Safaricom, the main cellular community operator in Kenya, has introduced that it has obtained approval from the Central Financial institution of Kenya (CBK) to extend the M-PESA account and every day transaction limits to Ksh.500,000. This can be a vital enhance for the thousands and thousands of consumers who depend on the cellular cash service for his or her every day monetary wants.
The brand new limits, which can take impact from 1st September 2023, will permit clients to carry as much as Ksh.500,000 of their M-PESA accounts, up from the present restrict of Ksh.300,000. Moreover, clients will have the ability to transact up to Ksh.500,000 per day, up from the present restrict of Ksh.300,000. Because of this clients will have the ability to make bigger funds and transfers utilizing M-PESA, with out having to separate them into a number of transactions.
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Safaricom CEO, Peter Ndegwa, stated that the transfer was aimed toward enhancing the comfort and accessibility of M-PESA for its clients, particularly in gentle of the elevated demand for digital monetary providers within the wake of the COVID-19 pandemic.
He added that Safaricom was dedicated to working with the CBK and different stakeholders to make sure that M-PESA continues to supply a protected, safe, and reasonably priced platform for monetary inclusion in Kenya.
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M-PESA is the most well-liked cellular cash service in Africa, with over 30 million energetic clients and over 200,000 brokers throughout Kenya. It affords varied providers, together with cash switch, invoice fee, financial savings, loans, insurance coverage, and service provider fee. M-PESA has been well known as a catalyst for monetary inclusion and social impression in Kenya and past.
The brand new limits can even give M-PESA an edge over its opponents within the cellular cash market, corresponding to Airtel Cash, Telkom T-Kash and Equitel. These providers have decrease account and transaction limits than M-PESA, and haven’t been capable of match its scale and attain. By rising its limits, Safaricom hopes to draw extra clients and retain its market management within the cellular cash sector.
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In keeping with IMARC Group, the Kenya cellular cash market measurement reached US$ 109.9 Billion in 2022 and is anticipated to succeed in US$ 348.3 Billion by 2028, exhibiting a development fee (CAGR) of 20.1% throughout 2023-2028. The report additionally states that M-Pesa (Vodafone Group) is the important thing participant available in the market with a dominant share.
The Star experiences that the US stays the biggest supply of remittances into Kenya, accounting for 58 per cent of the whole inflows. Statista estimates that roughly 144 cellular cash suppliers function in Sub-Saharan Africa, with two corporations corresponding to M-Pesa, MoMo and Orange Cash accounting for a major share of the market.
