Airtel Money subscribers can now transact up to Sh500,000 in a day following approval by the Central Bank of Kenya (CBK).
Airtel said effective Tuesday, customers would be allowed to deal Sh500,000 daily up from the previous limit of Sh300,000 while the limit per transaction was retained at Sh150,000.
“The daily transaction limit will increase from the current Sh300,000 to Sh500,000. The limit per transaction will remain at Sh150,000 and customers can transact multiple times up to the limit of Sh500,000 daily,” said the telco in a statement on Tuesday.
Airtel Money managing director Anne Kinuthia welcomed the nod from the regulator saying the move will significantly empower their customers and partners.
Anne Kinuthia hailed the move saying that increasing the daily transaction limit would also support the growth of the digital economy in the country.
“We are elated about the CBK’s decision as this change will significantly empower our customers and partners by providing them with the flexibility to conduct larger transactions and manage their finances more effectively,” said Kinuthia.
“Businesses can now conduct their operations more conveniently, efficiently, and consumers can access a wider range of goods and services contributing to economic growth, job creation, and improved financial stability in Kenya.”
The increased mobile account limits are poised to give both Safaricom and Airtel a stronger footing to compete with commercial banks that have recently intensified their financial technology drives, especially in providing payment solutions.