The sports category has moved to a new website.

Safaricom gets greenlight to raise M-Pesa limits

Safaricom receives approval to elevate M-Pesa limits, opening new avenues

Safaricom CEO Peter Ndegwa

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.

ADVERTISEMENT

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.

ADVERTISEMENT

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 adjusted the charges for its various products and services after the Court of Appeal lifted the suspension of the Finance Act 2023.

ADVERTISEMENT

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.

ADVERTISEMENT

The company added that details of the charges can be obtained from its website and app.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Safaricom issues statement on data privacy amid abduction of Finance Bill protestors

Safaricom issues statement on data privacy amid abduction of Finance Bill protestors

The Kreativepreneurship Program: Empowering Kenya's Young Creatives

The Kreativepreneurship Program: Empowering Kenya's Young Creatives

Tanzania gov't launches million dollar real estate venture in Nairobi

Tanzania gov't launches million dollar real estate venture in Nairobi

Family Bank loses board chairperson 3 weeks after appointment

Family Bank loses board chairperson 3 weeks after appointment

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

The role of digital payments in Kenya's online gaming market

The role of digital payments in Kenya's online gaming market

EPRA announces new fuel prices  for June & July

EPRA announces new fuel prices for June & July

ADVERTISEMENT