the Central Bank of Kenya greenlit a remarkable shift, the doubling of transaction limits to Sh150K, accompanied by a parallel escalation of daily and account limits to Sh300K.
Safaricom announces changes in M-Pesa, call, data & SMS charges
Safaricom adjusted the charges for its various products and services after the Court of Appeal lifted the suspension of the Finance Act 2023.
Data, fibre, call and Short Message Service (SMS) charges have all been reviewed downwards following the decrease in excise duty rate in telecommunication services from 20% to 15%.
The enactment into law of the Finance Act 2023 has also seen the excise duty rate on fees charged on mobile money transfer services reviewed from 12% to 15%.
Safaricom announced that consequently, it has also reviewed its charges to be aligned with the same.
"Following the enactment into law of the Finance Act 2023 and the Court of Appeal ruling on 28th July 2023, effective 29th July 2023, we will be reviewing our call, SMS, data, fibre, M-Pesa pricing to reflect the increase in excise duty rate on fees charged on mobile money transfer services from 12% to 15% and the decrease in excise duty rate in telecommunication services (call, SMS, data and fibre) from 20% to 15%." Read the statement in part.
The company added that details of the charges can be obtained from its website and app.