M-PESA customers have been limited to a little over $1000 in daily transaction caps for a long time. This changes today as the telco also increases its wallet limit.
Safaricom’s M-PESA customers can now hold up to KES 500,000 ($3,480 in the current exchange rate) in their wallet accounts following approval from the Central Bank of Kenya. The changes will take effect from August 15.
Safaricom has also increased the daily transaction limit to KES 500,000 ($3,480) per day. The current per transaction limit of KES 150,000 ($1,043) remains unchanged, allowing customers to conduct multiple transactions up to the daily limit of KSh 500,000 ($3,480).
Safaricom CEO Peter Ndegwa believes the rise in cashless transaction limits would help small businesses conduct business better. “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. The increased account limits will provide customers, especially small businesses, with increased convenience as the share of cashless transactions continues to rise,” he commented.
According to the telco, this adjustment is set to cater to businesses with higher transaction values, particularly small and medium enterprises, as the proportion of cashless transactions grows.
Safaricom backs this claim with some key numbers. For instance, from the last financial year to March 2023, more than 606,000 businesses received payments through Lipa Na M-PESA, with a total of KES 1.625 trillion ($11.3 billion) transacted in the 12 months. Lipa na M-PESA contributes about 40% of the carrier’s service revenue. The mobile money product is the telco’s biggest earner among other M-PESA-related products.
In the same period, M-PESA’s revenue grew 8.8% to KES 117.19 billion ($816 million), backed by increased usage and chargeable transactions. These numbers, however, were lower than those recorded in the previous financial year. Safaricom said this was due to macroeconomic effects.
Other key M-PESA stats (as of March 2023)
Safaricom said in a report that its one-month active M-PESA ARPU rose 1.9% to KES 311.28 ($2). Transaction value and volumes rose 21.4% to KES 35.86 trillion ($250 billion) and 33.5% to KES 21.03 billion ($146 million), respectively. Charges for M-PESA to bank transactions resumed on Jan 1, 2023, with reduced tariffs. M-PESA agents, where users go to withdraw or deposit cash, grew 0.1% to over 262,000.
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FAQs
Nairobi, Kenya – 14th August 2023 …
Safaricom (NSE: SCOM) is set to increase M-PESA account limits to KSh. 500,000 following approval from the Central Bank of Kenya. The higher account limit will be effective from Tuesday 15th August 2023 for all M-PESA customers.
What is the maximum deposit on M-PESA? ›
You can send up to 500,000 KES per day to an M-Pesa wallet. The maximum balance for an M-Pesa wallet is 1,500,000 KES.
What is the limit per transaction to M-PESA? ›
Nairobi, Kenya – 21st September 2023 …
Safaricom (NSE: SCOM) has today increased M-PESA transactions limit to KSh. 250,000 for each transaction. The move will see the addition of a new transaction band of KSh. 151,000 to KSh.
How much money can I withdraw from M-PESA? ›
You are allowed to make multiple cash withdrawals from the ATM. However, the maximum withdrawal amount is limited to Ksh35,000 per day. Withdrawals vary from Kes 200-Kes 35,000 depending on the ATM.
How much does it cost to send $250,000 via M-PESA? ›
M-PESA Charges
| TRANSACTION RANGE (KSHS) | TRANSACTION TYPE AND CUSTOMER CHARGES (KSHS) |
|---|
| MIN | MAX | TRANSFER TO OTHER REGISTERED MOBILE MONEY USERS |
|---|
| 20,001 | 35,000 | 108 |
| 35,001 | 50,000 | 108 |
| 50,001 | 250,000 | 108 |
12 more rowsDifferent types of limits
There is also a daily transaction limit of $7,500, allowing you to process multiple transfers throughout the day. However, if you desire to make a higher transfer, you'll need to contact our [email protected] to help you through the transaction process.
Can I deposit $50,000 cash in a bank? ›
Banks must report your deposit to the federal government if it's more than $10,000 to alert the federal government to monitor for potential financial crime.
How to check M-PESA limit? ›
Dial *234# and Select Fuliza M-PESA to check your limit, balance, mini statement and opt out option. Every time you transact using Fuliza, you will receive an sms with the outstanding Fuliza amount.
Is depositing $2000 in cash suspicious? ›
As long as the source of your funds is legitimate and you can provide a clear and reasonable explanation for the cash deposit, there is no legal restriction on depositing any sum, no matter how large. So, there is no need to overly worry about how much cash you can deposit in a bank in one day.
What is the highest money transfer limit? ›
The maximum ACH transfer limit can be as high as $25,000 per day, depending on your financial institution. For example, JPMorgan Chase offers $25,000 daily for personal accounts.
The UPI transaction limit per day is set at ₹1 lakh by NPCI, but it may vary from bank to bank. Some banks may also have weekly or monthly limits on UPI transactions. The UPI daily limit is the maximum amount of money that can be transferred through UPI in a day.
How much does it cost to transfer 20000 to M-PESA? ›
M-PESA Charges
| TRANSACTION RANGE (KSHS) | TRANSACTION TYPE AND CUSTOMER CHARGES (KSHS) |
|---|
| MIN | MAX | TRANSFER TO M-PESA USERS, POCHI LA BIASHARA AND BUSINESS TILL TO CUSTOMER |
|---|
| 10,001 | 15,000 | 100 |
| 15,001 | 20,000 | 105 |
| 20,001 | 35,000 | 108 |
12 more rowsThe Central Bank of Kenya has granted approval to Safaricom Plc to increase the M-PESA account limit to KSh. 500,000. This new limit, effective from August 15, 2023, applies to all M-PESA customers. In addition to the increased account limit, M-PESA customers will also enjoy a raised daily transaction limit of KSh.
What is the maximum cash withdrawal limit? ›
ATMs have withdrawal limits varying among Indian banks, such as SBI with Rs. 40,000 daily, HDFC with Rs. 25,000, Canara Bank with Rs. 75,000, and ICICI Bank with Rs. 1,50,000. Each bank offers different limits depending on account type and debit card. Make sure to check the current limits regularly to avoid issues.
What is the maximum amount you can save in Mshwari? ›
What is the maximum amount that can be saved in an M-Shwari Lock Savings Account? There is no maximum target amount. However, M-PESA daily limits apply. How many times can I save into my M-Shwari Lock Savings Account?
What is the maximum for PESA link? ›
With PesaLink you can send or receive money from as low as Ksh. 10.00 to as much as Ksh. 999,999.00 instantly.
What is the limit of mobile money account? ›
Under the revised limits, daily transaction caps have been raised across different tiers of mobile money accounts. The minimum account, previously capped at GH¢2,000, will now have a limit of GH¢3,000, while medium accounts, previously set at GH¢10,000, will see their limits increased to GH¢15,000.
What is the limit of M-PESA visa card? ›
The M-Pesa GlobalPay virtual Visa card has a maximum transaction limit of Ksh 150,000 and a daily spending limit of Ksh 300,000.
