Payment News

M-Pesa Payment Limits Increased

Safaricom has increased both the account and daily transaction limits on its M-Pesa mobile money service from KSh 300,000 to KSh 500,000, approximately $3,477. The limit for an individual transaction remains at Ksh 150,000. These changes, approved by the central bank, are intended to help businesses as the share of cashless transactions rise.

Safaricom has worked with the Central Bank of Kenya to strengthen M-Pesa’s adherence to Know Your Customer, Anti-Money Laundering and other financial regulations and safeguards.

About 606,000 business receive payments through Lipa Na M-Pesa, a cashless payment service that enables customers from any mobile network to make transactions to any Lipa Na M-PESA Buy Goods till.

Separately, Kenya’s Court of Appeal has lifted the suspension on the Finance Act, 2023. The Act changed excise duty on goods and services.