Airtel has raised the daily transaction limits on its mobile money platform, Airtel Money, by over three times. This move came shortly after its main competitor, Safaricom, received regulatory approval for similar Changes.
As of Tuesday, Airtel customers can now perform transactions up to Sh500, 000 daily, up from the previous limit of Sh300, 000.
Each transaction’s limit remains at Sh150, 000, allowing customers to conduct multiple transactions within the increased daily limit.
The Central Bank of Kenya approved this change, enabling Airtel to empower its customers and partners by facilitating larger transactions and more effective financial management.
This change is particularly beneficial for small and medium-sized enterprises (SMEs) in Kenya, offering greater convenience for their cashless transactions.
The updated mobile wallet limit also allows individuals and businesses to hold up to Sh500, 000, compared to the previous limit of Sh300, 000.
Read Also: Safaricom Increases Daily Transaction Limits to Ksh500,000
This expansion of mobile money functionality from person-to-person payments to e-commerce applications aligns with Airtel’s goal of supporting businesses and consumers in accessing a broader range of goods and services.
Airtel’s recent expansion efforts, including a significant increase in mobile money agents and its ambition to close the year with 120,000 agents, have received a boost from this regulatory approval.
Both Airtel and Safaricom will be better positioned to compete with commercial banks that are increasingly focusing on financial technology solutions.
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Moreover, the revised limits are expected to accelerate Kenya’s transition to a cashless economy, a trend that gained momentum during the Covid-19 pandemic.
