The latest M-Pesa update will show you how much more you can transact during the day, after making a transaction.
For instance, If you send Ksh10,000 in your first transaction of the day, you will be able to send/transact Ksh290,000 more, in line with the new capping regulations by the Central Bank of Kenya (CBK).
This means that you will not be required to do a math to know how much you have transacted within the day and how much more you can transact, a feature that will go well with businessmen who are busy in most cases to keep track of their transactions.
In March, CBK increased the daily limit for mobile money transactions from Ksh140,000 to Ksh300,000 to support more use of mobile money services over cash due to Covid-19.
The limit in a single transaction was also increased from Ksh70,000 to Ksh150,000.
With the increased limits and the preference to use cashless transactions, the new feature will come in handy for Kenyans to monitor their expenditures, and business men to plan their transactions.
There are at least 30 million M-Pesa subscribers in Kenya as of 2019, in a population of 47 million people according to the 2019 National Census.
This means that almost every family has an Mpesa subscription, hence turning to cashless transactions is one of the easiest options for Kenya.
As of August 2019, there were over 167,000 Mpesa agents countrywide, while almost every business venture having Mpesa Till Number or Paybill Number, Safaricom’s mode of receiving payment from customers with Mpesa wallets
Safaricom in March, Safaricom scrapped transaction fees for amounts below Ksh1,000.
According to a 2019 Consumer Insight report, Kenyan preference for cash has decreased from the rate of 85 per cent recorded in 2017, while mobile money usage has grown to 14 per cent in 2019 from 8 per cent in 2017. This is a commendable growth, in a country that has always depended on cash for trade.
Previously, cashless transactions was left for those making ‘big’ transactions using Visa and Credit cards, but now customers can pay amounts as low as Ksh10 thanks to mobile mobile. This limits the use of cash to only places where it cannot be avoided.