Safaricom Banking on CBK’s Approval to Increase Daily Transaction Limits
Telecommunication service provider Safaricom has revealed its plans to increase transaction limits on the M- Pesa platform. The market leaders said that the implementation of the idea has already kicked off with an application already lying before the Central Bank of Kenya (CBK) for approval.
“We are engaging with the central bank, and I hope they will consider our application favorably…. because Kenyans are crying to transact more,” said Safaricom Chief Customer Officer Sylvia Mulinge.
Currently, M- Pesa users can only transfer a maximum of Ksh 70,000 in a single transaction and not more than Ksh. 140,000 in a day. The users are also limited to hold up to Ksh.140,000 in the accounts.
Miss Mulinge revealed that Safaricom handles a total of seventeen million transactions in a day and the number is expected to increase with the expansion of the limits.
“But if you look at the volume of transactions overseas, people transact between 100 to 500 dollars daily, so we are not feeling that the current limit is curtailing us, but as people get opportunities to send more, the higher the limit, the better the opportunities,” added Ms. Mulinge.
According to reports at the Communication Authority of Kenya (CAK), M- Pesa handled majority of the transactions compared to its competitors in the period between April and June 2018. The mobile money platform handled Ksh. 1.5 trillion out of the Ksh. 1.9 trillion worth of transactions in all mobile platforms in the country. The figures in the M- Pesa platform included Ksh. 556 billion it handled for person to person transactions.
According to its half-year results released last week, the telecom grew its M- Pesa customers by 8 percent even as the platform posted 18.2 percent jump in revenue.
Miss Mulinge was speaking during the launch of M- Pesa global, a partnership with the Western Union to allow customers to send and receive money across the globe.
The CBK has over the past hesitated to increase the transaction limits due to fears of money laundering and financing of terrorist activities.
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