Airtel Money Kenya Ltd announced on Tuesday that it has received approval from the Central Bank of Kenya (CBK) to increase the daily transaction limit for its customers from KES 300,000 to KES 500,000, effective August 15, 2023.
The move is expected to benefit a wide range of Airtel Money customers, including businesses, government agencies, and individuals, by providing them with more flexibility and convenience in conducting digital transactions.
Anne Kinuthia-Otieno, Managing Director Airtel Money (IQ Ltd), expressed her enthusiasm for the development, stating, “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.”
She added that the increase in the daily transaction limit will also support the growth of the digital economy in Kenya. “This is a positive step as it has very positive economic benefits for the Kenyan economy,” she said. “Businesses can now conduct their operations more conveniently and 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 limit per transaction will remain at KES 150,000 and customers can transact multiple times up to the limit of KES 500,000 daily.
This strategic move aligns with Airtel Money’s commitment to enabling seamless and affordable digital transactions to all Kenyan citizens and businesses. The company recently announced that it has tripled its number of mobile money agents and targets to close at 120,000 agents by the end of 2023.