CBK Increases Daily Mobile Money Transaction To Ksh 250,000

CBK has approved the increase of limits of mobile money transactions and the size of the mobile money wallet for relevant Payment Service Providers to support customers, businesses, and institutions including Government agencies to make and receive digital payments in larger amounts, thereby increasing the convenience
of mobile money services in Kenya.

From Friday next week, the daily limit will increase from 150,000 shillings to a maximum of 250,000 shillings, and the size of the mobile money wallet raised from 300,000 shillings to 500,000 shillings.

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“To build on these gains, CBK received and assessed applications from relevant Payment Service Providers (PSPs) to increase the daily mobile money wallet size from Ksh. 300,000 to Ksh. 500,000, and the transaction limit from Ksh. 150,000 to Ksh. 250,000. Following an internal review, CBK approved the new limits,” said CBK in a statement.

Since 2020, CBK in consultation with Payment Service Providers (PSPs) and other financial institutions implemented a range of measures to facilitate mobile money transactions to support citizens and businesses during the pandemic period.

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These measures were gradually withdrawn between 2020 and 2022. Over this period, to date, there has been a significant increase in the volume and value of mobile money transactions, the number of new active customers, and services that facilitate payments to businesses such as pay bills and till numbers.

According to CBK, the number of paid bills and till numbers have increased by 43 percent and 267 percent
respectively. Volume and value of pay bill payments have increased by 301 percent and 352 percent, respectively. Volume and value of till number payments have increased by 433 percent and 166 percent, respectively.

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