After M-PESA, Airtel Money increases wallet limit to $3,400

After M-PESA, Airtel Money increases wallet limit to $3,400

#mobile money
Airtel Money has received approval to increase mobile money limits to KES 500,000 ($3,400). Customers will also transact up to KES 500,000 daily, up from KES 300,000 ($2085). Yesterday, Safaricom announced it had made some adjustments to its M-PESA wallet, reporting a limit increase from KES 300,000 ($2,085) to KES 500,000 (a little over $3,400). The company further shared that the daily transaction threshold had also been raised to KES 500,000 from its previous mark of KES 300,000.

Airtel Money, the mobile money service from Airtel Kenya, has received approval from the Central Bank of Kenya to increase its mobile money limits. Customers can now hold up to KES 500,000 (approximately $3,400) in their wallets, and daily transaction limits have been raised to KES 500,000 as well. However, individual transaction limits remain at KES 150,000 ($1,043). This move comes after Safaricom's M-PESA also raised its wallet and daily transaction limits to the same amounts. Airtel Money aims to empower customers and partners with increased flexibility for conducting larger transactions and managing finances more effectively. Despite efforts to level the playing field in the mobile money sector, M-PESA remains dominant, holding a market share of 96.5%, while Airtel Money commands 3.4% and T-Kash holds 0.1%. Discussions about agency interoperability and opening M-PESA's agency network to competitors have surfaced but have yet to yield significant changes in the market landscape.

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