This article is for you if you are considering using Mpesa to send mobile money to your loved ones but are overwhelmed by the amount of information available online. Everything you need to know about the service, including how to use mobile money and the maximum Mpesa balance, can be found here. We hope it will be helpful to you!
Mpesa: service presentation
Mpesa is a mobile money transfer service that was established in 2007 as a joint venture between Safaricom and the Vodafone Group, two of the world’s largest mobile operators. Since its inception in Kenya, the service has expanded to more than ten African and Middle Eastern nations. Mpesa was previously available in Albania, India, and Romania; however, the service was discontinued due to low market adoption.
In countries where the banking system isn’t developed enough or is too expensive, Mpesa is a solution. It also makes it easier to send and receive money from overseas without having to use Western Union or MoneyGram, two of the more conventional services.
In developing nations, Mpesa is a popular service with over 50 million subscribers in 2021.
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We will discuss the system’s operation and the maximum Mpesa balance in the following sections.
Mpesa mobile money: how does it work?
Since Mpesa is a mobile money service, users can conduct transactions only with their mobile devices.
The following is a list of the Mpesa-supported transactions:
- deposit and withdraw money
- pay bills (such as utilities, phone subscriptions, internet etc.)
- transfer and receive money
- top-up your mobile
- create virtual accounts for your savings
- make loans (available only in some countries)
Mpesa charges a commission for each transaction, just like any other service that transfers money. When funds are transferred in various currencies, the service also makes money from fluctuations in exchange rates. However, the company’s competitive advantage is the relatively low fees.
An Mpesa wallet can be used to withdraw mobile money. However, the majority of nations have facilitated its use and quickly adapted to this rather novel method of payment. Simply by scanning a QR code and entering your PIN, you can use mobile money to make purchases that are immediately withdrawn from your mobile wallet.
Mpesa account: manage and check your balance
The Safaricom mobile app is the easiest way to manage and check your Mpesa balance.
Log into your Safaricom App account, enter your pin number, and select “Show Balance” to see how much space is left on your wallet before you reach the maximum Mpesa balance. You will immediately be able to see your Mpesa balance.
You can also check your balance via SMS. Select check balance on the Mpesa menu in your Safaricom sim tool stash. After that, all that is required of you is to enter your pin and then wait for the text that displays your balance. Simple, right?
What is the maximum Mpesa balance?
It is essential to point out that the maximum Mpesa balance you can maintain at any given time is set. There is a limit to how much money your mobile wallet can hold at any given time. As described in the preceding section, you can access your account at any time to check your Mpesa balance.
The maximum Mpesa balance in Kenya is Khs 300,000 (Kenyan shillings), or approximately £2,000.
Nonetheless, it is essential to point out that each transaction can only send a maximum of Khs 70,000, or £460. Therefore, more than four transactions are required to reach the maximum amount that can be sent through Mpesa. Additionally, each transaction will have its own fees to consider.