Safaricom has increased the daily M-Pesa transaction limit from Kes 300,000 to Kes 500,000 after regulatory approval by the Central Bank of Kenya (CBK).

In a statement on Monday evening, the telecommunication company said the changes are effective August 15, for all M-Pesa users.

Safaricom CEO Peter Ndegwa s noted that the telco appreciates 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 and especially small businesses with increased convenience as the share of cashless transactions continues to rise,” Ndegwa said.

A higher transaction limit will boost Small and Medium enterprises (SMEs) businesses as cashless transactions grow.

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In the last financial year to March 2023, more than 606,000 businesses received payments through Lipa Na M-Pesa, with Kes 1.625 trillion transacted in the 12 months.

M-Pesa transaction limits were previously increased in March 2020, when the CBK doubled the amount from Kes 150,000 to Kes 300,000.