Yes, it's possible. But it's not Moto CMS setting - it's the server's configuration. If you have access to php.ini on the server, look for the line "upload_max_filesize" and change the value. Then find "post_max_size" - it shouldn't be less than "upload_max_filesize".
If you don't have access to php.ini, then you should contact your hosting provider and ask to increase the upload file size.