Safaricom increases M-PESA transaction limit to Sh250,000 (2024)

FAQs

Safaricom increases M-PESA transaction limit to Sh250,000? ›

NAIROBI, Kenya, Sep 21 – Safaricom has today increased each transaction on M-Pesa to Sh250,000 from Sh150,000 after getting approval from the Central Bank of Kenya (CBK). In the new changes, users will enjoy a higher transaction limit under Send Money, Lipa Na M-Pesa Buy Goods, Paybill and other services.

However, despite the shift of Mpesa limits from Ksh300K to Ksh500K, the amount you can transfer at one moment still stands at Ksh150,000, meaning that to take advantage of the expanded limit, you will have to send Ksh150,000 thrice to amount of Ksh450,000 and move the remaining amount separately to hit the Ksh500,000 ...

You can hold a maximum of KShs. 500,000 in your M-PESA account.

The 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.

The current per transaction limits of KSh. 150,000 will remain, however customers can make as many transactions up to the KSh. 500,000 daily limit. The move is set to be a boost for businesses in the country, especially SMEs, as the share of cashless transactions continues to rise.

Checking your M-PESA balance

Select "Show balance" on the Safaricom App or select Check Balance on M-PESA menu in your Safaricom sim tool kit.

As an M-PESA Agent, you will be charged a fee of 0.123 % of the total value of the amount requested.

Depositing large amounts in cash in savings accounts

Any cash deposit surpassing ₹10 lakh in a financial year (April 01 to March 31) across all your savings accounts is duly reported to the ITD. The Central Board of Direct Taxes (CBDT) requires banks to report such transactions.

You can send up to Ksh250,000 in one transaction. You can now hold up to Ksh. 500,000 in your M-PESA account.

How much to withdraw $30,000 from M-PESA? ›

Yes. You can send money from the US to be received into an M-PESA wallet. This service is offered by a selection of third party providers, including well known and popular international money transfer services like Western Union®, WorldRemit® and Wise.

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.

You may register for an M-PESA Account with any M-PESA Cash Merchant or at any Safaricom retail centre by completing the M-PESA Registration Form. Safaricom may in its absolute discretion restrict or limit the number of accounts you may operate at any one time.