Effective today, MTN has reduced its Mobile Money withdrawal fees while withdrawing via its MoMo agents. With excitement, I wanted to know what had really changed so I picked up my phone to do a follow-up given higher withdraw charges always take a bit on one’s money.
The good news is MoMo withdrawal fees have been chopped just like how the sending fees saw a chop earlier in September. However, the changes only apply to amounts starting from UGX 1,000,001 up to the maximum limit of UGX 7000,000. The withdrawal fees for the amounts below that have remained the same with no change.
This is favorable to people that transact in bulk using MTN MoMo, as they can save over UGX 3,000 per transaction. This cumulatively adds up to large sums over a long period of time. The 0.5% tax on mobile money withdrawals still remains, as well as the usual fees attracted when transferring money from your MTN Mobile Money wallet to your bank account.
The maximum daily transaction is still UGX 7,000,000 and the minimum transaction remains UGX 50 while the minimum account balance is still zero and the maximum account balance is still UGX 15,000,000.
Below are the new MoMo withdrawal rates
Well as you can see from UGX 500 to UGX 1,000,000 the withdrawal rates have remained the same, reduction in the withdrawal rates is seen to start from UGX 1,000,001 up to UGX 7,000,000.
